In terms of revenue, the Global Cancer Profiling market is expected to reach USD 19.28 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 10.8% from 2023 to 2030.
Market expansion is projected to be fueled by the prevalence of increasing cancer worldwide. One in seven deaths worldwide is caused by cancer. 70% of cancer deaths occur in middle and lower-class households. The Cancer Profiling market will have a CAGR of 10.8% during the forecast period. This suggests that the market value would increase to by 2030. "Immunoassays" dominate the technology segment of the cancer tumour profiling market as the use of tumour profiling is expanding as it helps measure occurrence and focus. Amount of analytes in the sample.
Key Highlights from the Report
· Based on Technology, the Immunoassay segment is dominating the market growth. The increasing prevalence of these tests worldwide for cancer profiling and some of the key proposals emerging from these analyses to reduce disease severity and shorten hospital stays will greatly facilitate the growth of this segment.
· Based on Applications, Research applications accounted for the largest market share with a CAGR of 7.83%. Increasing funding for the development of cancer research and testing centres worldwide, increasing the use of personalized medicine, and focusing on biomarker discovery in drug development are major contributors to the growth of this segment.
· In terms of Region, In 2022,North America Cancer Profiling dominated the market, accounting for the largest market share among all cancer diagnostics globally at a stable CAGR. Huge funding available for R&D cancer/tumour profiling projects and continuous growth in advanced cancer screening technologies is fueling market growth in this region.
The increasing vogue of cancer worldwide is driving the market’s growth. Increasing adoption of cancer profiling methods among oncologists in emerging economies is paving the way for market growth. Increasing spending on research and development, particularly in medical instruments and equipment in developed and developing economies, continues to create lucrative growth opportunities in the market. The market’s growth rate is also supported by research and development work to integrate advanced technologies in healthcare facilities and improve the overall flow of cancer diagnosis and treatment. Increased federal funding should help market growth. Additionally, the growth and expansion of the healthcare industry, driven by public and private sector players, especially in emerging economies, is creating lucrative market growth opportunities. The high return on investment ensured by research and the increasing technological development in the field of cancer profiling also work in the market’s favour.
In addition, the increasing use of cancer biomarkers in cancer/tumour diagnosis, the increase in personal disposable income, the introduction of technology-driven products in hospitals, increased investment in the development of high-tech medical products and devices, and the need for growth points. Treatment diagnostics and the growing demand of people for personalized medicine will positively influence the growth rate of the market. Also, increased public and private funding for targeted research, cancer profiling instead of traditional cancer diagnostic methods, growth in the geriatric population base, and increasing product innovation and development with technological advancements worldwide. Profitable opportunities for market participants. In the forecast period 2023-2030. In addition, increasing strategic collaboration, internet penetration rate, increasing number of hospitals and laboratories, increasing incidence of lung cancer, prostate cancer, and acute leukaemia, and increase in per capita healthcare expenditure will further fuel the market growth in the future.
North America Cancer Profiling market is expected to witness a noteworthy development with a significant growth rate over the analysis period and dominates the cancer tumour profiling market due to the strong foundation of healthcare institutions, increasing investments by key players in advanced equipment growth, high incidence of cancer, increasing number of oncology research to identify and discover new treatments and of research activities in this field.
The Global Cancer Profiling Market is Segmented as follows
- Next-Generation Sequencing
- Polymerase Chain Reaction
- Mass Spectrometry
- In-Situ Hybridization
- Other Technologies
- Cancer Type
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Melanoma Cancer
- Other Cancer
- Biomarker Type
- Genomic Biomarker
- Protein Biomarker
- Other Biomarker
- Research Application
- Clinical Application
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Cancer Profiling Market is
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.), Guardant Health, Inc. (U.S.), Foundation Medicine (U.S.) Roche Diagnostics (Switzerland), (U.S.), GenScript Biotech Corporation (China), Tempus Labs (U.S.), Boreal Genomics Inc (Canada), Perthera (U.S.), Agendia (U.S.), Omniseq (U.S.) Histogene X (Belgium)
The Global Cancer Profiling Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis