Genomic Cancer Panel and Profiling Market Continue to Revolutionize Cancer Diagnostics and Personalized Treatment Approaches

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 involve the analysis of a patient's cancer DNA to identify genetic mutations and alterations that may contribute to the development and progression of cancer. This comprehensive genetic information plays a crucial role in the early detection of cancer and in the formulation of personalized treatment strategies. The growing demand for genomic cancer profiling and panels is driven by their transformative potential in cancer care. As the incidence of hereditary cancers continues to rise globally, these genetic panels and profiling services are increasingly sought after for their remarkable accuracy and effectiveness in diagnosing hereditary cancer cases. However, challenges such as inadequate storage conditions, the increasing reliance on immunotherapy, and limited access to testing samples continue to hinder the overall growth 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 increasing demand for the genomic cancer panels and profiling market is driven by rapid advancements in oncology biomarker research and clinical molecular diagnostics. The development of new therapeutic options and pharmacological targets has been instrumental in this growth. Biomarkers play a pivotal role in clinical research, particularly in diagnosing diseases, tailoring personalized treatment plans, and identifying surrogate endpoints. Recent years have seen a heightened focus on enhancing the sensitivity and specificity of biomarkers through extensive scientific and clinical research across various therapeutic areas. Given their proven effectiveness in precise cancer diagnosis, the use of biomarkers in the cancer and tumor profiling sector is expected to continue expanding.

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Challenges:
The primary challenges hindering the growth of the genomic cancer panel and profiling market include high costs, a shortage of skilled professionals, and the absence of standardized protocols, particularly in emerging markets where lockdowns and isolation measures have further delayed progress. Significant financial resources are required for the discovery, production, and validation of biomarkers for cancer diagnosis and prognosis. Clinical application of newly discovered biomarkers necessitates extensive validation, which often lags behind the discovery process. The high cost of these tests makes them inaccessible to many patients, limiting their widespread use in cancer profiling. Additionally, stringent regulatory measures, including lockdowns and contact restrictions during the COVID-19 pandemic, have slowed the adoption of routine cancer tests. The reduced number of false positives caused by COVID-19 has also led to a notable decrease in cancer diagnoses during this period.

Regional Trends:
The North American market for genomic cancer panels and profiling is expected to capture a significant market share in terms of revenue, with strong growth anticipated due to increased investments in research and development and a rise in cancer cases requiring genomic profiling. Furthermore, Europe holds a considerable market share, driven by technological advancements and economic affluence. Key factors contributing to market growth in the region include the demand for targeted oncology treatments, improvements in healthcare infrastructure, the growing application of genomic cancer panels across various cancer types, and the accelerated pace of drug discovery and development.

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 TruSightTM 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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.