Dublin, Sept. 30, 2022 (GLOBE NEWSWIRE) -- The "Cancer Profiling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The cancer profiling market is projected to register a CAGR of 10.8% during the forecast period (2022-2027).
Companies Mentioned
- Caris Life Sciences
- F. Hoffmann-La Roche Ltd
- GenScript
- Guardant Health
- Hologic, Inc
- HTG Molecular Diagnostics, Inc.
- Illumina, Inc
- NanoString
- NeoGenomics Laboratories
- Predictive Oncology
- QIAGEN
- Sysmex Corporation
Key Market Trends
Colorectal Cancer is Expected to Hold a Significant Market Share Over the Forecast Period
The major factors contributing to the market growth are the increasing prevalence of chronic diseases such as colorectal cancer, developments by key market players, and increasing government initiatives associated with colorectal cancer. The growing burden of colorectal cancer coupled with high mortality due to it generates the need for the screening test for it that helps in early detection and thus drives the growth of the market over the forecast period.
According to Global Cancer Observatory (Globocan), 2020 Statistics, Colorectal cancer is the second most prevalent cancer in the world among all ages. The same source also reported that in 2020, Globally, there are 5,253,335 estimated prevalent cases of colorectal cancer in 5 years among all ages in both sexes.
The high prevalence of colorectal cancer around the world drives the growth of the market. Additionally, the above-mentioned source also reported that in 2020, there 935,173 estimated people died due to colorectal cancer around the world among all ages, it also reported that in 2020, colorectal cancer is the second most common type of cancer responsible for death globally. Such high mortality generates the need for the screening test for early detection and saving life among people and thus navigates the market towards growth. Furthermore, T
he American Cancer Society article titled 'Key Statistics for Colorectal Cancer' updated in January 2021 reported that in 2021, there are an estimated 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer are diagnosed in the United States. The same source also reported that overall, the lifetime risk of developing colorectal cancer is about 1 in 23 (4.3%) for men and 1 in 25 (4.0%) for women.
Such an increased risk of people having colorectal cancer creates the need for more screening tests to reduce the burden of the disease and thus drives the growth of the market. Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, Epigenomics AG announces its Next Generation Liquid Biopsy Test for colorectal cancer screening and plans to appeal the NCD decision in 2021, driving the growth of the market.
Thus, due to the aforementioned factors, the colorectal cancer screening market is likely to exhibit exceptional growth during the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North America region is expected to dominate the market. The increasing prevalence of chronic disorders like cancer and new product launches are expected to drive the cancer profiling market in the region during the forecast period. According to Cancer Statistics 2021 published in the American Cancer Society Journal, there is an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States, which will drive the market significantly.
According to Globocan 2020, the number of new cancer cases in the country was 274,364 in 2020 and this number is expected to increase to 400,564 by 2040. In women breast, cancer was most dominated while prostate cancer dominated men in the country. This, the growing cancer burden in the country is expected to fuel the market. Cancer is one of the most prevalent forms of chronic disease in Mexico, and as per the report of Globocan 2020, about 195,499 people were diagnosed with cancer in 2020, and 90,222 died because of it.
The most prevalent forms of cancer were breast, prostate, colorectum, thyroid, and cervix uteri cancer. Furthermore, as per the Globocan 2020, the cancer incidence in Mexico is expected to reach 254,665 by 2030 and 323,432 by 2040, and thus, with the increasing burden of cancer cases in the country, the studied market is expected to grow over the forecast period of the study. Similarly, new product developments and launches by the key market players will boost the studied market.
For instance, in September 2019, the Food and Drug Administration approved Cologuard for average-risk individuals beginning at the age of 45, driving the growth of the market. In addition, the United States Preventive Services Task Force (USPSTF) released a draft on colorectal cancer screening guidelines, recommending that screening begins at the age of 45, including Exact Sciences Cologuard (referred to in the draft guidelines as sDNA-FIT) as a recommended screening method for all average-risk patients between the ages of 45 and 75.
Owing to the above conditions, the studied market is expected to witness growth over the forecast period.n, the United States Preventive Services Task Force (USPSTF) released a draft on colorectal cancer screening guidelines, recommending that screening begins at the age of 45, including Exact Sciences Cologuard (referred to in the draft guidelines as sDNA-FIT) as a recommended screening method for all average-risk patients between the ages of 45 and 75.
Owing to the above conditions, the studied market is expected to witness growth over the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Cancer
4.2.2 Increasing Cancer Research and Funding
4.3 Market Restraints
4.3.1 High Capital Investment
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Technology
5.1.1 Immunoassays
5.1.2 Next Generation Sequencing
5.1.3 Polymerase Chain Reaction
5.1.4 In Situ Hybridization
5.1.5 Microarrays
5.1.6 Others
5.2 By Cancer Type
5.2.1 Breast Cancer
5.2.2 Lung Cancer
5.2.3 Colorectal Cancer
5.2.4 Others
5.3 By Biomarker Type
5.3.1 Genetic Biomarkers
5.3.2 Protein Biomarkers
5.3.3 Others
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDs
For more information about this report visit https://www.researchandmarkets.com/r/jk1g7q
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