The new report by Expert Market Research titled, ‘Global Cancer/Tumour Profiling Market Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cancer/tumour profiling market, assessing the market based on its segments like by types of cancer, types of biosensors, technology, research application, clinical applications and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 7.8 Billion
- Forecast CAGR (2023-2028): 10.2%
- Forecast Market Size (2026): USD 14 Billion
The growth of the cancer/tumour profiling market is being driven by a rise in cancer research and funding programs, as well as technical advances in profiling technology. Furthermore, the rising demand for personalized medicine and point-of-care diagnostics is projected to provide substantial growth opportunities for market participants during the forecast term.
Cancer/Tumour Profiling Industry Definition and Major Segments
Cancer/tumour profiling is used to obtain insight into a patient’s cancer profile and make genomic changes that enable doctors to direct a patient to the best care option. As a result, profiling helps physicians to prevent potentially harmful treatments, reducing errors and trial procedures. Technological advances have aided the growth and application of tumour profiling tools, which can classify core characteristics of a patient’s cancer at an early stage and thereby direct the therapy selection for that patient. Personalized medicine has entered modern clinical practice and is transforming the way certain illnesses are diagnosed, categorized, and treated. It has become a central field of study in the healthcare sector.
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The types of cancer can be divided into:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
The types of biosensors can be segmented into:
- Genetic Biomarkers
- Protein Biomarkers
The cancer/tumour profiling market can be broadly categorised based on technology into:
- Next-Generation Sequencing
- Polymerase Chain Reaction
- In Situ Hybridization
- Mass Spectrometry
It finds its uses in the research and clinical applications.
Research applications can be further divided into:
- Biomarker Discovery
- Personalized Medicine
Clinical applications are further categorised into:
- Monitoring and Treatment
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Cancer/Tumour Profiling Market Trends
Cancer/tumour profiling markets are now thriving as a result of technologically sophisticated healthcare infrastructures, the provision of advanced research and development services. Next-generation sequencing (NGS) is a specialized sequencing technology that can be used to precisely sequence tumour DNA. However, immunoassays segment accounted for the largest market share.
It is estimated that over 60% of new cancer cases in the world occur in regions such as Asia, Africa, and South and Central America, and that 70% of cancer deaths occur in these same regions. These regions may be the leading contributors to the growth and development of the global cancer/tumour profiling industry, owing to a large patient pool and potential customers. However, developing areas with high discretionary incomes, such as North America and Europe, are now at the top of the market.
Key Market Players
The major players in the market are Illumina, Inc. (NASDAQ: ILMN), Qiagen N.V., Neogenomic Laboratories, Inc., Sysmex Corporation, HTG Molecular Diagnostics, Inc., Helomics Corporation, Genomic Health, Inc., Caris Life Sciences, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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