As per our research report, the global cancer profiling market size is estimated to be growing at a CAGR of 15.68% from 2022 to 2027 and grow to USD 21.26 billion by 2027 from USD 10.26 billion in 2022.
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Cancer profiling gives information on the genes that cause cancer, which can help researchers better understand how cancer works. Cancer profiling is beneficial for common cancers like lymphoma, breast cancer, lung cancer, prostate cancer, and acute leukemia. Cancer profiling examines a tumor tissue sample for gene alterations, biomarkers, and proteins.
In 2020-2021, the COVID-19 pandemic was not expected to witness a substantial impact on the cancer profiling market. Due to coronavirus-related measures and resources, there has been a significant drop in cancer testing and diagnosis because of the COVID-19 outbreak. However, because several COVID-19 patients had cancer, cancer has been recognized as a risk factor for COVID-19. As a result, more research is being done in this area to understand better the dynamics of infection, which will help progress the cancer research field. In addition, the pandemic presents a significant opportunity for personalized medicine, which could help identify patients who may require cancer treatment.
Oncologists’ increasing demand for cancer profiling methods to diagnose or treat malignancies and forecast response to targeted therapy are driving the global market. Furthermore, rising acceptance of cancer biomarkers for tumor profiling, rising cancer incidence globally, and rising use of next-generation sequencing technology for cancer profiling contribute to market growth. Moreover, the growing demand for personalized medication and point-of-care diagnostics is expected to provide significant growth possibilities for market players throughout the forecast period. As a result, governments, research institutes, and healthcare experts have increased their research and development efforts to introduce state-of-the-art treatment and profiling procedures.
Rising government regulatory clearances have aided in the growth of cancer profiling test sales. In addition, increasing research and development spending, particularly in developed and developing nations, in the field of medical equipment and devices, will provide even more profitable market growth opportunities. Technological advancements have aided the development and application of tumor profiling technologies, which can identify crucial characteristics of a patient’s disease at an early stage and influence the therapy selection for that patient. Genomic profiling capabilities are in demand for many tumor types, and the mapping of cancer mutational circuits has fuelled the market growth. Furthermore, the development and expansion of the healthcare industry, which is driven by both public and private players, will generate lucrative market growth opportunities, particularly in developing economies. Furthermore, the increasing number of strategic collaborations, rising internet penetration rate, growing number of hospitals and laboratories, rising cases of lung cancer, prostate cancer, and acute leukemia, and increasing per capita health care expenditure will all contribute to the market’s future growth rate.
However, the market’s expansion is hampered by expensive monetary investments in biomarker research and a scarcity of experienced specialists or oncologists who specialize in tumor profiling. In addition, the market is expected to be challenged by a lack of favorable reimbursement scenarios and technology penetration in developing economies, poor regulatory norms, a low discovery-to-approval ratio, and a lack of suitable infrastructure in low- and middle-income countries during the forecast period.
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SEGMENTS COVERED UNDER THIS REPORT:
- Next-generation Sequencing (NGS)
- Polymerase Chain Reaction (PCR)
- Immunohistochemistry (IHC)
- In Situ Hybridization (ISH)
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
- Personalized Medicine
- Biomarker Discovery
- Research Applications
- North America
- The U.S.
- Rest of North America
- Rest of EU
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East
KEY MARKET INSIGHTS:
NGS (next-generation sequencing) is a significant source of funding and research based on technology. Only one test is required for NGS to help doctors better detect tumor composition and evaluate troublesome mutations. It has ushered in a paradigm shift in human genetics by utilizing a cost-effective and reliable data production method.
The lung cancer segment is predicted to grow the most during the forecast period based on the cancer type. The rising incidence of lung cancer worldwide and the growing demand for early detection are driving this segment’s rise.
Based on the application, the cancer profiling market was led by the research applications segment, which accounted for the highest share. The rapidly rising field of personalized medicine, together with the increasing focus on biomarker research for medication development, explains the substantial proportion of this market. Furthermore, increasing funding for cancer research is moving the market forward.
Geographically, during the forecast period, the cancer profiling market in the Asia Pacific is predicted to grow at the fastest rate. During the forecast period, factors such as the high incidence of cancer, growing proteomics and genomics research, increasing research funding, and increasing investments by pharmaceutical and biotechnology companies are expected to drive market growth. In terms of cancer profiling research, India has a lot of promise. However, due to the increasing development of precision medicine in the region, China presents lucrative opportunities for market expansion. Furthermore, this country’s improved cancer testing is linked to its genome sequencing research and extensive patient base in urban regions.
Because of the strong base of healthcare facilities, rising investment from key players in the growth of advanced devices, high prevalence of cancer, and increased research in oncology to identify and discover novel therapies for treatment. Rising number of research activities in this region, North America dominates the cancer tumor profiling market next to Asia. The United States is projected to have a significant share in the cancer profiling landscape. As a result, government attempts have been launched to halt the development of this crippling disease. Launching awareness programs and encouraging advanced cancer profiling and detection studies are among them.
Abbott Laboratories, Becton Dickinson, Company, Caris Life Sciences, Exact Sciences Corporation, F. Hoffmann-La Roche Ltd., Hologic Inc., HTG Molecular Diagnostics Inc., Illumina Inc., Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Qiagen N.V., Siemens AG, and Sysmex Corporation are a few of the notable companies operating in the global cancer profiling market profiled in this report.
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