Global Cancer Profiling Market
As stated in our extensive report, the Global Cancer Profiling Market accounted for USD 9.4 Billion in the year 2022 and is projected to reach a value of USD 19.28 Billion by 2030.
With the increase in the number of cancer cases worldwide, various Cancer Profiling methods such as whole genome profiling, comprehensive molecular profiling of lung adenocarcinoma, molecular profiling for precise cancer therapies, and molecular profiling of breast cancer have been increasing. Tumour profiling, whole exome sequencing, whole genome sequencing, functional Cancer Profiling, liquid biopsy, nanowire immune profiling, immunohistochemistry and biomarker testing are widely driving the market’s overall growth.
As the name suggests, Cancer Profiling is a diagnostic procedure or diagnostic test performed to analyse the genetic information of tumour cells in the body. These diagnostic tests are useful for determining the stage of cancer, determining proper function, and predicting tumour recurrence. Factors such as cancer and increased cancer research and funding are expected to boost the market growth. Cancer or tumour profiling is a laboratory test performed to identify gene mutations and the presence of biomarkers and proteins in a tumour tissue sample. Cancer testing at an early stage is very important because it detects the presence of cancer before it spreads throughout the body, making its treatment much easier and more effective.
The major factors affecting the market growth are the increase in chronic diseases such as colon cancer, the emergence of major market players, and increasing government initiatives related to colon cancer. The increasing burden of colon cancer, along with the resulting high mortality, makes the need for this screening test to aid in early detection and fuel the market growth during the forecast period. Furthermore, the increased risk of people developing colon cancer creates the need for more screening to reduce the burden of the disease and thus boost the market’s growth. Additionally, the market under study is strengthened through acquisitions, partnerships, mergers, and collaborations among major market players. For example, Epigenomics AG announced its next-generation liquid biopsy test for colorectal cancer screening and planned to appeal the NCD decision in 2021, stimulating market growth.
Key factors influencing Global Cancer Profiling Market Growth
The growth of the global Cancer Profiling market can be attributable to the following:
- The increasing influence of the microbiome and the increasing prevalence of cancer cases across the globe are the major factors stimulating the growth of the tumour profiling market. According to the National Cancer Institute, nearly 1.9 million people in the United States will be diagnosed with cancer in 2021, including 2,650 men and 281,550 women with breast cancer. Additionally, in 2020, the highest national costs were for breast cancer ($3.14 billion), followed by prostate cancer ($2.26 billion), colon cancer ($1.46 billion), and lung cancer ($1). 0.35 billion), clearly reflecting the increasing incidence of this type of cancer in the United States.
- With the increasing number of cancer cases worldwide, the use of various cancer profiles, such as comprehensive genome profiling, comprehensive molecular profiling of lung adenocarcinoma, molecular profiling for precise cancer therapy, and molecular profiling of breast cancer, has increased. In addition, increasing tumour profiling, whole exome sequencing, whole genome sequencing, functional Cancer Profiling, liquid biopsy, nanowire immune profiling, immunohistochemistry, and biomarker testing are widely driving the market’s overall growth.
- Besides the proliferation of Cancer Profiling methods, the number of tests performed in cancer research centres worldwide for detecting sarcoma, melanoma, fluorescence in situ hybridisation, immuno-oncology, and non-small cell lung cancer has increased. Broadly fueling the growth of the tumour profiling market.
North America Region Forecast to Lead the Global Market in the Estimated Period
The North America is expected to dominate the market. The increase in the prevalence of chronic diseases such as cancer and the launch of new products are expected to drive the cancer profile market in the region during the forecast period. According to the Cancer Statistics 2021 study published in the American Cancer Society Journal, about 1.9 million new cancers will be diagnosed in the United States, significantly impacting the market. According to Globoca 2020, there were 274,364 new cancer cases in the country in 2020, and this is expected to rise to 400,564 by 2040. Breast cancer was more prevalent in women, while prostate cancer was more prevalent in men. This increasing cancer burden in the country is expected to fuel the target market.
The overall Cancer Profiling market sales have been favourably impacted by sectors such as mass spectrometry, microarrays, and genomic biomarkers.
The well-known players of the Global Cancer Profiling market include Illumina Inc. (U.S.), QIAGEN (Germany), NeoGenomics Laboratories Inc. (U.S.), HTG Molecular Diagnostics Inc. (U.S.), Genomic Health Inc. (U.S.), Caris Life Sciences (U.S.), Helomics Corporation (U.S.), NanoString Technologies Inc. (U.S.), Sysmex Corporation (Japan), Ribomed Biotechnologies, Inc. (U.S.) and others.