Dublin, Aug. 01, 2022 (GLOBE NEWSWIRE) — The “Cancer/Tumor Profiling Market by Technique, by Technology and by Application – Global Opportunity Analysis and Industry Forecast 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The Cancer/Tumor Profiling Market size was valued at USD 12.98 billion in 2022 and is predicted to reach USD 31.67 billion by 2030 with a CAGR of 11.8% from 2022-2030.
Cancer profiling or the tumor profiling is a laboratory test conducted to identify certain genes or the gene mutations, proteins, or other biomarkers in a sample of tumor tissue. Tumor profiling can aid in treatment planning and predicting if cancer will return or spread to other places of the body.
Cancer profiling is not only effective in the molecular profiling of common malignancies like lymphoma and breast cancer, but also in the molecular profiling of lung cancer, prostate cancer, and acute leukaemia. Cancer profiling has become more important in molecular diagnosis, since a better knowledge of cancer tumor allows clinicians to make more informed therapeutic decisions and prevent “over-treating” cancer patients.
Market Dynamics and Trends
Growing prevalence of cancer globally and increasing adoption of precision medicine options are pacing new paths for the advanced diagnostic products for determination of the cancerous gene and targeted therapies for the identical.
According to the International Agency for Research on Cancer, 1 in 5 people develop cancer during their lifetime across globe. Also, 1 in 8 men and 1 in 11 women die from the disease indicating significant need for effective diagnostic and therapeutic options. In addition, increasing new cancer cases owing to ageing population and lifestyle changes are likely to drive the demand for cancer profiling products in the coming years.
Moreover, new estimates from GLOBOCAN suggests that quite 50 million people live within five years of past cancer diagnosis. Factors such as increased research and development activities and new product approvals are expected to enhance the market growth. Furthermore, enormous sums of money are raised for the development of cancer-fighting products.
According to a study published by ecancer-medicalscience, roughly 153 public research funding organizations (RFO) in the EU and the United States spent more than €1 million on oncology each year. RFOs in the EU spent a total of €2.79 billion, while RFOs in the US spent a total of €5.8 billion.
However, the high cost of cancer profiling tests, as well as a lack of access to the healthcare infrastructure required for cancer profiling, are limiting the market’s expansion over the forecast period. Tumor profiling tests are cutting-edge, and they function by identifying tumor mutations and establishing a therapy pathway tailored to the patient’s needs.
Due to the exorbitant cost of these tests, which are such a sophisticated technology, they are only used by a small percentage of the population in economically depressed areas. Other factors affecting market growth in the AMEA include a lack of understanding about sophisticated technology, low spending capacity, lack of access to healthcare facilities, and cancer detection at a later stage.
North America region is anticipated to hold the highest market share during the forecast period. This is due to the factors such as growing new product launches in countries like the United States and Canada, and increasing prevalence of patients suffering from cancer, advancements in technologies, and high consumer awareness.
With a high number of companies active in cancer research and targeted drug delivery development, oncology biomarker testing is becoming more popular in the region. Furthermore, the high cost of products in the United States, as well as the growing number of genome sequencing program, make it an appealing market.
The US National Cancer Institute (NCI) established the Cancer Genome Atlas program, which has sequenced more than 20,000 primary cancer samples from 33 cancer types.
However, the cancer profiling market, on the other hand, is predicted to grow at the fastest rate in Asia Pacific. This is due to an increase in cancer cases in the area. Countries like India, China, and South Korea are demonstrating remarkable economic growth and, as a result, improved healthcare infrastructure, which in turn is also drives the growth of the market in this region.
Market players are adopting various joint venture strategies and planning expansion of business across various regions to maintain their dominance in the cancer tumor profiling market. For instance, in November 2021, Lucence in partnership with VA Palo Alto Healthcare System launched liquid biopsy screening study. The study examines the utilization of non-invasive liquid biopsy for high-risk patients together with imaging tools for lung cancer screening.
Also, in October 2021, Roche in collaboration with PathAI, a global leader in artificial intelligence (AI)-powered technology for pathology developed an embedded image analysis workflow for pathologists. This can benefit cancer patients through more precise diagnosis, there by leading to targeted treatment.
The Cancer Tumor Profiling market comprising of various market players such as
- Lucence Health Inc.
- F. Hoffmann-La Roche Ltd
- Caris Life Sciences
- ACT Genomics Co., LTD
- Thermo Fisher Scientific Inc.
- Strand Life Sciences
- IMB Dx, Inc.
- Illumina, Inc.
- Guardant Health
- Ribomed Biotechnologies Inc.
- HTG Molecular Diagnostics, Inc.
- NeoGenomics Laboratories
- Exact Sciences Corporation (Genomic Health, Inc.)
- Prevalence of Cancer by Key Countries
- Overview of Cgp Technology Vs Hotspot Technology
- Comprehensive Genome Profiling:
- Cancer Hot Spot Testing
- Uptake of Cgp Vs Hotspot Technique in Amea Region
- Existing and Emerging Technologies of Cancer/Tumor Profiling
- Next Generation Sequencing
- Emerging Technologies for Cancer Profiling
KEY MARKET SEGMENTS
Cancer Tumor Profiling Market- By Technique
Cancer Tumor Profiling Market- By Technology
- Insitu Hybridization
- Mass Spectrometry
Cancer Tumor Profiling Market- By Application
- Research applications
- Biomarker Discovery
- Personalized Cancer Medicine
- Clinical applications
- Oncological Diagnostics
- Monitoring And Treatment
Cancer Tumor Profiling Market- By Geography
- North America
- Rest of the Europe
- South Korea
- Rest of the Asia Pacific
- Latin America
- Rest of LATAM
- Middle East
- Saudi Arabia
- Rest of the Middle East
- South Africa
- Rest of Africa
For more information about this report visit https://www.researchandmarkets.com/r/icy90y