Cancer Tumor Profiling Market Size to be Worth USD 20.69 Billion Growing at 9.6% CAGR till 2027; Industry Revenue, Statistics, Forecast by Emergen Research
The Global Cancer Tumor Profiling Market is estimated to be valued at USD 20.69 billion by the end of 2027, expanding at a CAGR of 9.6% throughout the projected timeframe, according to the recent analysis by Emergen Research. The augmenting use of biomarkers for cancer profiling and the growing application of proteomic methods for biomarker research to augment the drug development process are primarily driving the market growth. The increasing need for personalized medicine and the escalating global incidences of cancer is further boosting the demand for the market. According to WHO, lung and breast cancer are the most prevalent cancer forms, with nearly 2.09 million cases reported every year. Therefore, the escalating demand for cancer profiling is bolstering the industry’s expansion.
The rising adoption of cancer profiling procedures by oncologists is expected to boost market growth as the methods have higher efficiency in diagnosing cancer at early stages. However, technical errors with sample collection and storage may impede the market growth over the projected timeframe.
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Top Companies in Cancer Tumor Profiling Market are:
Foundation Medicine, Caris Life Sciences, Genomic Health, GenomeDX, Guardant Health, Ribomed Biotechnologies Inc., HTG Molecular Diagnostics, Inc., Nanostring Technologies, Neogenomics Inc., Helomics Corporation, Qiagen N.V., and Oxford Gene Technology, among others.
Cancer Tumor Profiling Market Drivers During Forecast Period:
By Reginal Outlook Segment:
North America occupied an enormous share of the industry in 2019, accounting for nearly 37.2% of the market share. The dominance can be attributed to the substantial growth in the clinical research activities and the presence of key market players in the region.
By Technique Type Outlook Segment:
The Genomics sub-segment contributed to the revenue with USD 2.76 billion in 2019 attributable to the extensive funding for the research institutes to develop modified medicine, thereby boosting the need for genomics. The use of genomics for cancer tumor profiling by numerous organizations is forecast to augment demand for genomics technologies over the coming years.
By Technology Outlook Segment:
Immunoassays sub-segment accounted for a substantial share of the industry in 2018 and is anticipated to retain the market share in the forecast timeframe. The immunoassays are used for the detection of tumors and have extensive applications in oncological screening, diagnostics, prognostics, monitoring, and treatment.
By Application Outlook Segment:
The Research application segment contributed to the revenue share with USD 5.67 billion in 2019, owing to the expansion of the research and development sector with increased funding and the increasing requirement for personalized medicine. The application of cancer tumor profiling allows the physicians to determine if the patient requires an additional diagnostic test.
Key Highlights from the Report:
· In January 2020, Caris Life Sciences, a leader in molecular science, announced the partnership between Precision Oncology Alliance and The Preston Robert Tisch Brain Tumor Center to boost the cancer tumor profiling segment and develop the standard of care for oncology molecular testing.
· Increasing investments by companies to develop novel products for cancer tumor profiling through technological advancements are also contributing to market growth. For instance, Qiagen, in May 2019, launched “therascreen PIK3CA RGQ PCR Kit” as a companion diagnostic to assist in the identification of breast cancer patients.
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For the purpose of the report, Emergen Research has segmented the Global Cancer Tumor Profiling Market on the basis of technique type, technology, application, and region:
Technique Type Outlook (Revenue, USD Billion; 2017–2027)
· Genomics
· Proteomics
· Metabolomics
· Epigenetics
Technology Outlook (Revenue, USD Billion; 2017–2027)
· Microarray
· In Situ Hybridization
o Fluorescence In Situ Hybridization (FISH)
o Chromogenic In Situ Hybridization (CISH)
· Polymerase Chain Reaction (PCR)
· Immunoassays
· Sequencing Technologies
o Next-Generation Sequencing (NGS)
o Sanger Sequencing
o Pyro Sequencing
· Other Technologies
Application Outlook (Revenue, USD Billion; 2017–2027)
· Research Application
o Personalized Cancer Medicine
o Biomarker Discovery
· Clinical Application
o Screening
o Prognostics
o Oncological Diagnostics
o Monitoring and Treatment
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Regional Outlook (Revenue, USD Billion; 2017–2027)
· North America
o U.S.
o Canada
· Europe
o Germany
o France
o U.K.
o Spain
o Italy
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o Rest of APAC
· Latin America
o Brazil
o Rest of LATAM
· Middle East & Africa
o Saudi Arabia
o U.A.E.
o Rest of MEA
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