Cancer/Tumor Profiling Market Growth and Business Opportunities in Coming Years

The increasing incidence of cancer across the globe and the increasing use of biomarkers in tumor profiling are the primary growth drivers for this market. In addition, the increase in cancer research and funding initiatives and technological advancements in profiling technologies are also propelling the growth of the cancer/tumor profiling market.

MarketsandMarkets forecasts the Cancer/Tumor Profiling market to grow from USD 7.56 billion in 2019 to USD 12.47 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.

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Increasing use of biomarkers in cancer profiling

The last decade has seen significant advances in the development of biomarkers in oncology that play a critical role in understanding molecular and cellular mechanisms which drive tumor initiation, maintenance, and progression. Clinical molecular diagnostics and biomarker discoveries in oncology are advancing rapidly and have fueled the development of novel drug targets and new treatment strategies.

Biomarkers help in understanding the mechanism of action of a drug, investigating the efficacy and toxicity signals at an early stage of pharmaceutical development, and identifying patients likely to respond to treatment. Additionally, biomarkers are widely expected to be used as a tool for disease diagnosis, personalized medication, and surrogate endpoints in clinical research. The growth in basic and clinical research in various therapeutic areas in the past years has drawn attention towards potential new biomarkers which are more sensitive and specific than the conventional ones.

Due to the high prevalence of cancer, many pharmaceutical and diagnostic manufacturers are developing new biomarkers for cancer types such as breast, lung, colorectal, melanoma, and leukemia. These biomarkers help in identifying gene mutations that cause cancer. Recent advances in multiplex genotyping technologies and high-throughput genomic profiling by NGS have made the rapid and comprehensive analysis of the cancer genome of individual patients possible, even with a small amount of biopsy material.

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Geographical Region Covered

North America is expected to hold the largest market size in the cancer tumor profiling market during the forecast period, followed by the European region. The highest market share of North America can be attributed to the increasing investments for the discovery and development of biomarkers through molecular profiling, growing demand for personalized therapeutics, rising adoption of advanced omics technologies for cancer research, and the increasing use of biomarkers for drug development with regard to the increasing incidence of cancer. The presence of a large number of global players in this region is another key factor contributing to the large share of this market segment.

On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period, primarily due to the high incidence of cancer, growing proteomics and genomics research and increasing research funding, increasing investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics.

Leading Companies

Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), HTG Molecular Diagnostics, Inc. (US), Genomic Health Inc. (US), Caris Life Sciences (US), Helomics Corporation (US), NanoString Technologies, Inc. (US), Sysmex Corporation (Japan), Ribomed Biotechnologies, Inc. (US), Guardant Health, Inc. (US), and Foundation Medicine (US).

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