Cancer Tumor Profiling Market Growth – at a CAGR of 9.6% During Forecast Period 2020-2028
Rising prevalence of cancer across the globe and growing need for advanced biomarkers and next-generation sequencing techniques in cancer profiling are among the key factors driving the global market revenue growth
Market Size – USD 10.83 Billion in 2020, Market Growth – at a CAGR of 9.6%, Market Trends – Rising demand for personalized medicine and rapid adoption of highly advanced cancer profiling methods
Emergen Research has published its latest report titled “Cancer Tumor Profiling Market, By Technique (Genomics, Epigenetics, Metabolomics, Proteomics), By Technology (Immunoassays, In-situ Hybridization, Microarrays, Polymerase Chain Reaction, Sequencing Technologies, Others), By Application (Research Applications, Clinical Applications), and By Region Forecast to 2028”
According to Emergen Research, the global cancer tumor profiling market size was USD 10.83 billion in 2020 and is expected to reach USD 22.67 billion in 2028 and register a revenue CAGR of 9.6% during the forecast period, 2021-2028.
Revenue growth of the global cancer tumor profiling market is majorly attributed to factors such as growing prevalence of cancer across the world, rising awareness of early cancer detection and treatment, increasing investments in development of advanced cancer diagnostics, and rise in research & development activities in the field of oncology. Cancer/ tumor profiling plays an integral role in development of targeted medicine and assessment of drug effectiveness.
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Rising focus of oncologists on use of more advanced cancer profiling methods, such as chromogenic in-situ hybridization (CISH) and fluorescence in-situ hybridization (FISH), increasing need for advanced biomarkers and next-generation sequencing (NGS) techniques in cancer profiling, growing demand for personalized cancer medicine and therapeutics, and rapidly advancing global healthcare sector, especially in developing countries around the world, are some of the other major factors driving the global market revenue growth. According to a study conducted by the WHO, over 19.3 million cancer cases were detected worldwide, with nearly 10 million deaths, in 2020.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Immunoassays Segment Accounted for Largest Revenue Share in 2020:
The immunoassays segment dominated other segments in terms of revenue share in the global market in 2020. Immunoassays are biochemical tests performed to detect tumors; these tests find extensive application in oncological diagnostics, screening, prognostics, and disease monitoring and treatment. Immunohistochemistry (IHC) is a widely accepted immunoassay that helps detect protein biomarkers in different types of cancers.
Research Applications Segment to Account for Fastest Revenue CAGR:
The research applications segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing oncological research and development activities, rise in government and private investments in cancer research, and growing demand for personalized cancer medicine are among the key factors contributing to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America cancer tumor profiling market led in terms of largest revenue share in the global market in 2020. Rising prevalence of cancer, rapid adoption of advanced cancer profiling methods, rising focus on development of advanced cancer biomarkers, increasing government and private investments in cancer R&D activities, and presence of state-of-the-art healthcare infrastructure in the region are major factors supporting the North America market revenue growth.
Major Companies in the Global Cancer Tumor Profiling Market Include:
- Caris Life Sciences
- Foundation Medicine
- Genomic Health
- Guardant Health
- Helomics Corporation
- HTG Molecular Diagnostics, Inc.
- Nanostring Technologies
- Neogenomics Inc.
- Oxford Gene Technology
- Qiagen N.V.
- Ribomed Biotechnologies Inc.
For the purpose of this report, Emergen Research has segmented the global cancer tumor profiling market based on technique, technology, application, and region:
Technique Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
- In-situ Hybridization
- Fluorescence In-situ Hybridization (FISH)
- Chromogenic In-situ Hybridization (CISH)
- Polymerase Chain Reaction (PCR)
- Sequencing Technologies
- Next-generation Sequencing (NGS)
- Pyro Sequencing
- Sanger Sequencing
Application Outlook (Revenue, USD Billion; 2018-2028)
- Research Applications
- Biomarker Discovery
- Personalized Cancer Medicine
- Clinical Applications
- Oncological Diagnostics
- Monitoring and Treatment
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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