Dublin, Nov. 18, 2024 (GLOBE NEWSWIRE) -- The "Cancer Profiling Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global cancer profiling market is anticipated to reach US$59.049 billion in 2029 from US$31.816 billion in 2024 at a CAGR of 13.17%
The major growth factors for this market are the rising global prevalence of cancer and the increasing use of biomarkers in tumor profiling. Increased cancer research, funding initiatives, and technical developments in profiling technologies are also driving the cancer profiling market's growth. Furthermore, the growing demand for personalized medicine and point-of-care diagnostics is projected to provide substantial possibilities for market participants throughout the forecast period.
Global Cancer Profiling Market Drivers:
The booming cancer prevalence has positively impacted the market growth.
Many cancers have a high chance of being cured if detected early and treated properly, and with the rising global prevalence of cancer, the demand for cancer profiling is also expected to show traction. Hence, between 30 and 50% of cancers can currently be prevented, and the cancer burden can also be reduced through early detection of cancer and appropriate treatment and care of patients who develop cancer.
According to the World Health Organization (WHO), by 2050, the global frequency of new cancer cases is estimated to reach 35 million. It will showcase a 77% growth over 20 million new cases reported in 2022. Major cancer types such as lung, breast, prostate & colorectal cancer account for a major portion of global prevalence and require constant treatment.
Additionally, the bolstering growth in the global population has further raised the overall scope of cancer profiling, especially among the older population, thereby adding more to the market expansion. As per the United Nations data, the global population stood at 8.6 billion in 2024, and for the next 50-60 years, it is expected to grow at a constant rate, thereby reaching up to 10.3 billion by the mid-2080s.
Favorable initiatives in cancer profiling are estimated to stimulate market growth.
To minimize the risk of cancer-related deaths and bolster the development of precision cancer medicine, various screening and biotech companies are initiating cancer profiling. For instance, in April 2024, Exact Sciences, in collaboration with Mayo Clinic, launched an initiative for hereditary cancer tests and genomic profiling. Hence, such an initiative will expand the data collection to allow clinicians and researchers to advance their careers in patient care.
Likewise, in April 2023, Agilent Technologies signed a Memorandum of Understanding (MOU) with Theragen Bio to boost precision oncology in South Korea. As per the agreement, Agilent would provide cancer genomic profiling design and software expertise for diving localized analysis and supporting treatment decisions.
Global Cancer Profiling Market Geographical Outlook
North America is estimated to constitute a remarkable market share.
The North American region is set to grow significantly and will account for a considerable market share fuelled by the growing efforts to bolster cancer precision treatment. It has led to various investments & research collaboration followed by new therapy selection tests in major regional economies, namely the United States. For instance, in February 2023, Exact Science Corp launched the "OncoExTraT" therapy selection test in the United States. It would provide next-generation sequencing and RNA & DNA-based genomic tests that would assist doctors in completing their patient's cancer analysis.
Additionally, the United States is also one of the major nations where the frequency of cancer is on the rise. For instance, as per the American Cancer Society, for 2024, the estimated strength of new cancer cases in the United States will reach 20.01 million, with several projected deaths reaching 6.11 million. Hence, this signifies a 2.6% growth in new cases and 1.7% in death frequency.
The flexibility of US government regulations and the availability of funds from various organizations, such as the National Institute of Health, has allowed researchers to invest more in the use of biomarkers in drug discovery, drug development, tumor detection, monitoring biological response to cancer therapy, and genetic studies for the identification of cancer-predisposed candidates. Other regional economies, namely Canada, are also showcasing a higher death rate for cancer. As per the Canada Cancer Society, in 2024, approximately 2.47 million Canadians will be diagnosed with cancer, and the death count will reach 88,100.
Global Cancer Profiling Market Restraints:
Technical issues regarding sample collection can restrain market growth.
One of the most immediate concerns regarding service providers is sample collection, followed by access to these samples. These samples must be subjected to strict quality control and maintained properly to avoid loss.
Furthermore, screening programs are helpful for only certain types of cancer and not all. They are considerably more difficult and resource-intensive than early detection since they require specialized equipment and committed staff. On the other hand, high capital investment, procedure costs, and storage concerns will likely hinder the expansion of the cancer profiling market. Poor regulatory standards, reimbursement options, and a low discovery-to-approval ratio are expected to challenge the cancer profiling market.
Global Cancer Profiling Key Market Developments
- In June 2024,Guardant Health Inc. launched its tissue genomic profiling test "Guardant360 TissueNext," which covers 498 biomarkers and recommended genes. This enables oncologists to target therapies and treatment strategies for patients suffering from advanced-level cancer.
- In March 2024, Transgene, BostonGene, and NEC Corporation extended their collaboration for the Phase I/II trial of TG4050. The companies would continue performing microenvironment analysis and tumor molecular profiling, which would provide next-generation sequencing data to researchers and bolster their efforts to develop therapeutic vaccines for neck and head cancer patients.
- In January 2024,QIAGEN Digital Insights launched its "QIAGEN CLC Genomics Workbench Premium," which features light-speed technology and supports NGS analysis for stomach cancer. The solution is a game changer for comprehensive genomic profiling and would enable clinical labs to perform high-throughput next-generation sequencing for somatic applications.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 117 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $31.81 Billion |
| Forecasted Market Value (USD) by 2029 | $59.04 Billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | Global |
Competitive Environment And Analysis
- Major Players and Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, and Collaborations
- Competitive Dashboard
- Illumina, Inc.
- Qiagen N.V.
- NeoGenomics Laboratories, Inc.
- F. Hoffmann-La Roche Ltd
- Genomic Health
- GE Healthcare
- Siemens Healthineers
- Thermo Fisher Scientific Inc.
- Hologic Inc.
- Bio-Rad Laboratories Inc.
The Global Cancer Profiling market is segmented and analyzed as follows:
By Technology
- Immunohistochemistry
- In situ Hybridization
- Next-Generation Sequencing
- Quantitative Polymerase Chain Reaction (qPCR)
- Mass Spectrometry
- Microarrays
- Others
By Cancer Type
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Melanoma Cancer
- Kidney Cancer
- Liver Cancer
- Others
By Application
- Personalized Medicine
- Oncological Diagnostics
- Cancer Research
- Biomarker Discovery
- Treatment & Monitoring
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/fg83di
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