Cancer/Tumor Profiling Market worth $16.0 billion by 2027
Cancer/Tumor Profiling Market worth $16.0 billion by 2027
Blog Article
The report "Cancer/Tumor Profiling Market by Technology (Immunoassay, NGS, PCR), Cancer Type (Breast, Lung, Colorectal), Biomarker Type (Genomic Biomarkers, Protein Biomarkers), Application (Biomarker Discovery, Diagnostics, Prognostics) - Global Forecast to 2027", , is projected to reach USD 16.0 billion by 2027 from USD 9.7 billion in 2022, at a CAGR of 10.6% during the forecast period. Cancer/tumor profiling identifies a patients genomic, proteomic, or metabolome alterations that can help a physician guide a patient through systemic therapy with a higher likelihood of success. With the rising number of cancer cases across the globe, tumor profiling or molecular diagnostics forms a crucial part of cancer research and clinical applications. Growth in the cancer/tumor profiling market can largely be attributed to factors such as the increasing incidence of cancer worldwide, the rising use of biomarkers in tumor profiling, and the rising investments in cancer research are expected to drive market growth. On the other hand, high capital investment required for biomarker discovery & development is expected to limit the market growth to some extent in the coming years.
Browse 289 market data Tables and 55 Figures spread through 306 Pages and in-depth TOC on "Cancer/Tumor Profiling Market by Technology (Immunoassay, NGS, PCR), Cancer Type (Breast, Lung, Colorectal), Biomarker Type (Genomic Biomarkers, Protein Biomarkers), Application (Biomarker Discovery, Diagnostics, Prognostics) - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/cancer-tumor-profiling-market-1250.html
The immunoassays segment accounted for the largest market share of the cancer/tumor profiling market, in 2021
Based on technology, the cancer/tumor profiling market has been segmented into immunoassays, in situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), mass spectrometry, microarrays, and other technologies. The immunoassays segment accounted for the largest market share of in 2021. This can be attributed to the usage of these tests for cancer diagnosis, prognosis, and treatment decisions along with the wide adoption of these assays as a gold standard to conduct tumor profiling.
The breast cancer segment accounted for the largest share of the cancer/tumor profiling market
Based on cancer type, the cancer/tumor profiling market has been segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. The breast cancer segment accounted for the largest share of the cancer/tumor profiling market, followed by lung cancer and colorectal cancer in 2021. The largest share of this segment can be attributed to the worldwide high prevalence of breast cancer.
The genomic biomarker segment accounted for the largest share of the cancer/tumor profiling market
Based on biomarker type, the global cancer/tumor profiling market is segmented into genomic, protein and other biomarkers. In 2021, the genomic biomarkers segment accounted for the largest share of the cancer/tumor profiling market. The large share of this segment can be attributed to the high adoption of these biomarkers during cancer diagnosis & prognosis and in the biomarker discovery process.
The research applications segment accounted for the largest share of the cancer/tumor profiling market, by application type
Based on application, the cancer/tumor profiling market has been segmented into research and clinical applications. In 2021, the research applications segment accounted for the largest share of the cancer/tumor profiling market. The large share of the segment can be attributed to the increasing focus on biomarker discovery for drug development and the rapidly growing field of personalized medicine.
Asia Pacific is expected to grow at the highest CAGR for players operating in the cancer/tumor profiling market
During the forecast period, the Asia Pacific is expected to be the fastest-growing regional market for cancer/tumor profiling market. This can be attributed to the high incidence of cancer, growing proteomics & genomics research, and increasing research funding, rising investments by pharmaceutical and biotechnology companies.
Major players in this market include Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), Sysmex Corporation (Japan), HTG Molecular Diagnostics, Inc. (US), Helomics Corporation (US), Caris Life Sciences (US), NanoString Technologies, Inc. (US), Guardant Health, Inc. (US), Foundation Medicine (US), F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), and Genscript Biotech Corporation (US).
Recent Developments
-In May 2022, QIAGEN launched the therascreen EGFR Plus RGQ PCR Kit, a new in-vitro diagnostic test for sensitive EGFR mutation analysis, empowering oncologists to guide non-small cell lung cancer (NSCLC) treatment better.
-In January 2022, Illumina entered into a partnership with Agendia to advance next-generation sequencing for decentralized oncology testing. This development is expected to deliver improved insights to breast cancer patients worldwide.
-In June 2021, NeoGenomics, Inc. (US) acquired Inivata Ltd. (England) a liquid biopsy platform firm. This acquisition is expected to enhance NeoGenomic's position in the cancer profiling market and further establish the firm in the rapidly evolving liquid biopsy testing space.