The Cancer Tumor Profiling Market is expected to reach USD 31.99 Billion by 2027, according to a new report by Emergen Research.
The Cancer Tumor Profiling Market is expected to reach USD 31.99 Billion by 2027, according to a new report by Emergen Research. Cancer tumor profiling market growth is primarily driven by the increasing incidences of cancer, technological advances in tumor profiling, and rising adoption of personalized medicine.
According to the World Health Organization, cancer is the second most leading cause of death globally, with an estimated 9.6 million deaths in 2018. As per the National Cancer Institute (NCI), around 1,735,350 new cancer cases are expected to be diagnosed in the U.S. in 2019, while 609,640 people are projected to die of the disease.
Oncology is one of the most rapidly growing segments in precision medicine. Tumor profiling can be defined as the process of identifying the specific genetic alterations present in a patient’s tumor that may be targeted by therapy. Tumor profiling is used to select the most appropriate treatment for a patient with cancer, as well as to predict how that patient is likely to respond to treatment.
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Technologies such as next-generation sequencing (NGS), polymerase chain reaction (PCR), and immunohistochemistry (IHC) are used for cancer tumor profiling. NGS is the most widely used technology for cancer tumor profiling, as it offers a high degree of accuracy and sensitivity.
The growing demand for personalized medicine and the increasing preference for minimally invasive surgeries are some of the major factors driving the growth of the cancer tumor profiling market. In addition, the rising incidence of cancer and the growing number of initiatives by government and private organizations to create awareness about early diagnosis and treatment of cancer are also fueling market growth. However, the high cost of tumor profiling and the lack of skilled professionals are restraining market growth to a certain extent.
Some Key Highlights from the Report
- On January 2020, Caris Life Sciences, Inc. (U.S.) announced the expansion of its tumor profiling portfolio with the launch of Caris Molecular Intelligence’s advanced genomics tests, which will be accessible through its Precision Oncology Alliance. The alliance is a global provider network that delivers precision oncology services to patients and their healthcare providers worldwide.
- The Genomics segment was valued at 2.76 Billion in 2019, owing to the technologies employed in this segment. NGS is widely used as it is a cost-effective and rapid technology for identifying mutations, which helps in the development of personalized cancer treatments. Also, the adoption of liquid biopsies will propel the growth of this market, owing to its advantages over traditional biopsy methods.
- High investments by companies to launch new products and services, increase their market share, and expand their geographical footprints are the major factors driving growth of the global cancer tumor profiling market.
- The immunoassays segment is estimated to grow at the highest CAGR during the forecast period. Immunoassays are highly sensitive, specific, and rapid analytical techniques used for measurements of various analytes in body fluids. They offer several advantages such as improved specificity and sensitivity, portability, and user-friendliness. The global cancer tumor profiling market is expected to be driven by the increasing adoption of immunoassays for cancer diagnosis.
- Cancer tumor profiling market by research application is segmented into biomarker discovery and target identification, drug development, and personalized medicine. Drug development is further classified into target validation and lead optimization. Among these applications, biomarker discovery and target identification are projected to grow at the highest CAGR in the overall market during the forecast period. The growth of this segment is mainly attributed to the development of new technologies for biomarker discovery, such as proteomics and genomics, which are used for target identification. Moreover, tumor profiling is also gaining preference for drug development due to its ability to provide information about patient subpopulations that can be treated with a particular drug.
- Cancer tumor profiling market by technology is segmented into sequencing-based methods, array-based methods, and PCR-based methods. Among these technologies, sequencing-based methods are projected to grow at the highest CAGR during the forecast period as they provide comprehensive information about the cancer genome, which helps in the development of effective therapeutics.
- North America is expected to dominate the global cancer tumor profiling market during the forecast period. The large share of this region can be attributed to the well-established healthcare infrastructure, increasing number of clinical trials, and higher expenditure on healthcare in this region.
- Key participants include Caris Life Sciences, Foundation Medicine, GenomeDX, Genomic Health, Guardant Health, Helomics Corporation, HTG Molecular Diagnostics, Inc., Nanostring Technologies, Neogenomics Inc., Oxford Gene Technology, Qiagen N.V., Ribomed Biotechnologies Inc., among others.
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Emergen Research have segmented the Cancer Tumor Profiling Market on the basis of technique type, technology, application, and region:
Technique Type Outlook (Revenue, USD Billion; 2017-2027)
- Genomics
- Epigenetics
- Metabolomics
- Proteomics
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Immunoassays
- In Situ Hybridization
- Fluorescence In Situ Hybridization (FISH)
- Chromogenic In Situ Hybridization (CISH)
- Microarray
- Polymerase Chain Reaction (PCR)
- Sequencing Technologies
- Next Generation Sequencing(NGS)
- Pyro Sequencing
- Sanger Sequencing
- Other Technologies
Application Outlook (Revenue, USD Billion; 2017-2027)
- Research Application
- Biomarker Discovery
- Personalized Cancer Medicine
- Clinical Application
- Oncological Diagnostics
- Prognostics
- Monitoring and Treatment
- Screening
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- US.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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