Press release
Cancer/Tumor Profiling Market to Reach $24.70 Billion by 2031, Growing at 10.9% CAGR
According to this latest publication from Meticulous Research®, the cancer/tumor profiling market is projected to reach $24.70 billion by 2031, at a CAGR of 10.9% during the forecast period. The growth of this market is driven by factors such as the increasing prevalence of cancer, the rising pharmaceutical R&D expenditures, the growing number of targeted therapies and the discovery of new actionable biomarkers, increasing investments in cancer research, the declining costs of NGS-based profiling, and advancements in multi-omics tumor profiling. However, the high capital investments required for NGS setups and long turnaround times restrain the growth of this market. Additionally, the increasing focus on developing personalized medicines and the rising awareness and adoption of targeted therapies are expected to generate market growth opportunities. However, the lack of genetic experts for interpreting results, the non-availability of in-house tumor profiling technologies, and the high number of false biomarker discoveries are major challenges for the stakeholders in the cancer/tumor profiling market.
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Key Players
The key players operating in the cancer/tumor profiling market (Markt für Krebs-/Tumorprofilierung) 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.).
Revolutionizing Cancer Management: Key Drivers of Growth:
The surging demand for cancer/tumor profiling is primarily fueled by the global rise in cancer incidence and mortality. Recent GLOBOCAN 2020 data shows that cancer cases are expected to surge from 19.3 million in 2020 to over 30.2 million by 2040, with fatalities projected to rise from 9.9 million to 16.3 million in the same period. Low and middle-income countries account for almost 70% of these deaths, underscoring the urgent need for precise, early detection and personalized medicine solutions worldwide. This mounting disease burden makes accurate, early, and sensitive tumor profiling indispensable for lowering fatality rates and controlling healthcare costs.
Pharmaceutical R&D expenditures are rising globally, directly impacting the cancer/tumor profiling market by boosting research into targeted therapies and novel biomarker discovery. Advanced profiling techniques-particularly NGS-help pharmaceutical companies design potent drugs faster by mapping genetic variants and tumor subclones that drive drug resistance and relapse. These innovations also fuel advancements in precision oncology and targeted therapies, enabling treatments tailored to individual patients' genetic makeup.
The rapidly declining costs of NGS-based profiling are making comprehensive, high-throughput sequencing more accessible to hospitals, researchers, and diagnostics labs than ever before. In parallel, multi-omics tumor profiling-integrating genomics, transcriptomics, and proteomics-is opening up new diagnostic possibilities by offering unparalleled insights into the clinical and molecular features of cancer. These innovations enable the identification of rare mutations and meaningful biomarkers, elevating the effectiveness of cancer therapeutics and driving sustained market growth through 2031.
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Regional Trends: North America Leads, APAC Emerges as Growth Powerhouse:
North America dominates the global cancer/tumor profiling market, anticipated to hold a commanding 42.7% market share in 2024. The region's leadership is driven by a combination of factors: a high prevalence of cancer, the fastest adoption rates for advanced molecular diagnostics, substantial healthcare spending, and vibrant pharmaceutical R&D. The widespread acceptance of precision medicine and rapid technological innovation across the U.S. and Canada further reinforce North America as a primary hub for cancer profiling solutions.
Europe follows closely, propelled by increased funding for cancer research and strong regulatory support for genomics and personalized treatments. Investment in advanced diagnostics and rising public-private partnerships are solidifying the region's competitive standing in this market.
However, the most dramatic market acceleration is forecast in emerging Asia-Pacific economies, particularly China and India. With swelling investments in healthcare infrastructure, an uptick in genomic research projects, and rapid rises in cancer prevalence, these countries are quickly becoming epicenters for advanced profiling adoption. As costs fall and awareness rises, the Asia-Pacific region is positioned as the fastest-growing market segment through 2031, offering unique expansion opportunities for global tumor profiling companies.
Cancer/Tumor Profiling Market: Future Outlook
The cancer/tumor profiling market is segmented based on Biomarker Type [Protein Biomarkers, Genetic Biomarkera], 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)], and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of biomarker type, cancer type, technology, application, end user, and region/country?
• What was the historical market size for cancer/tumor profiling globally?
• What are the market forecasts and estimates for the period 2024-2031?
• What are the major drivers, restraints, challenges, and opportunities in the global cancer/tumor profiling market?
Related Reports:
Europe Cancer Diagnostics Market: https://www.meticulousresearch.com/product/europe-cancer-diagnostics-market-5787
Point of care Diagnostics Market: https://www.meticulousresearch.com/product/point-of-care-diagnostics-market-4871
Tissue Diagnostics Market: https://www.meticulousresearch.com/product/tissue-diagnostics-market-4971
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Each year, we conduct over 300 syndicated studies and manage 60+ consulting engagements across eight key industry sectors and 20+ geographic markets. With a focus on solving the complex challenges facing global business leaders, our research enables informed decision-making that propels sustainable growth and operational excellence. We are dedicated to delivering high-impact solutions that transform business performance and fuel innovation in the competitive global marketplace.
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