The global Cancer Profiling Market was valued at in 2022 and is projected to reach a value of by 2030 at a CAGR (Compound Annual Growth Rate) of 13.35% between 2023 and 2030.

Premium Insights

Cancer Profiling offers details on the genes responsible for the disease, which could help understand how cancer develops. The potential of Cancer Profiling extends beyond common cancers like lymphoma and breast cancer and can be useful for studying the molecular characteristics of acute leukemia, lung cancer, and prostate cancer. As a better understanding of cancer and tumors enables doctors to make appropriate therapeutic decisions and prevent "over-treating" cancer patients, Cancer Profiling has become essential to diagnosis at the molecular level. Due to the increasing incidence of cancer worldwide, Cancer Profiling is becoming increasingly common in Western economies.

One of the primary causes of the markets expansion is the rising cancer incidence in people worldwide. Oncologists increasingly use Cancer Profiling techniques, paving the way for expanding the market in developing nations. In the course of their lifetime, one in five people will develop cancer, and one in eight men and one in eleven women worldwide will pass away from it, according to the International Agency for Cancer Research (IARC). According to the CDC (Centers for Disease Control and Prevention), In the United States in 2019, cancer ranked as the second leading cause of death. About 599,601 people (2,83,725 females and 315,786 males) died of cancer in the United States in 2019.

With the development of cutting-edge techniques that may shorten the time it takes to detect and identify tumors or the stage of advancements, support for and funding for cancer research have increased. Additionally, it has been noted that biotechnology firms have made significant investments in creating novel therapies and fresh approaches to drug design. Increasing the use of cancer biomarkers for cancer/tumor diagnosis, increasing personal disposable income, and introducing technologically advanced products in hospitals are also aiding the market growth. Further, rising investment in the development of advanced medical products and devices, a rise in the demand for point-of-care diagnostics, and an increase in the demand for individualized medicines among consumers all positively impact the market growth rate.

Economic Insights

The US economy determines the complex relationship between employment rates, health insurance coverage, medical costs, and a patients access to high-quality healthcare. Patients are more likely to put off non-urgent medical treatments during a recession. This negatively impacts the healthcare industrys revenue. Healthcare providers are experiencing more financial difficulties due to the rise in the number of patients who choose not to cover their medical costs in exchange for services. Millions of people are impacted by Russias invasion of Ukraine, not just in this country of Eastern Europe but also around the world. Drug developers will consequently experience delays in the development process, a loss of business continuity, and a risk of non-compliance for products already on the market.

Top Market Trends

1. Advancement in Cancer Profiling: The clinical profiling of cancer tumors using Next Generation Sequencing (NGS) technology includes cancer screening, cancer diagnosis, and the development of new drugs. Due to its ability to facilitate whole genome sequencing, it has seen quick adoption.

2. Increasing Cancer research funding: Research for lung cancer research is rising. The National Institutes of Health (NIH) received a 5 percent increase in research funding from Congress, including vital funds for lung cancer research. Additionally, the Presidents budget request for the National Institutes of Health (NIH) for the fiscal year 2017 funds crucial research, including two specific lung cancer clinical trials through the Precision Medicine Initiative. By 2020, the Lung Association wants federal funding for lung cancer research to reach at least $450 million. The Australian Brain Cancer Mission is also spending $136.66 million to support brain cancer research. It aims to increase the quality of life for patients with brain cancer and double survival rates.

3. Rising Government Initiatives: LUNG FORCE was started by the American Lung Association as a campaign to mobilize citizens nationwide to speak out against lung cancer and make it a top public health concern. Making lung cancer a topic people care about is helping to change policies and raise money for research. Moreover, BreastScreen Australia is a collaborative effort between Australias federal, state, and territorial governments to reduce breast cancer-related illness and fatalities through early diagnosis.

4. Rising number of tests: The increase in the number of tests carried out by cancer research facilities around the world for the detection of sarcoma, melanoma, fluorescence in situ hybridization, immuno-oncology, and non-small cell lung cancer is significantly driving the growth of tumor profiling market.

Market Segmentation

The global Cancer Profiling market can be categorized on the following: Technology, Cancer Type, Biomarker Type, Application, and Region. The market can be categorized based on Technology into Immunoassays, Next-Generation Sequencing, Polymerase Chain Reaction, Mass Spectrometry, In-Situ Hybridization, Microarrays, and Other Technologies. In addition, based on Cancer Type, the market can be further split into Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, and Other Cancer. Furthermore, based on Biomarker Type, the market can be segmented into Genomic Biomarkers, Protein Biomarkers, and Other Biomarkers. Moreover, based on Application, the market can be further divided into Research Applications and Clinical Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Technology

Next Generation Sequencing to Hold the Largest Market Share Due to Increasing Adoption of the Technology

The NGS technology will dominate the segment of the Cancer Profiling market in 2021. A sophisticated sequencing technique called next-generation sequencing (NGS) can sequence the genomic makeup of tumor DNA precisely. The data that has been interpreted makes it possible to estimate the tumors purity and the degree of disease progression much more quickly. The primary benefit of NGS is the ability to sequence the entire exome, which facilitates the analysis of the entire human genomes protein-coding regions. It also enables whole genome sequencing, which is useful for examining both protein-coding and non-coding regions of the human genome.

