REDDING,
Calif., July 17, 2024 /PRNewswire/
-- According to a new market research report titled,
'Cancer/Tumor Profiling Market Size, Share,
Forecast, & Trends Analysis by Biomarker Type (Genetic,
Protein) Technology (NGS, PCR, ISH) Cancer Type (Breast, Prostate)
Application (Clinical, Research) End User (Pharma, Academic) —
Global Forecast to 2031,' published by Meticulous
Research®, the cancer/tumor profiling market is
projected to reach $24.70
billion by 2031, at a CAGR of 10.9% from 2024 to
2031.
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Cancer/tumor profiling is widely conducted in clinical and
research settings. The growth of this market is driven by factors
such as the increasing prevalence of cancer, the rising
pharmaceutical R&D expenditures, the growing number of targeted
therapies and the discovery of new actionable biomarkers,
increasing investments in cancer research, the declining costs of
NGS-based profiling, and advancements in multi-omics tumor
profiling. However, the high capital investments required for NGS
setups and long turnaround times restrain the growth of this
market.
Additionally, the increasing focus on developing personalized
medicines and the rising awareness and adoption of targeted
therapies are expected to generate market growth opportunities.
However, the lack of genetic experts for interpreting results, the
non-availability of in-house tumor profiling technologies, and the
high number of false biomarker discoveries are major challenges for
the stakeholders in the cancer/tumor profiling market.
Rise in R&D investments by Pharmaceutical and
Biopharmaceutical Companies for the Development of Biomarkers to
Drive Market's Growth.
Pharmaceutical companies constantly focus on R&D, a core
aspect of drug and biomarker development processes. The
biopharmaceutical industry also continues to witness substantial
growth due to increased investments in R&D to cater to the
growing demand for innovation and new medical breakthroughs. The
importance of R&D is evident due to the rising number of drug
approvals. For instance, in 2021, the FDA's Center for Drug
Evaluation and Research (CDER) approved 50 novel drugs either as
new molecular entities (NMEs) or as new therapeutic biologics under
biologics license applications (BLAs), an increase from 22 novel
drugs approved in 2016. Genome sequencing has enabled the
pharmaceutical industry to develop precision medicines as well.
High R&D investments in the pharmaceutical and
biopharmaceutical sectors are expected to boost the demand for
precise insights into the molecular pathology of cancer, driving
the demand for cancer/tumor profiling solutions.
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Also, the role of biomarkers in bridging non-clinical research
results into clinical practice is creating significant growth
opportunities for the players operating in the cancer/tumor
profiling market.
The cancer/tumor profiling market is segmented based on
Biomarker Type [Protein Biomarkers, Genetic Biomarkers], Technology [Next-Generation
Sequencing (NGS), Polymerase Chain Reaction (PCR), In-situ
hybridization (ISH), Immunohistochemistry (IHC), Other
Technologies], Cancer Type [Breast Cancer, Colorectal Cancer, Lung
Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, Other
Cancer Types] Application [Clinical Applications, Research
Applications], End User [Pharmaceutical &
Biopharmaceutical Companies, Hospitals & Diagnostic
Laboratories, Academic & Research Institutes, Contract Research
Organizations (CROs)], and Geography. The study also evaluates
industry competitors and analyzes the market at the regional and
country levels.
Some of the key players operating in the cancer/tumor profiling
market are Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc.
(U.S.), QIAGEN N.V. (Netherlands),
F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc.
(U.S.), NanoString Technologies, Inc. (U.S.), HTG Molecular
Diagnostics, Inc. (U.S.), Agendia Inc. (U.S.), Personalis, Inc.
(U.S.), Exact Sciences Corporation (U.S.), and Tempus Labs, Inc.
(U.S.).
Based on biomarker type, in 2024, the genetic biomarkers segment
is expected to account for the largest share of 72.0% of the
cancer/tumor profiling market. The large market share of this
segment is attributed to improvement in treatment delivery using
genetic biomarkers, effective results when genetic biomarkers are
used as targets of therapeutic treatments, and the use of genetic
biomarkers for convenient disease diagnosis with non-invasive
testing methods.
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Based on technology, in 2024, the next generation sequencing
(NGS) segment is expected to account for the largest share of the
cancer/tumor profiling market. The large market share of the
segment is attributed to the growing adoption of NGS in
cancer/tumor profiling, its ability to provide faster and more
accurate genetic testing, the rapidly declining cost of sequencing
per base, and the introduction of cost-effective benchtop
laboratory sequencers.
Based on cancer type, the cancer/tumor profiling market is
segmented into breast cancer, colorectal cancer, lung cancer,
prostate cancer, lymphoma, leukemia, cervical cancer, and other
cancer types. In 2024, the breast cancer segment is expected to
account for the largest share of the cancer/tumor profiling market.
The increase in breast cancer cases, government initiatives
promoting breast cancer treatment, increasing healthcare
expenditure, and reimbursement for certain profiling technologies
such as NGS have propelled the demand for cancer/tumor profiling
for breast cancer.
Based on application, the cancer/tumor profiling market is
segmented into clinical applications and research applications. In
2024, the research applications segment is expected to account for
the largest share of the global cancer/tumor profiling market. The
large market share of this segment is attributed to the rising
incidence of cancer, the growing demand for precision medicine, the
increased discovery of biomarkers, and the availability of
cost-effective advanced profiling technologies like NGS and PCR for
research applications.
Based on end user, in 2024, the pharmaceutical &
biopharmaceutical companies segment is expected to account for the
largest share of 40.9% of the cancer/tumor profiling market.
The large market share of this segment is attributed to the
declining costs of sequencing, the development of companion
diagnostics and precision medicine, and the high demand for
cancer/tumor profiling from pharmaceutical and biopharmaceutical
companies, primarily for biomarker discovery purposes.
The report also includes an extensive assessment of the key
growth strategies adopted by leading market players between 2021
and 2024.
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Scope of the Report:
Cancer/Tumor Profiling Market Assessment - by
Biomarker Type
- Protein Biomarkers
- Genetic Biomarkers
Cancer/Tumor Profiling Market Assessment - by
Technology
- Next-Generation Sequencing (NGS)
- Polymerase Chain Reaction (PCR)
- In-situ hybridization (ISH)
- Immunohistochemistry (IHC)
- Other Technologies
Note: Other technologies include immunoassays,
microarrays, mass spectrometers, Sanger sequencing, pyrosequencing, and
fragment analysis
Cancer/Tumor Profiling Market Assessment - by
Application
- Clinical Applications
- Research Applications
Cancer/Tumor Profiling Market Assessment - by
Cancer Type
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Lymphoma
- Leukemia
- Cervical Cancer
- Other Cancer Types
Note: Other cancer types include bladder cancer,
melanoma, kidney cancer, stomach cancer, ovarian cancer, thyroid
cancer, and head & neck cancers
Cancer/Tumor Profiling Market Assessment—by End
User
- Pharmaceutical & Biopharmaceutical Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
- Contract Research Organizations (CROs)
Cancer/Tumor Profiling Market Assessment—by
Geography
- North America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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