Unlocking the Future of the Cancer Profiling Market: Growth Rate, Key Trends, and Opportunities for 2025-2034
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Analyzing the Growth Rate of the Cancer Profiling Market: What’s the Expected CAGR for the Next Decade?
The market size for cancer profiling has seen significant growth in recent years. It is expected to surge from $13.48 billion in 2024 to $15.05 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.6%. Factors contributing to this growth during the historic period include higher incidences of cancer, a rise in precision medicine approaches, clinical adoption of biomarkers, advancement in drug development and targeted therapies, along with increased awareness and patient advocacy.
In the upcoming years, a swift expansion is forecasted for the cancer profiling market, with projections suggesting a growth to $23.08 billion by 2029 through a compound annual growth rate (CAGR) of 11.3%. Factors contributing to this expansion during the forecast period include the incorporation of artificial intelligence, worldwide research collaborations, extension of liquid biopsy applications, regulatory endorsement for precision medicine, and a growing focus on early detection. Key trends that will define the forecast period encompass the dominance of liquid biopsy, comprehensive genomic profiling, the emergence of immunoprofiling, collaborative data-sharing networks, and single-cell sequencing.
Which Macro and Microeconomic Factors Are Accelerating the Growth of the cancer profiling Market?
The rise in cancer occurrence is projected to stimulate the expansion of the cancer profiling market. The term “cancer incidence” denotes the tally of fresh cancer diagnoses within a specific demographic during a set duration. Factors such as urbanization, an aging population, lifestyle changes, and environmental and genetic contributors have accelerated cancer’s prevalence. Cancer profiling is essential in spotting particular molecular or genetic alterations in a tumor, like gene mutations or other changes in tumor DNA, playing a crucial role in the cancer treatment process. For example, in 2022, the American Cancer Society, a volunteer-based organization in the US, predicted around 1.9 million new cancer diagnosis and 609,360 cancer fatalities in the country. Consequently, the escalating occurrence of cancer is propelling the advancement of the cancer profiling market.
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What Are the Leading Organizations Impacting the Cancer Profiling Market’s Growth?
Major companies operating in the cancer profiling market include:
• Illumina Inc._x000D_
• Qiagen NV_x000D_
• NeoGenomics Inc._x000D_
• Sysmex Corporation_x000D_
• HTG Molecular Diagnostics Inc._x000D_
What Are the Most Prominent Trends Driving Change in the Cancer Profiling Market?
Prominent firms in the cancer profiling sector are striving to bring innovation to their operations, particularly in terms of exhaustive coverage. This refers to the extensive examination of various genetic aberrations, biomarkers, or molecular objectives. The test involves an assessment of 517 genes relevant to cancer and applicable to almost 30 different solid tumor forms. Illustratively, in March 2022, Illumina, Inc, a biotechnology corporation based in the US, rolled out its TruSight Oncology Comprehensive (TSO) test, a significant milestone in cancer detection. This innovative in vitro diagnostic procedure in Europe helps to profile cancer mutations, leading patients towards therapy specifically tailored for them. It spans 517 genes across close to 30 types of solid tumors, examining both DNA and RNA. The four- to five-day turnaround time ensures quicker results. Also, with a CE marking indicating compliance with European quality standards, the need for several gene assays on various tissue samples is considerably diminished.
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How Are Key Segments Defining the Competitive Landscape of the Cancer Profiling Market?
The cancer profiling market covered in this report is segmented –
1) By Technology: Immunoassays, PCR (Polymerized Chain Reaction), NGS (Next-Generation Sequencing), Microarrays, In-Situ Hybridization
2) By Biomarker Type: Genomic Biomarkers, Protein Biomarkers
3) By Cancer Type: Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, Other Cancers
4) By Application: Research Applications, Clinical Applications, Screening, Diagnostics, Prognostics, Other Applications
Subsegments:
1) By Immunoassays: Enzyme-Linked Immunosorbent Assay (ELISA), Western Blotting, Luminex xMAP Technology, Radioimmunoassays
2) By PCR (Polymerase Chain Reaction): Quantitative PCR (qPCR), Digital PCR (dPCR), Reverse Transcription PCR (RT-PCR)
3) By NGS (Next-Generation Sequencing): Whole Genome Sequencing (WGS), Whole Exome Sequencing (WES), Targeted Sequencing, RNA Sequencing (RNA-Seq)
4) By Microarrays: DNA Microarrays, RNA Microarrays, SNP Arrays
5) By In-Situ Hybridization: Fluorescence In-Situ Hybridization (FISH), Chromogenic In-Situ Hybridization (CISH)
What Regions Are Leading the Charge in the Cancer Profiling Market?
North America was the largest region in the cancer profiling market in 2024. The regions covered in the cancer profiling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is the Cancer Profiling Market Categorized and Defined in the Industry?
Cancer profiling refers to a diagnostic procedure that is conducted to analyze the genetic information of tumor cells in the body. It provides information about certain molecular or genetic changes in a tumor, such as gene mutations or other changes in tumor DNA.
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