Based on Cancer Type

Breast Cancer to Account for the Largest Market Share Owing to the Growing Prevalence of Breast Cancer Globally

During the forecast period, the breast cancer segment will dominate the global Cancer Profiling market. Breast cancer is the most prevalent disorder, primarily affecting women. In 2020, 2.26 million cases of breast cancer were reported worldwide, according to WHO. Increased demand from the medical industry for new treatments and medications for treating patients with breast cancer significantly contributes to enhancing market growth, so it is important to increase research and development with more advanced technologies and therapies developed in this area. Government assistance is increasing, as is the level of care given to new drug developments, the effectiveness and efficiency of medical care, and the incorporation of newly created drugs.

Based on Biomarker Type

Genomic Biomarker Segment Accounted for the Largest Market Share owing to the High Potential for the Identification of Indicators in Cancer Profiling

The segment of genomic biomarkers will dominate the global Cancer Profiling market during the forecast period. One of the most effective technologies for studying gene expression is genomic microarrays. Microarray applications for gene-expression profiling have grown significantly over the past ten years. This has helped in the classification of cancer, the development of a deeper understanding of pathogenesis, and the identification of numerous cancer biomarkers. Comprehensive genomic profiling has been produced due to the continued increase in the use of these biomarkers worldwide for cancer diagnosis and prognosis, which in turn is fuelling the growth of this market.

Based on Application

Research Segment to Dominate the Market Due to Growing Funding for Cancer Research

During the forecast period, the research application segment will dominate the global Cancer Profiling market. Comprehensive genomic profiling has been produced due to the ongoing increase in the use of these biomarkers worldwide for cancer diagnosis and prognosis, which is fuelling the expansion of this market. The market will also benefit from the high rate of return on investment guaranteed by research efforts and escalating technological developments in cancer/tumor profiling.

Based on Region

North America to Lead Global Sales Owing to Growing R&D Fundings

The global Cancer Profiling market is expected to be dominated by the region of North America during the forecast period. North America dominates the market for cancer tumor profiling due to the regions strong healthcare infrastructure, growing investment from major companies in developing cutting-edge technologies, high incidence of cancer, increased oncology research to find and develop novel therapies for treatment, and rising research activity. For instance, The NCI was given $7.3 billion under the Consolidated Appropriations Act of 2023, an increase of $408 million from the level enacted for the fiscal year 2022. This amount included $216 million for the NCIs share of the Cancer Moonshot.

During the estimated period of 2022 to 2029, Asia-Pacific is anticipated to experience significant growth as a result of increased government initiatives to raise awareness, an increase in medical tourism, expanding research activities in the region, the availability of sizable untapped markets, a sizable population pool, and the regions growing demand for high-quality healthcare. In India, the Health Ministers Cancer Patient Fund (HMCPF) was established to support underprivileged people living with cancer financially. A 100-crore rupee corpus fund has been established and invested in fixed deposits. The financial aid is paid for with the interest that has accrued.

Competitive Landscape

The key players in the global Cancer Profiling market include - Accenture plc,Apple Inc,Adobe Systems Incorporated,CA Technologies,Dell EMC,Hewlett Packard Enterprise Co,International Business Machines Corporation,Microsoft Corporation,Kellton Tech Solutions Ltd,Google Inc. among others.

Recent Market Developments

· June 2022: A four-year strategic partnership between Avesthagen Ltd and Wipro Limited was formed to commercialize Avesthagens genetic testing portfolio.

· January 2022: NeoGenomics, Inc., a top provider of global oncology contract research services and services for cancer-focused genetic testing, recently announced a strategic alliance with the Biomarker Collaborative to assist cancer patients who test positive for particular biomarkers in finding support groups that also include individuals who have the same results.

· August 2021: GRAIL was acquired by Illumina to speed up patient access to potentially life-saving early cancer diagnostics. Nearly 50 types of cancer can be identified using GRAILs Galleri Blood Test before they manifest symptoms. The global adoption rate of these life-saving tests will increase significantly due to the acquisition of Illumina over GRAIL.

· May 2019: With the help of QIAGENs therascreen PIK3CA RGQ PCR test, NeoGenomics Laboratories and QIAGEN have developed a companion diagnostic test for HR+/HER2 for patients with advanced breast cancer.

· March 2021: Elevation Oncology and NeoGenomics announced a partnership to broaden the genomic examination of NRG1 Fusions in solid tumors to support the Phase 2 CRESTONE study.

Segmentation of the Global Cancer Profiling Market