Dublin, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The "Global Cancer/Tumor Profiling Market by Technology (Immunoassay, NGS, PCR), Cancer Type (Breast, Lung, Colorectal), Biomarker Type (Genomic Biomarkers, Protein Biomarkers), Application (Biomarker Discovery, Diagnostics, Prognostics) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cancer/tumor profiling market is projected to reach USD 16.0 Billion by 2027 from USD 9.7 Billion in 2022, at a CAGR of 10.6% during the forecast period. Growth in this market is majorly driven by rising funding investments in cancer research and technological advancements in profiling technologies. In addition, the growing preference for personalized medicine and the growing need for point-of-care diagnostics is expected to offer significant growth opportunities for market players during the forecast period. On the other hand, technical issues with sample collection and storage are factors restraining the market growth to a certain extent.
Based on technology, the immunoassays segment accounted for the largest market share of the cancer/tumor profiling market
Based on technology, the cancer/tumor profiling market has been segmented into immunoassays, in situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), mass spectrometry, microarrays, and other technologies. The immunoassays segment accounted for the largest market share of in 2021. This large share can be attributed to the its use in the diagnosis and prognosis of cancer, they aid in making appropriate treatment decisions, and adoption of these assays as the gold standard to measure the presence and concentration of analytes in a sample.
Based on cancer type, the lung cancer segment is expected to register the highest CAGR during the forecast period
Based on cancer type, the cancer/tumor profiling market has been segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. During the forecast period, the lung cancer segment is expected to register the highest CAGR. This can be attributed to the increasing need for early diagnosis and the high incidence rate of lung cancer.
Based on biomarker type, the genomic biomarker segment accounted for the largest share during the forecast period
Based on biomarker type, the global cancer/tumor profiling market is segmented into genomic and protein biomarkers. In 2021, the genomic biomarkers segment accounted for the largest share of the cancer/tumor profiling market. The large share of this segment can be attributed to the advancements in high-throughput technologies and high adoption of these biomarkers during cancer diagnosis and prognosis.
Based on applications, the research application segment holds the largest market share during the forecast period
Based on application, the cancer/tumor profiling market has been segmented into research and clinical applications. In 2021, research applications accounted for the largest share of the cancer/tumor profiling market, followed by clinical applications. The large share of the research segment can be attributed to the rapidly growing field of personalized medicine and increasing funding for cancer research.
North America is expected to account for the largest share of the cancer/tumor profiling market in 2021
In 2021, North America accounted for the largest share of the cancer/tumor profiling market, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa. The large share of this market segment can be attributed to the increasing investments for the discovery and development of biomarkers, growing demand for personalized therapeutics and rising adoption of advanced omics technologies for cancer research.
Market Dynamics
Drivers
- Rising Incidence of Cancer
- Increasing Use of Biomarkers in Cancer Profiling
- Growing Investments in Cancer Research
- Technological Advancements in Cancer Profiling Techniques
Restraints
- High Capital Investments for Biomarker Discovery & Development
- Technical Issues Related to Sample Collection & Storage
Opportunities
- Growing Preference for Personalized Medicine
- Rising Need for Point-Of-Care Diagnostics
Challenges
- Low Biomarker Discovery-To-Approval Ratio
- Poor Regulatory and Reimbursement Scenario
Industry Trends
- Integration of Omics Data
- Advances in Liquid Biopsy
- Organoids for Personalized Medicine
- Increasing R&D Investments for Developing Novel Active Substances
Key Players
- Act Genomics Co., Ltd.
- Agendia
- Boreal Genomics Inc.
- Caris Life Sciences
- Exact Sciences
- F. Hoffmann-La Roche Ltd
- Foundation Medicine, Inc.
- Genscript Biotech Corporation
- Guardant Health, Inc.
- Hologic, Inc.
- Htg Molecular Diagnostics, Inc.
- Illumina, Inc.
- Imb Dx, Inc.
- Laboratory Corporation of America Holdings
- Lucence Health, Inc.
- Nanostring Technologies, Inc.
- Neogenomics, Inc.
- Personalis, Inc.
- Perthera
- Predictive Oncology, Inc. (Helomics Corporation)
- Qiagen N.V.
- Strand Life Sciences
- Sysmex Corporation
- Tempus Labs
- Thermo Fisher Scientific Inc.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Cancer/Tumor Profiling Market, by Technology
7 Cancer/Tumor Profiling Market, by Cancer Type
8 Cancer/Tumor Profiling Market, by Biomarker Type
9 Cancer/Tumor Profiling Market, by Application
10 Cancer/Tumor Profiling Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/mkpsnt
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