Fort Collins, Colorado, May 02, 2024 (GLOBE NEWSWIRE) --
The rise in the number of cancer cases worldwide pivots the industry growth.
The growing incidence of cancer cases worldwide is a primary driver fueling market growth. According to the World Health Organization (WHO), cancer ranks as a leading cause of mortality, with breast, lung, colon, rectum, and prostate cancers among the most prevalent types. Genetic mutations arising from the aging process also significantly contribute to cancer development. Projections by the International Agency for Research on Cancer (IARC) indicate a concerning trajectory, with an anticipated rise to 24.3 million new cancer cases and 13 million cancer-related deaths by 2030, primarily attributable to population growth and aging. This mounting burden underscores the pressing need for effective diagnostic solutions.
Moreover, advancements in technology, particularly in genomic profiling, drive market expansion by enhancing diagnostic efficiency. These technological breakthroughs have paved the way for significant progress in precision medicine. For instance, biomarker studies enable the detection of genetic mutations and identification of cancerous cells, empowering healthcare professionals to analyze clinical data before recommending oncology therapies. Such innovations are pivotal in improving patient outcomes and driving the evolution of cancer diagnostics.
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Segmentation Overview:
The cancer profiling market has been segmented into technology, cancer type, biomarker, application, and region.
Breast cancer is the leading segment and will account for a significant market share in the forecast period.
- Based on cancer type, the cancer profiling market has been segmented as breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma cancer, and others. Breast cancer accounted for the greater market share owing to the rising prevalence of breast cancer cases.
Genomic biomarkers accounted for a significant market share in 2023.
- Based on biomarkers, the cancer profiling market has been segmented into genomic, proteomic, cellular, and others. Genomic biomarkers held the largest market share in 2022. Genomic biomarkers are highly useful in cancer profiling as they enable precision medicine and personalized patient treatment approaches.
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Cancer Profiling Market Report Highlights:
- The cancer profiling market growth is anticipated at a CAGR of 9.4% by 2032.
- Cancer is the second deadliest disease and is driven by the need for vaccines, therapy, and treatment. Therefore, cancer profiling is one of the initial stages to detect cancer and its impact on the body.
- North America will likely hold a significant market share in the forthcoming years. This can be attributed to the region's robust healthcare infrastructure and sophisticated research facilities.
- Some prominent players in the cancer profiling market report include Illumina, Inc., QIAGEN, NeoGenomics Laboratories, Inc., HTG Molecular Diagnostics, Inc., Genomic Health Inc., Helomics Corporation, NanoString Technologies, Inc., Sysmex Corporation, Guardant Health, Inc., Foundation Medicine, Roche Diagnostics, Tempus Labs, Perthera, Agendia, and Omniseq.
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