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What Are The Future Growth Projections For The Cancer Profiling Market Size?
In recent years, the market size for cancer profiling has seen a significant expansion. It is projected to rise from $13.48 billion in 2024 to about $15 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.3%. The remarkable growth experienced during the historical period can be credited to the rising incidences of cancer, an increase in precision medicine methodologies, the clinical acceptance of biomarkers, the advancement of drugs and targeted treatments, heightened awareness, and patient advocacy.
The market size of cancer profiling is anticipated to witness a swift expansion in the coming years. It is projected to hit a benchmark of $22.97 billion in 2029, with a compound annual growth rate (CAGR) of 11.2%. The projected growth during the forecast period is attributed to factors like the incorporation of artificial intelligence, global research partnerships, the broadening scope of liquid biopsy applications, regulatory backing for precision medicine, and increased focus on early detection. Key trends expected during the forecast period encompass dominance of liquid biopsy, wide-ranging genomic profiling, the emergence of immunoprofiling, partnership in data sharing networks, and single-cell sequencing.
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Which Demand Drivers Are Strengthening The Cancer Profiling Market?
The mounting occurrence of cancer is set to boost the expansion of the cancer profiling market in the future. Cancer incidence is the term used to denote the count of new cancer cases in a particular population over a certain duration. The ascending rate of cancer can be attributed to variables such as urbanization, an aging populace, lifestyle changes, and environmental and genetic contributors. Cancer profiling serves to detect distinctive molecular or genetic changes in a tumor – like gene mutations or other alterations in tumor DNA – which can be invaluable in the course of cancer treatment. For instance, the American Cancer Society, a volunteer organization based in the US, projected that in 2022 there would be about 1.9 million new diagnoses of cancer and roughly 609,360 cancer-related deaths in the United States. Thus, the escalating occurrence of cancer is acting as a growth catalyst for the cancer profiling market.
What Segmentation Insights Are Provided In The Cancer Profiling Market Research?
The cancer profilingmarket 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)
Which Trends Are Likely To Redefine Growth Paths In The Cancer Profiling Market?
Prominent players in the cancer profiling market are prioritizing the development of innovative techniques, like broad coverage. This approach assesses 517 cancer-significant genes within approximately 30 different solid tumor categories. Broad coverage involves an extensive examination of various genetic mutations, biomarkers, or molecular targets. For example, in March 2022, the US biotech firm, Illumina, Inc., introduced the TruSight Oncology Comprehensive (TSO) test, ushering in a new era in cancer diagnostics. This new in vitro diagnostic test in Europe identifies cancer mutations to steer patients towards specialized therapies. It investigates 517 genes embedded in nearly 30 solid tumor classes, studying both DNA and RNA. It boasts a four- to five-day delivery timeframe for faster results and meets the CE mark for European quality standards, thereby minimizing the requirement for many gene assays on distinct tissue specimens.
Which Firms Are Driving Innovation Within The Cancer Profiling Market?
Major companies operating in the cancer profiling market include Illumina Inc., Qiagen NV, NeoGenomics Inc., Sysmex Corporation, HTG Molecular Diagnostics Inc., Caris Life Sciences, NanoString Technologies Inc., Guardant Health Inc., Foundation Medicine Inc., Roche Diagnostics Corporation, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Genscript Biotech Corporation, Tempus Labs Inc., Hologic Inc., Predictive Oncology Inc., Abbott Laboratories, Agilent Technologies Inc., PerkinElmer Inc., Siemens Healthineers, Genomic Health Inc., Natera Inc., ArcherDX Inc., Personal Genome Diagnostics Inc., Enzo Biochem Inc., Cancer Genetics Inc., OncoDNA SA, Ribomed Biotechnologies Inc., Biocartis Group NV, N-of-One Inc., Cynvenio Biosystems Inc., Inivata Ltd., Burning Rock Biotech Limited, PathAI Inc., GENEWIZ Inc., Genoptix Inc., Oncomine Dx Target Test, OmniSeq Comprehensive, Resolution Bioscience, OncoCyte Corporation
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Which Regional Markets Are Emerging As Key Hubs For 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
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