The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Cancer Tumor Profiling Global Market Report 2024, the cancer tumor profiling market is expected to show significant growth in the forecast period.

The cancer tumor profiling market has witnessed substantial growth in recent years, with the market size reaching $11.17 billion in 2023. This growth is projected to continue, reaching $12.93 billion in 2024 at a notable compound annual growth rate (CAGR) of 15.7%. The drivers for this expansion in the historic period include:

• Increasing cancer incidence
• Growth in precision medicine initiatives and research collaborations
• Improved cancer diagnostics and early detection methods
• Availability of a wide range of targeted therapy options
• Supportive regulatory frameworks for cancer profiling tests

A Glimpse into the Future
Looking ahead, the market is expected to experience even more robust growth, reaching $22.06 billion in 2028 at a CAGR of 14.3%. The forecasted growth is attributed to:

• Expansion of immunotherapy and immunoprofiling in cancer treatment
• Development of liquid biopsy and non-invasive tumor profiling methods
• Adoption of single-cell sequencing for more detailed tumor characterization
• Expansion of cancer screening and early detection programs
• Increasing demand for rare and orphan cancer subtype profiling

Major Trends Shaping the Future Landscape
The forecast period brings forth significant trends that will shape the cancer tumor profiling market:

• Integration of tumor profiling into routine clinical practice
• Advances in multi-omics approaches
• Integration of artificial intelligence (AI) and machine learning in data analysis
• Personalized medicine and targeted therapy development
• Advances in genomics and next-generation sequencing (NGS) technologies

Key Drivers of Market Growth
Rising Incidences of Cancer Across the Globe
The surge in cancer cases globally is a primary driver of the growth in the cancer and tumor profiling market. As the number of cancer cases continues to rise, there is a proportional increase in the demand for tumor profiling to assess disease severity. For instance:

• According to the American Cancer Society, 1.8 million new cancer cases were diagnosed in 2020.
• Increasing incidences of cancer worldwide contribute significantly to the growth of the cancer and tumor profiling market.

Companies Powering the Market
Major players driving the market forward include:

• F. Hoffmann-La Roche Ltd.
• Caris Life Sciences
• Thermo Fisher Scientific Inc.
• Illumina Inc.
• Qiagen
• Ribomed Biotechnologies Inc.
• HTG Molecular Diagnostics Inc.
• NanoString Technologies Inc.
• NeoGenomics Laboratories Inc.
• Lucence Health Inc.

View More On The Cancer Tumor Profiling Market Report 2024 – https://www.thebusinessresearchcompany.com/report/cancer-tumor-profiling-global-market-report

Research and Development Fueling Innovation
Increasing Research and Development Activities
A prominent trend in the cancer and tumor profiling market is the emphasis on research and development activities by major companies. These activities are aimed at meeting consumer demands and reinforcing market positions. For example:

• QIAGEN N.V., a German company, announced the CE-marking and commercialization of therascreen PIK3CA RGQ PCR Kit in Europe, aiding in the identification of breast cancer patients with PIK3CA mutations.
• The therascreen PIK3CA test is a diagnostic assay for detecting activating mutations in the PIK3CA gene, allowing testing of both DNA from plasma specimens or FFPE tissue.

Strategic Acquisitions Boosting Market Dynamics
In June 2023, Quest Diagnostics, a leading US-based medical laboratory company, acquired Haystack Oncology Inc. for $450 million. This strategic move aims to:

• Expand access to liquid biopsy technology
• Increase market share in cancer diagnostics
• Enhance research and development capabilities

Market Segmentation for Precision Targeting
The cancer tumor profiling market is segmented based on various criteria:

1. By Cancer Type:
   • Lung Cancer
   • Breast Cancer
   • Colorectal Cancer
   • Prostate Cancer
   • Melanoma
   • Ovarian Cancer
   • Stomach Cancer
   • Pancreatic Cancer
   • Thyroid Cancer
   • Other Cancer Types
2. By Technology:
   • Next-Generation Sequencing (NGS)
   • Polymerase Chain Reaction (PCR)
   • Immunohistochemistry (IHC)
   • In Situ Hybridization (ISH)
   • Microarray
   • Other Technologies
3. By Process Type:
   • Genomics
   • Proteomics
   • Epigenetics
   • Metabolomics
   • Other Types
4. By Application:
   • Personalized Medicine
   • Diagnostics
   • Biomarker Discovery
   • Prognostics
   • Research Applications

Geographical Dynamics
North America led the cancer and tumor profiling market in 2023, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period.

In conclusion, the cancer tumor profiling market is set to witness remarkable growth, driven by factors such as rising cancer incidences, innovative research and development activities, strategic acquisitions, and advancements in technologies. The market’s evolution promises a future where precision medicine and targeted therapies become increasingly integral to cancer diagnosis and treatment.

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