Cancer Tumor Profiling Market Size Worth USD 32.72 Billion by 2032 | Emergen Research

Vancouver, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Cancer Tumor Profiling Market is expected to reach USD 32.72 Billion by 2032, according to a new report by Emergen Research. This market's growth is attributed to the increasing use of biomarkers in cancer profiling, eventually rising adoption of proteomic methods for biomarker research, thus helping to increase the drug development process over the estimated period. The growing demand for personalized medicine and the rise in cancer incidence across the globe is augmenting the demand for the industry. According to the World Health Organization (WHO), Lung and Breast cancer is a common type of cancer, with around 2.09 million cases every year. The growing demand for cancer tumor profiling is driving the market for the estimated period.

The rise in the adoption of the cancer tumor profiling methods by oncologists is seen to drive the market because of the efficacy of cancer tumor profiling for diagnosis at the early stage of cancer, which is one factor in boosting the market growth. However, technical issues with sample collection and storage remain one of the factors that hinder the growth of the market for the forecast period.

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Scope of the Report

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Cancer Tumor Profiling Top Companies and Competitive Landscape 

• Foundation Medicine
• GenomeDX
• Genomic Health
• Guardant Health
• Helomics Corporation
• HTG Molecular Diagnostics
• Inc.
• Nanostring Technologies
• Neogenomics Inc.
• Oxford Gene Technology
• Qiagen N.V.
• Ribomed Biotechnologies Inc.

Strategic Development

• In July 2020, BostonGene Corporation and NEC Corporation announced a collaboration to conduct cancer patient analysis treated under NEC’s clinical trials. Thus performing molecular cancer tumor profiling and microenvironment analysis for cancer patients identified in trials by NEC and or NEC affiliates across cancer types and disease stages.
• In May 2020, QIAGEN announced the launch of novel solutions enabling faster, better analysis of genomic variations in cancer tumor profiling thus accelerating multiple applications of Precision Medicine.
• In November 2019, QIAGEN launched novel NGS workflow for simultaneous DNA and RNA analysis for use in cancer tumor profiling

Key Highlights From The Report

• The Genomics segment was valued at 2.76 Billion in 2019, owing to the rise in the research institutes' funding for developing modified medicine is expected to increase the demand for the genomics industry. The use of genomics technology by various companies for cancer tumor profiling is anticipated to increase the overall genomics industry's demand for the upcoming forecast period.
• Asia Pacific countries such as China, India, and Japan, have seen a striking increase in cancer tumor profiling. Developing economies, including India, Singapore, and Korea, are anticipated to intensify global demand.
• High investments by companies to launch new products for cancer tumor profiling with various advancement in the new technique is augmented to propel the market. For instance, in May 2019, QIAGEN, launched therascreen PIK3CA RGQ PCR Kit as a companion diagnostic to aid in identifying breast cancer patients.
• Immunoassays segments are seen to have the largest market share in 2019. The Immunoassays technology is used to detect tumors with applications in Oncological Diagnostics, Prognostics, Monitoring and Treatment, and Screening.
• In 2019, the Research Application segment was valued at USD 5.67 Billion owing to the rise in the research and development, increasing demand for personalized medicine. The use of cancer tumor profiling helps to decide whether the patients require a diagnostic test. Furthermore, advancement in molecular biology is one of the factors to boost market growth. 
• The North America regional section held the most extensive share in the Cancer tumor profiling industry, with 37.2% in 2019. The industry is dominated in this region due to substantial growth in clinical and research applications and key players in the region.
• On January 2020, Caris Life Sciences, a leading innovator in molecular science announced that The Preston Robert Tisch Brain Tumor Center collaborated with its Precision Oncology Alliance to advance cancer tumor profiling and establish standards of care for molecular testing in oncology.

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Emergen Research have segmented the Cancer Tumor Profiling Market on the basis of technique type, technology, application, and region:

• Technique Type Outlook (Revenue, USD Billion; 2019-2032)
  • Genomics
  • Epigenetics
  • Metabolomics
  • Proteomics
• Technology Outlook (Revenue, USD Billion; 2019-2032)

• • Immunoassays
  • In Situ Hybridization
    • Fluorescence In Situ Hybridization (FISH)
    • Chromogenic In Situ Hybridization (CISH)
  • Microarray
  • Polymerase Chain Reaction (PCR)
  • Sequencing Technologies
    • Next Generation Sequencing(NGS)
    • Pyro Sequencing
    • Sanger Sequencing
  • Other Technologies

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Research Application
    • Biomarker Discovery
    • Personalized Cancer Medicine
  • Clinical Application
    • Oncological Diagnostics
    • Prognostics
    • Monitoring and Treatment
    • Screening

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America

• • • U.S.
    • Canada

• • Europe

• • • Germany
    • France
    • UK
    • Spain
    • Italy
    • Rest of the Europe

• • Asia Pacific

• • • China
    • India
    • Japan
    • Rest of Asia-Pacific

• • Middle East & Africa
  • Latin America

• • • Brazil

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