Cancer/Tumor Profiling Market Set to Surpass $22.3 Billion by 2030

[Redding, California, February 27, 2024] - Meticulous Research®, a renowned global market research firm, has released its latest report titled, 'Cancer/Tumor Profiling Market By 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)) - Global Forecast to 2030.'

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The cancer/tumor profiling market entails a comprehensive analysis of a patient's tumor to discern its genetic composition and identify unique genetic alterations or biomarkers. This process facilitates the delineation of precise cancer types and their distinctive attributes, paving the way for personalized treatment strategies. With the burgeoning demand for targeted therapy and personalized medicine, tumor profiling has emerged as an indispensable tool, offering profound insights into the genetic makeup of individual tumors. It delves into the molecular pathways orchestrating tumor growth, propelling advancements in tailored treatment modalities.

The projected growth of the cancer/tumor profiling market, reaching $22.3 billion by 2030 at a robust CAGR of 20.9% from 2023, is underpinned by several factors. These include the escalating prevalence of cancer, burgeoning pharmaceutical R&D expenditures, the proliferation of targeted therapies alongside the discovery of new actionable biomarkers, increasing investments in cancer research, declining costs associated with NGS-based profiling, and strides in multi-omics tumor profiling methodologies. Despite these favorable dynamics, the market contends with challenges such as the high capital investments requisite for NGS setups and protracted turnaround times.

Moreover, opportunities abound with the rising focus on personalized medicines and the growing awareness and adoption of targeted therapies. However, challenges persist, including the shortage of genetic experts for result interpretation, the absence of in-house tumor profiling technologies, and the prevalence of false biomarker discoveries.

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Based on biomarker type, in 2023, the genetic biomarkers segment is poised to dominate the cancer/tumor profiling market, buoyed by the burgeoning emphasis on genetic biomarker-driven cancer research. These biomarkers exhibit robust predictive capabilities in forecasting cancer recurrence and are increasingly sought-after for their effectiveness in delineating optimal treatment pathways.

Based on technology, the next-generation sequencing (NGS) segment is anticipated to seize the lion's share of the global cancer/tumor profiling market in 2023. The ascendancy of NGS is propelled by burgeoning research endeavors by pharmaceutical & biopharmaceutical companies, expanding applications, surging demand for personalized medicines, and the proliferation of cost-effective NGS instruments.

Based on cancer type, Breast cancer is projected to dominate the cancer/tumor profiling market in 2023, driven by heightened demand attributable to its capability in accurately assessing breast cancer risk at early stages. The rising incidence of breast cancer cases and supportive government initiatives aimed at enhancing breast cancer diagnosis further bolster market growth.

Based on application, the research applications segment is anticipated to command the largest market share in 2023, fueled by the escalating need for precise insights into tumor pathology and the burgeoning utilization of profiling for biomarker discovery in oncology studies.

Based on end user, Pharmaceutical & biopharmaceutical companies are expected to lead the global cancer/tumor profiling market in 2023, driven by escalating research endeavors in biomarker discovery and the burgeoning demand for precision medicine to advance cancer treatment modalities.

Geographical Analysis:
In 2023, North America is projected to dominate the cancer/tumor profiling market, followed by Europe and Asia-Pacific. However, Asia-Pacific is poised to register the highest CAGR during the forecast period, propelled by accelerated economic growth, government initiatives aimed at bolstering healthcare infrastructure, and a rising prevalence of cancer across the region.

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Key Players
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.).

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This release was published on openPR.