Cancer Profiling Market: Rising cancer cases boost the demand for early diagnosis to drive the market
Cancer Profiling Market: Introduction
Cancer profiling is an alternative to all traditional approaches to cancer treatment. It uses a focused personalized approach to a treatment that specifically targets an individual patient's tumor. Laboratory tests are carried to identify certain genes or gene mutations (changes), proteins, or other biomarkers in a sample of tumor tissue in order to provide a better, personalized treatment to the cancer patient.
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Key Drivers and Restraints of Global Cancer Profiling Market
- Rise in incidence rate of cancer worldwide is the major factor driving the market. Cancer is one of the leading causes of death, globally, after cardiovascular diseases. According to the World Health Organization (WHO), cancer accounts for 8.3 million deaths each year, with 70% new cancer cases expected to be reported over the next 20 years. Increase in cancer afflicted population is anticipated to be a key driver of the market. According to a Centers for Disease Control and Prevention (CDC) report in 2014, the number of cancer patients diagnosed in the U.S. reached approximately 21 million. This number is estimated to reach 25.4 million by the end of 2024. Rising cancer cases boost the demand for early diagnosis or profiling of cancer, which ultimately fuels the market.
- Government funding for continuing research in tumor or cancer diagnostics and profiling is another major factor driving the market. Governments in developed and developing countries are conducting awareness campaigns to encourage people to opt for early diagnosis of cancer in order to reduce mortality and morbidity rate. This, in turn, is projected to boost the cancer profiling market during the forecast period. In April 2016, the U.S. Government assigned US$ 5.2 Bn for the National Cancer Institute (NCI). The budget was improved by 5.3% in comparison with the previous year. NCI conducts clinical trials on cancer patients who require repetitive diagnosis to check the prognosis of cancer.
- Technical issues with sample collection and storage is a key factor that is anticipated to hamper the market. Stringent quality control of these samples is required, and they need to be stored under the right conditions in order to prevent loss.
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Next Generation Sequencing Segment to Expand Significantly
- Based on technology, the global cancer profiling market can be divided into: immunoassays, next generation sequencing, polymerase chain reaction, in situ hybridization, microarrays, mass spectrometry, and others
- The immunoassays segment, which includes immunohistochemistry, dominated the global cancer profiling market in 2019, followed by the next generation sequencing segment. Immunoassay is a conventional test that can detect changes at the protein level that occur not only from gene aberrations, most commonly gene amplifications, but also from specific DNA rearrangements or point mutations.
- The next generation sequencing segment is estimated to expand at a significant growth rate during the forecast period. Advances in sequencing technologies, such as whole genome sequencing, have facilitated the simultaneous detection of single nucleotide variants (SNV), copy number variations, and structural rearrangements, such as gene fusions, leading to greater diagnostic yield of actionable findings in tumor samples.
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Breast Cancer Segment to Dominate Global Cancer Profiling Market
- Based on cancer type, the global cancer profiling market can be segmented into: breast cancer, lung cancer, prostate cancer, melanoma, and others
- The most commonly diagnosed cancers are prostate in males and breast in females, while lung cancer remains the most common cause of cancer death in both sexes. The breast cancer segment accounted for a major share of the global cancer profiling market, in terms of revenue, in 2019, followed by lung cancer. Rising prevalence of breast cancer across the globe is the major factor fueling the market. According to WHO, in 2018, 627,000 women were estimated to have died from breast cancer, i.e., approximately 15% of all cancer deaths among women.
- On the other hand, the lung cancer segment is estimated to expand at a notable CAGR during the forecast period majorly due to an increase in incidence and need for early diagnosis
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Key Manufacturers Operating in Market
The global cancer profiling market was highly fragmented in 2019. Key manufacturers operating in the global market are:
- Illumina, Inc.
- Qiagen N.V.
- Neogenomics Laboratories Inc.
- HTG Molecular Diagnostics, Inc.
- Genomic Health Inc.
- Caris Life Sciences
- Helomics Corporation
- Oxford Gene Technology
- Ribomed Biotechnologies, Inc.
- Guardant Health
- Foundation Medicine
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