Dublin, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The "Genomic Cancer Panel and Profiling Market - A Global and Regional Analysis: Focus on Tissue Testing, Cancer Panel Type, Cancer Type, Application, Technology, End User, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.

The global genomic cancer panel and profiling market is expected to reach $26.59 billion by 2033 from $9.90 billion in 2022. The global genomic cancer panel and profiling market is expected to grow at a robust rate of 9.43% during the forecast period 2023-2033. This growth is driven by advancements in genomic research and an increasing focus on precision medicine within the field of oncology.

The market has significant growth, attributed to the increasing demand for early cancer detection while treating cancer patients. The increasing popularity and appreciation of liquid biopsy tests have also played a critical role in the market growth. Furthermore, the increased cancer risk due to the changing lifestyle of people is also influencing the market growth.

The genomic cancer panel and profiling market has made an impact in the following ways:

• Personalized Treatment: Doctors can use these panels to find specific changes in a person's cancer genes. This helps create treatments that are just for that person and the type of cancer.
• Finding Cancer Early: The panels can also help catch cancer early by spotting certain gene markers linked to different cancers. Finding cancer early makes it easier to treat and beat.
• Helping Doctors Choose Treatments: Doctors can make better choices about treatments using genetic info. They can pick treatments that work well and skip ones that might not help as much.
• Research and Testing New Treatments: The genetic info from these panels helps researchers find new ways to treat cancer. It's also useful for testing new drugs in trials.
• Clinical Trials and Research: Genomic cancer profiling has contributed significantly to the identification of new therapeutic targets. This information is crucial for the development of novel drugs and the design of clinical trials, ultimately advancing cancer research and treatment options.
• Prognostic Information: Genomic profiling can provide insights into the aggressiveness of a particular cancer and help predict the likelihood of recurrence. This information assists in developing appropriate follow-up plans and adjusting treatment strategies.
• Cost-Efficiency: Advances in genomic sequencing technologies have led to a decrease in the cost of genomic profiling. This makes it more accessible to a larger patient population, allowing more individuals to benefit from personalized cancer treatment.

Market Segmentation

Segmentation 1: by Tissue Testing

• Solid Tissue Testing
• Liquid Tissue Testing

Liquid tissue testing is becoming the primary method in the global genomic cancer panel and profiling market, particularly when it comes to testing tissues. This means that using liquid samples for testing, rather than traditional methods, is expected to become more common and important in understanding and treating cancer.

Segmentation 2: by Cancer Panel Type

• Single-Gene Panel
• Multi-Gene Panel

Multi-gene panel segment dominated the global genomic cancer panel and profiling market (by cancer panel type) in FY2022. These panels, which examine multiple genes simultaneously, are taking a leading role in shaping the understanding and analysis of cancer at the genomic level on a global scale.

Segmentation 3: by Cancer Type

• Lung Cancer
• Breast Cancer
• Colon Cancer
• Prostate Cancer
• Other Cancers

Breast cancer dominated the global genomic cancer panel and profiling market (by cancer type) in FY2022. Breast cancer is one of the most common types of cancer globally, with a high incidence rate. The large number of cases makes it a key focus for genomic profiling efforts.

Segmentation 4: by Application

• Clinical
• Research

Clinical segment dominated the global genomic cancer panel and profiling market (by application) in FY2022. Genomic cancer panels provide critical information that helps clinicians make more informed decisions about the most effective treatments for individual patients. This personalized approach enhances the overall efficacy of cancer care.

Segmentation 5: by Technology

• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Fluorescence In-Situ Hybridization (FISH)
• Immunohistochemistry (IHC)
• Others

Next-Generation Sequencing (NGS) segment dominated the global genomic cancer panel and profiling market (by technology) in FY2022. NGS offers comprehensive, cost-effective, and efficient genomic analysis, making it a preferred technology for researchers and clinicians in the field of cancer genomics.

Segmentation 6: by End User

• Hospitals
• Clinical and Diagnostic Laboratories
• Research and Academic Institutes
• Other End Users

Hospitals segment dominated the global genomic cancer panel and profiling market (by end user) in FY2022. Hospitals often have multidisciplinary teams of healthcare professionals, including oncologists, pathologists, and genetic counselors. This collaborative approach is essential for the effective utilization of genomic information in cancer care.

Segmentation 7: by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Rest-of-the-World

Based on region, North America dominated the global genomic cancer panel and profiling market in terms of market size in FY2022. However, the Asia-Pacific region, encompassing numerous emerging economies, is projected to exhibit a CAGR of 11.81% during the forecast period from 2023 to 2033.

