Cancer/Tumor Profiling Market Size to Reach USD 18.13 Billion in 2028, Says Reports and Data
Increasing investments by various major players for advancements in the oncology field and rapid growth of the healthcare sector, particularly in developing countries, are driving market revenue growth
The global cancer/tumor profiling market size is expected to reach USD 18.13 Billion in 2028 and register a revenue CAGR of 10.3% over the forecast period, according to latest report by Reports and Data. Rising prevalence of various cancer types across the globe is one of the major factors driving cancer/tumor profiling market revenue growth. Governments of various countries worldwide are funding in technological developments for more advanced drugs and therapies to treat cancer. Additionally, rising awareness among people about importance of cancer detection at an early stage is driving demand for cancer profiling.
At present, cancer patients are usually prescribed with one or more treatment processes, such as surgery with chemotherapy or radiation therapy. These therapies are known to have several side effects. However, scientists have discovered ways of reducing side effects of such therapies by focusing on targeted treatment, a treatment involving attack on cancer cells only and preventing healthy cells from getting damaged. Cancer or tumor profiling is mandatory for proper use of targeted medicine to understand drug effectiveness for a particular type of cancer. This, in turn, is creating higher demand for cancer/tumor profiling among oncologists.
According to WHO, in 2020, there was an estimated rise in cancer cases by 19.3 Million, with 10 Million deaths worldwide. Among these new cases, breast and lung cancer accounted for 23.1% of all cancer cases. Rising number of cancer cases is invoking various major players to investment in development of innovative and more advanced technologies for cancer profiling, such as Chromogenic In Situ Hybridization (CISH). CISH has been designed specifically for detecting HER-2/neu oncogene amplification, and this gene confirms presence or absence of breast cancer. However, for chromosomal abnormalities, Fluorescence In Situ Hybridization (FISH) is considered as ideal option due to its accuracy and high resolution.
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Some Key Highlights from the Report
- Blood samples can detect cell-free DNA, circulating tumor cells, and exosomes, as well as macrovesicles. Inspite of having various pre-existing applications and purification processes, blood sampling is most commonly used for liquid biopsy studies and product innovations.
- Immunohistochemistry (IHC) technology is widely accepted by laboratories to detect protein biomarkers in several types of cancers. Using mass spectrometry, this technology will be upgraded for detecting presence, abundance, location, and functional state of up to 100 targets.
- In November 2021, Illumina and Sequoia Capital China jointly announced funding two startup companies poised to deliver breakthrough applications in genomics and multiomics. One startup company focuses on cutting-edge, single-cell sequencing technologies for molecular diagnostics applications, whereas the other is committed to building DNA, RNA epitome, and proteomics technology platforms for research and clinical applications.
- As per WHO reports, there has been significant rise in cancer mortality cases in Africa and Asia due to inadequate number of specialized cancer hospitals, diagnostic centers, and institutes.
- Companies profiled in the global market report include Thermo Fisher Scientific Inc., Illumina Inc., Siemens AG, F.Hoffmann La Roche Ltd, Nanostring Technologies Inc., BioGenex, NeoGenomics Laboratories Inc., HTG Molecular Diagnostics Inc., Perkin Elmer Inc., CellCarta Inc., Ribomed Biotechnologies Inc., Perthera, Qiagen N.V., and Personalis Inc.
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Cancer Type Outlook (Revenue, USD Billion; 2018–2028)
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Ovarian Cancer
- Stomach Cancer
- Pancreatic Cancer
- Thyroid Cancer
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Fluorescence in situ Hybridization (FISH)
- Next-Generation Sequencing (NGS)
- Quantitative Polymerase Chain Reaction (qPCR)
- Chromogenic in Situ Hybridization (CISH)
Biomarker Type Outlook (Revenue, USD Billion; 2018–2028)
Process Type Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Machine learning
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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