A cancer profiling test reveals the genes present in cancer cells. Based on technology, cancer/tumor profiling market is widely divide into mass spectrometry, NGS, immunoassays, and hybridization.
The market worth of cancer profiling in 2021 was USD 9.59 billion. And it will be worth USD 26.31 billion by 2030. Growing at an 11.87% CAGR during the forecast period.
Factor propelling the market expansion is the rise in demand for customized therapy and the expanding usage of biomarkers in cancer profiling. Additionally, one of the key drivers fueling the market’s expansion is the rise in investments by pharmaceutical and biotechnology firms. However, some issues impeding industry expansion are high research costs for biomarkers and a lack of qualified workers.
Market Dynamics
Drivers
Factors stimulating the expansion of the global cancer profiling market are the aging population, rising cancer prevalence, increased funding for R&D activities, rising cancer incidences around the world, accessibility of cancer research funding, and rising use of biomarkers with low benefit ratios for biomarkers used in cancer. Other favorable aspects that will stimulate market expansion during the study period include favorable government laws. And an efficient and successful outcome of these profiling approaches.
Restraints
The main issues severely limiting the market‘s growth include a lack of access to testing samples, poor storage facility conditions, and an increase in the use of immunotherapy. Furthermore, poor reimbursement situations and a lack of uniform laws are also significantly impeding the growth of the market.
Opportunity
The most important research field in the global healthcare industry is the use of personalized medications in oncology. Which has experienced tremendous growth in popularity across the globe. It is anticipated to completely alter how cancer is identified, categorized, and treated, leading to significant future market growth.
Market Segmentation
Technology insights
On the basis of technology, the market is segmented into Microarrays, PCR, In-situ Hybridization, Immunoassays, NGS, and others.
With a CAGR of 6.89%, the Immunoassays category had the majority of the market share in 2020. The increasing use of these assays for cancer profiling on a global scale. Together with some key insights into how to lessen the severity of illnesses. And shorten hospital stays, are greatly promoting the expansion of this market.
Cancer Type Insights
On the basis of cancer type, the market is segmented into breast cancer, colon cancer, lung cancer, prostate cancer, and melanoma cancer.
In 2020, the Breast Cancer segment substantially ruled the market. With 2.26 million cases worldwide, breast cancer had the largest number of cases in 2020, according to WHO.
Biomarker Type Insights
On the basis of biomarkers, the market is divide into genomic biomarkers, protein biomarkers, and others.
Genomic Biomarkers led the market with a CAGR of 6.713%. Comprehensive genomic profiling has been produced as a result of the ongoing increase in the use of these biomarkers worldwide for cancer diagnosis. And cancer prognosis, which is, in turn, fueling the expansion of this market.
Application Insights
On the basis of application, the market is segment into screening, clinical applications, research applications, diagnostics, prognostics, and others.
With a CAGR of 7.93%, “Research Applications” held the greatest market share. The expansion of this market is mostly driven by increased financing for the construction of cancer research and testing facilities around the world, an increase in the use of customized medicine, and a singular focus on the discovery of biomarkers for medication development.
Regional Overview
With the biggest market share of 48.08%, North America dominated the market in 2020 for all cancer diagnoses made worldwide. The enormous funds available for undertaking cancer/tumor profiling research and development initiatives and the ongoing development of cutting-edge cancer screening technologies are driving the market expansion in this area. APAC will grow at the fastest rate, with a CAGR of 7.23%.
Key Players
- QIAGEN N.V.
- Genomic Health Inc.
- Illumina Inc.
- NeoGenomics Laboratories Inc.
- Caris Life Sciences
- Sysmex Corporation
- Elevation Oncology
- HTG Molecular Diagnostics Inc.
- Helomics Corporation
- Ribomed Biotechnologies Inc.
- Perthera
- Agendia
- Roche Diagnostics
- GenScript Biotech CorporationNanoString Technologies Inc.
- Guardant Health Inc.
- Tempus Labs
- Boreal Genomics Inc
- Omniseq
- Histogene X
The market worth of cancer profiling in 2021 was USD 9.59 billion. And it will be worth USD 26.31 billion by 2030. The rising prevalence of cancer, technological advancements in tumor profiling, and the rising use of personalized therapy are the main factors driving the growth of the cancer tumor profiling market.