PUBLISHER: The Business Research Company | PRODUCT CODE: 1391066
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391066
“Cancer Tumor Profiling Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cancer tumor profiling market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cancer tumor profiling? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cancer tumor profiling market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cancer tumor profiling is a laboratory testing method designed to analyze a sample of tumor tissue for specific genes, gene mutations, proteins, or other biomarkers. This comprehensive examination aids in treatment planning and provides valuable insights into the likelihood of cancer recurrence or metastasis.
The primary categories of cancer and tumor profiling encompass lung cancer, breast cancer, colorectal cancer, prostate cancer, melanoma, ovarian cancer, stomach cancer, pancreatic cancer, thyroid cancer, and various other cancer types. Diverse technologies, such as next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry (IHC), in situ hybridization (ISH), microarrays, and others, are employed in this process. These technologies cover multiple facets, including genomics, proteomics, epigenetics, metabolomics, and more. Cancer and tumor profiling find applications in personalized medicine, diagnostics, biomarker discovery, prognostics, and research endeavors.
The cancer tumor profiling market research report is one of a series of new reports from The Business Research Company that provides cancer tumor profiling market statistics, including cancer tumor profiling industry global market size, regional shares, competitors with a cancer tumor profiling market share, detailed cancer tumor profiling market segments, market trends and opportunities, and any further data you may need to thrive in the cancer tumor profiling industry. This cancer tumor profiling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cancer tumor profiling market size has grown rapidly in recent years. It will grow from $11.17 billion in 2023 to $12.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The historical growth in cancer tumor profiling can be attributed to factors such as the rising incidence of cancer, the expansion of precision medicine initiatives and collaborative research efforts, advancements in cancer diagnostics and early detection methodologies, the availability of a diverse array of targeted therapy options, and supportive regulatory frameworks facilitating cancer profiling tests.
The cancer tumor profiling market size is expected to see rapid growth in the next few years. It will grow to $22.06 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The forecasted growth in cancer tumor profiling is anticipated due to the expanding applications of immunotherapy and immunoprofiling in cancer treatment, the development of liquid biopsy and non-invasive tumor profiling methods, the adoption of single-cell sequencing for more detailed tumor characterization, the extension of cancer screening and early detection programs, and the increasing demand for profiling rare and orphan cancer subtypes. Noteworthy trends in the forecast period include the integration of tumor profiling into routine clinical practice, advancements in multi-omics approaches, the incorporation of artificial intelligence (AI) and machine learning in data analysis, the development of personalized medicine and targeted therapy, and progress in genomics and next-generation sequencing (NGS) technologies.
The surge in cancer cases worldwide is expected to drive the growth of the cancer and tumor profiling market. Cancer, characterized by uncontrolled cell growth and spreading, necessitates advanced diagnostic tools such as cancer tumor profiling to assess the severity of the disease. In 2021, the American Cancer Society reported 1.8 million new cancer cases diagnosed in 2020, underscoring the increasing prevalence of cancer globally. The rising incidences of cancer contribute significantly to the expansion of the cancer and tumor profiling market.
The increasing prevalence of stomach cancer is anticipated to be a key driver for the growth of the cancer and tumor profiling market. Stomach cancer involves the uncontrolled growth of malignant cells in the stomach lining, and cancer and tumor profiling play a crucial role in providing insights into the development of this disease. For example, gastrointestinal stromal tumors (GISTs), though distinct from stomach cancer, can occur in the stomach, and cancer and tumor profiling can help in understanding and treating such cases. As indicated by Cancer Research UK, the incidence of stomach cancer in the UK is expected to decline by 12% between 2023-2025 and 2038-2040. This decline, while positive, highlights the need for continued focus on stomach cancer research and tumor profiling to further address the disease. The growing prevalence of stomach cancer is thus contributing to the expansion of the cancer and tumor profiling market.
Increasing research and development activities are emerging as a significant trend in the cancer and tumor profiling market. Major companies in this sector are prioritizing research and development to meet consumer demands and strengthen their market position. For instance, QIAGEN N.V, a German company specializing in sample and assay technology, recently announced the Conformite Europeenne (CE)-marking and commercialization of the therascreen PIK3CA RGQ PCR Kit in Europe. This diagnostic assay is designed to identify breast cancer patients with PIK3CA mutations, providing crucial information for personalized treatment. The emphasis on research and development activities is a notable trend that is shaping the cancer and tumor profiling market.
In June 2023, Quest Diagnostics, a prominent US-based medical laboratory company, completed the acquisition of Haystack Oncology Inc. for a substantial sum of $450 million. The strategic move by Quest Diagnostics is aimed at broadening access to liquid biopsy technology and strengthening its position in the competitive field of cancer diagnostics. This acquisition is anticipated to augment Quest Diagnostics' research and development capabilities, thereby enhancing its ability to contribute to improved outcomes for cancer patients. Haystack Oncology Inc., based in the United States, is an early-stage oncology company specializing in the development of solid tumor testing technology.
In July 2021, Labcorp, another major US-based clinical laboratory, successfully acquired OmniSeq for an undisclosed amount. This strategic acquisition provides Labcorp with an expanded portfolio of clinical trial options and diagnostic tests tailored for cancer patients and healthcare providers. OmniSeq, a US-based company with expertise in solid tumor profiling, possesses innovative sequencing technologies and actively supports drug development through its pharmaceutical services. This acquisition positions Labcorp to play a more significant role in advancing cancer diagnostics and contributing to the ongoing development of therapeutic solutions.
Major companies operating in the cancer tumor profiling market include F. Hoffmann-La Roche Ltd., Caris Life Sciences, Thermo Fisher Scientific Inc., Illumina Inc., Qiagen, Ribomed Biotechnologies Inc., HTG Molecular Diagnostics Inc., NanoString Technologies Inc., NeoGenomics Laboratories Inc., Lucence Health Inc., ACT Genomics Co. Ltd., Strand Life Sciences, IMB Dx Inc., Exact Sciences Corporation, Guardant Health, Foundation Medicine Inc., Agilent Technologies Inc., Myriad Genetics Inc., Personal Genome Diagnostics Inc., Tempus Labs Inc., ArcherDX Inc., Natera Inc., Bio-Rad Laboratories Inc., Genetron Health, NantHealth Inc., Resolution Bioscience, Genomic Testing Cooperative, OncoDNA, Strata Oncology Inc., Genuity Science, RareCyte Inc., Inivata Limited, Cepheid
North America was the largest region in cancer and tumor profiling market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in cancer and tumor profiling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the cancer tumor profiling market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The cancer tumor profiling market includes revenues earned by entities by sanger sequencing, pyro sequencing (PyroSeq), chromogenic/ fluorescence in situ hybridization (CISH/FISH) and fragment analysis (FA/Frag. Analysis). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.