New York, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Cancer Profiling Market size is To Grow from USD 9.65 Billion in 2022 to USD 24.36 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
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Cancer profiling, or molecular profiling, is a method that examines the molecular characteristics of a tumor, including genetic mutations and other molecular alterations. This analysis allows oncologists to gain a deeper understanding of the unique nature of a patient's cancer. By tailoring treatment based on the specific molecular profile, targeted therapies can be employed, increasing the chances of successful outcomes and minimizing adverse effects. Cancer profiling has transformed cancer care, ushering in a new era of personalized medicine, and offering hope for improved treatment efficacy and patient survival rates.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on "Global Cancer Profiling Market Size, Share, and COVID-19 Impact Analysis, By Technology (Immunoassays, Next-Generation Sequencing, Polymerase Chain Reaction, Mass Spectrometry, In-Situ Hybridization, Microarrays, and Others), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, and Others), By Biomarker Type (Genomic Biomarker, Protein Biomarker, and Others), By Application (Research Application and Clinical Application), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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Next-generation sequencing segment is expected to grow at the fastest CAGR of around 9.6% during the forecast period
On the basis of the technology, the global cancer profiling market is segmented into immunoassays, next-generation sequencing, polymerase chain reaction, mass spectrometry, in-situ hybridization, microarrays, and others. The next-generation sequencing (NGS) segment is anticipated to experience the fastest growth in the cancer profiling market during the forecast period due to several factors. NGS technology allows for rapid and comprehensive analysis of a patient's genomic profile, enabling the identification of a wide range of genetic alterations and biomarkers associated with cancer.
The breast cancer segment held the largest market over the forecast period
Based on the cancer type, the global cancer profiling market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma cancer, and others. The breast cancer segment held the largest market share over the forecast period in the cancer profiling market due to breast cancer is one of the most prevalent cancer types globally, affecting a substantial number of patients. There has been a growing emphasis on early detection and personalized treatment for breast cancer, leading to an increased demand for cancer profiling services.
The genomic biomarker segment held the largest share in cancer profiling market.
Based on the biomarker type, the global cancer profiling market is segmented into genomic biomarker, protein biomarker, and others. The genomic biomarker segment held the largest share in the cancer profiling market due to its crucial role in guiding personalized cancer treatments. Genomic biomarkers provide essential information about genetic mutations and alterations within tumors, allowing clinicians to identify specific therapeutic targets. This targeted approach has gained prominence as it enhances treatment efficacy while minimizing adverse effects.
In 2022, the biomarker discovery segment accounted for around 57.6% market share
Based on the application, the global cancer profiling market is segmented into research application and clinical application. The biomarker discovery segment is a subsegment of research application, that dominates the cancer profiling market due to its pivotal role in identifying novel biomarkers that can aid in cancer diagnosis, prognosis, and treatment selection. Biomarker discovery involves advanced technologies, such as genomics, proteomics, and metabolomics, to explore unique molecular signatures within cancer cells.
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Asia-Pacific is predicted to grow at a higher CAGR of around 9.8% over the projected period
Based on region, Asia-Pacific is expected to experience significant growth in the cancer profiling market during the forecast period due to the large and diverse population contributing to a high burden of cancer cases, increasing the demand for personalized and targeted therapies. Improving healthcare infrastructure, rising disposable incomes, and growing awareness about advanced cancer treatments are driving the adoption of cancer profiling technologies in the region. Increasing government initiatives and private investments in oncology research and precision medicine are further propelling market growth.
North America's dominance in the cancer profiling market can be attributed to research and development, enabling the adoption of advanced genomic technologies and cancer profiling techniques. North America is home to numerous prominent pharmaceutical and biotechnology companies that heavily invest in precision medicine and targeted therapies, driving the demand for cancer profiling services.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global cancer profiling market include Illumina, Inc., QIAGEN N.V., NeoGenomics, Inc., Sysmex Corporation, HTG Molecular Diagnostics, Inc., Predictive Oncology, Inc., Caris Life Sciences, NanoString Technologies, Inc., Guardant Health, Inc., Foundation Medicine, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Genscript Biotech Corporation, Tempus Labs, and Hologic, Inc. And Other Key Vendors.
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Recent Developments
- In January 2022, NeoGenomics, Inc., a leading provider of cancer-focused genetic testing services and global oncology contract research services, has announced a strategic partnership with the Biomarker Collaborative to assist cancer patients who test positive for specific biomarkers in connecting with support groups that include patients with similar findings.
- In May 2022, QIAGEN has introduced the therascreen EGFR Plus RGQ PCR Kit, a novel in-vitro diagnostic test for sensitive EGFR mutation analysis that will help oncologists better advise non-small cell lung cancer (NSCLC) treatment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global cancer profiling market based on the below-mentioned segments:
Cancer Profiling Market, By Technology
- Immunoassays
- Next-Generation Sequencing
- Polymerase Chain Reaction
- Mass Spectrometry
- In-Situ Hybridization
- Microarrays
- Others
Cancer Profiling Market, By Cancer Type
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Melanoma Cancer
- Others
Cancer Profiling Market, By Biomarker Type
- Genomic Biomarker
- Protein Biomarker
- Others
Cancer Profiling Market, By Application
- Research Application
- Clinical Application
Cancer Profiling Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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