Genomic Cancer Panel & Profiling Market to Reach $18.69 Billion by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Genomic Cancer Panel and Profiling Market - (By Tissue Testing (Solid Tissue Testing, Liquid Tissue Testing), By Cancer Panel Type (Single-Gene Panel, Multi-Gene Panel), By Cancer Type (Lung Cancer, Breast Cancer, Colon Cancer, Prostate Cancer, Other Cancers), By Application (Clinical, Research), By Technology (Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Fluorescence In-Situ Hybridization (FISH), Immunohistochemistry (IHC), Others), By End User (Hospitals, Clinical and Diagnostic Laboratories, Research and Academic Institutes)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Genomic Cancer Panel and Profiling Market is valued at US$ 9.29 Bn in 2022, and it is expected to reach US$ 18.69 Bn by 2031, with a CAGR of 8.38% during the forecast period of 2023-2031.

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Genomic cancer panels and profiling entail examining a patient's cancer DNA to detect genetic mutations and alterations that potentially contribute to the onset and advancement of cancer. The wealth of genetic information aids early identification and the development of tailored treatment plans these panels may provide. Genomic cancer profiling and panels are causing a stir in the market because of their revolutionary potential for cancer treatment. Genetic panels and profiling tests are in high demand due to the rising incidence of hereditary cancers worldwide. The primary reason for this is the remarkable effectiveness and accuracy of cancer gene panels and profiling services in identifying cases of hereditary cancer. However, poor storage conditions, an increase in immunotherapy, and a lack of access to testing samples are some of the barriers restricting the overall expansion of the industry.

List of Prominent Players in the Genomic Cancer Panel and Profiling Market:
• Agilent Technologies, Inc.
• ARUP Laboratories
• Burning Rock DX
• Caris Life Sciences
• Thermo Fisher Scientific, Inc.
• Danaher Corporation (Integrated DNA Technologies, Inc.)
• Exact Sciences Corporation
• F. Hoffmann-La Roche Ltd
• Fulgent Genetics
• Genecast Biotechnology Co., Ltd
• Illumina, Inc.
• Invitae Corporation
• QIAGEN N.V.
• NeoGenomics, Inc.
• Sysmex Corporation
• HTG Molecular Diagnostics, Inc.
• Predictive Oncology, Inc.
• NanoString Technologies, Inc.
• Guardant Health, Inc.
• Foundation Medicine
• Genscript Biotech Corporation
• Tempus Labs
• Hologic, Inc.
• Others

Market Dynamics:
Drivers-
The growing demand for genomic cancer panels and profiling market is fueled by the fast advancements in oncology biomarker research and clinical molecular diagnostics. New therapeutic options and pharmacological targets have been developed. Biomarkers are crucial in clinical research when diagnosing diseases, creating individualized drug plans, and finding surrogate endpoints. In recent years, greater sensitivity and specificity in biomarkers have been the focus of increasing scientific and clinical research across various treatment disciplines. Due to their demonstrated usefulness in accurate cancer diagnoses, there will likely be an uptick in using biomarkers in the cancer/tumour profiling industry.

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Challenges:
The prime challenge is high cost, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the genomic cancer panel and profiling market. Considerable financial costs are incurred in the search, production, and validation of biomarkers for use in cancer diagnosis and prognosis. The clinical field cannot use a newly generated candidate biomarker without proof. The rate of discovery of potential biomarkers outpaces the rate of validation. The high cost of these tests makes them out of reach for many patients, limiting their use in cancer profiling. The stringent regulations have impeded regular cancer tests due to the coronavirus outbreak, such as limiting contact and instituting lockdown precautions. The decreased number of false positives caused by COVID-19 infections has dramatically dropped cancer cases.

Regional Trends:
The North American genomic cancer panel and profiling market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR in the near future due to more investment in research and development and an increase in cancer cases associated with the genomic cancer panel and profiling. Besides, Europe had a considerable market share due to technological advancements and affluence. The demand for targeted oncology treatments, healthcare infrastructure improvements, the frequency of genomic cancer panels and profiling in different cancer types, and the pace of drug discovery and development are all potential drivers of market expansion in this field.

Recent Developments:
• In April 2023, Agilent Technologies Inc. has introduced the Agilent SureSelect Cancer CGP Assay, specifically developed for the analysis of genetic variations in various types of solid tumors. The design of the pan-cancer test was formulated using a Next-Generation Sequencing (NGS) panel. This panel consisted of 679 genes that were carefully selected from prominent cancer databases worldwide. The development of this panel was done in collaboration with recognized clinical cancer researchers. The test workflow demonstrated high efficiency, allowing for automation and adaptability, hence increasing the accessibility of tumor molecular profiling to a wide range of clinical researchers.
• In March 2022, Illumina, Inc. has introduced TruSight™ Oncology (TSO) Comprehensive (EU), a novel assay that examines several tumor genes and biomarkers to uncover the precise molecular characteristics of a patient's cancer. The in vitro diagnostic (IVD) kit was initially introduced in Europe, serving as a valuable tool for guiding precision medicine choices for cancer patients throughout the continent.

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Segmentation of Genomic Cancer Panel and Profiling Market-
By Tissue Testing-
• Solid Tissue Testing
• Liquid Tissue Testing
By Cancer Panel Type
• Single-Gene Panel
• Multi-Gene Panel
By Cancer Type-
• Lung Cancer
• Breast Cancer
• Colon Cancer
• Prostate Cancer
• Other Cancers
By Application-
• Clinical
• Research
By Technology-
• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Fluorescence In-Situ Hybridization (FISH)
• Immunohistochemistry (IHC)
• Others
By End User-
• Hospitals
• Clinical and Diagnostic Laboratories
• Research and Academic Institutes
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.