Recent Developments in the Global Genomic Cancer Panel and Profiling Market

• In April 2023, Agilent Technologies, Inc. introduced the NGS assay, SureSelect Cancer CGP, to advance precision oncology through comprehensive genomic profiling (CGP). This assay expands the range of biomarkers available for solid tumor profiling with a rapid and highly efficient workflow.
• In January 2023, FOUNDATION MEDICINE, INC. (F. Hoffmann-La Roche Ltd) got FDA approval for its FoundationOne Liquid CDx test as a companion diagnostic for Rozlytrek. This test is relevant for ROS1+NSCLC patients and NTRK fusion-positive solid tumors patients.
• In October 2023, Invitae Corporation. received FDA market authorization for its Common Hereditary Cancers Panel. This achievement marks the first FDA-approved broad panel designed to detect germline variants linked to hereditary cancers.
• In February 2023, Exact Sciences Corp. introduced the OncoExTra therapy selection test in the U.S. OncoExTra is an advanced next-generation sequencing (NGS) genomic test that encompasses both DNA and RNA analysis, offering a comprehensive molecular profile of the patient's cancer. This test furnishes precise and actionable personalized results for doctors and their patients.
• In January 2023, F. Hoffmann-La Roche Ltd (FOUNDATION MEDICINE, INC.), in partnership with Natera, Inc., launched a FoundationOne Tracker early access program for clinical use, which is a personalized circulating tumor DNA (ctDNA) monitoring assay. The test investigational use version is now available for clinical trials.
• In April 2023, Agilent and Theragen Bio successfully partnered to advance bioinformatic solutions for cancer genomic profiling in South Korea. This collaboration integrated Agilent's SureSelect Cancer CGP assay with Theragen Bio's localized analysis software, leading to a transformation in translational research and a substantial boost in precision oncology within the region.
• In July 2023, Illumina Inc. and Pillar Biosciences Inc. formed a strategic partnership to offer Pillar's oncology assays worldwide as part of Illumina's oncology products. This collaboration provides advanced next-generation sequencing solutions, improving the efficiency and cost-effectiveness of oncology testing for personalized cancer treatment.
• In January 2022, Thermo Fisher Scientific, Inc. made an agreement with Oncocyte Corporation for the distribution of Thermo Fisher Scientific, Inc.'s two IVD assays on Thermo Fisher Scientific's Ion Torrent Genexus System. Oncocyte Corporation will also validate the company's Oncomine Comprehensive assay plus on the Genexus system.

Demand - Drivers, Restraints, and Opportunities

Market Driver:

Rising Need for Cancer Profiling in Developed Countries Drives Demand for Genomic Panels and Profiling Tests: Developed countries often have aging populations, where a larger proportion of individuals are in the elderly age group. Cancer incidence tends to increase with age, and as the population ages, the overall burden of cancer rises. This demographic trend drives a steady demand for cancer treatment and related healthcare services. Genomic cancer panels contribute to this by helping identify genetic markers associated with early-stage cancers. Early detection allows for timely and targeted interventions, potentially improving treatment outcomes and reducing the overall burden of the disease.

Market Restraint:

Significant Implications of Reimbursement Reductions Impacting Growth of the Genomic Cancer Panel and Profiling Market: Reimbursement reductions in the genomic cancer panel and profiling market have significant implications for both healthcare providers and patients. These reductions often lead to reduced financial support for these valuable diagnostic tests. As a result, healthcare providers may face challenges in offering these tests to patients, potentially limiting their accessibility.

Market Opportunity:

Robust Pipeline of Genomic Cancer Panels and Profiling Tests Poised to Revolutionize Cancer Diagnosis: Genomic cancer panel and profiling tests are an emerging field in health technology that has the potential to disrupt the traditional models of cancer screening. With these tests, a single and non-invasive blood test can assess multiple cancer types at once, with the help of which more cancer can be detected at an earlier stage when accompanied by screening programs. The technology is still in its developmental stage, and there are numerous tests presently under development with self-funded research. Additionally, very few of these tests are FDA-approved, and most of them are being prescribed as laboratory-developed tests that do not require FDA approvals.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some prominent names in this market are:

• Agilent Technologies, Inc.
• ARUP Laboratories
• Burning Rock DX
• Caris Life Sciences
• Thermo Fisher Scientific, Inc.
• Danaher Corporation (Integrated DNA Technologies, Inc.)
• Exact Sciences Corporation
• F. Hoffmann-La Roche Ltd.
• Fulgent Genetics
• Genecast Biotechnology Co. Ltd.
• Illumina, Inc.
• Invitae Corporation

List of Chapters

1 Markets
2 Industry Analysis
3 Market Dynamics
4 Competitive Insights
5 By Tissue Testing
6 By Cancer Panel Type
7 By Cancer Type
8 By Application
9 By Technology
10 By End User
11 By Region
12 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/ixfo3f

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• Global Genomic Cancer Panel and Profiling Market