Cancer Tumor Profiling Market Size Worth USD 20.69 Billion by 2027
Favorable research funding environment, increase in demand for next-generation sequencing technique in cancer profiling, and use of biomarkers in cancer profiling are driving market demand.
According to a new report by Emergen Research, the Cancer Tumor Profiling Market will be worth USD 31.99 billion by 2027. This market’s growth can be attributed to the increasing use of biomarkers in cancer profiling, which will eventually lead to a rise in the adoption of proteomic methods for biomarker research, aiding in the drug development process over the forecast period. The growing demand for personalised medicine, as well as the global rise in cancer incidence, are driving up demand for the industry. Lung and breast cancer is a common type of cancer, with approximately 2.09 million cases diagnosed each year, according to the World Health Organization (WHO). For the estimated period, the market will be driven by rising demand for cancer tumour profiling.
The COVID-19 pandemic is not expected to have a significant impact on the cancer/tumor profiling market in 2020-2021. Because of the COVID-19 outbreak, there has been a significant drop in cancer testing and diagnosis as a result of coronavirus-related measures and resources. However, several patients with COVID-19 were cancer patients, so cancer has been identified as a risk factor for COVID-19. Further research in this area is being conducted in order to better understand the dynamics of the infection, which is expected to propel the cancer research field forward.
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Cancer Tumor Profiling Market Competitive Outlook:
Caris Life Sciences, Foundation Medicine, GenomeDX, Genomic Health, Guardant Health, Helomics Corporation, HTG Molecular Diagnostics, Inc., Nanostring Technologies, Neogenomics Inc., Oxford Gene Technology, Qiagen N.V., Ribomed Biotechnologies Inc., among others.
Emergen Research have segmented the Cancer Tumor Profiling Market on the basis of technique type, technology, application, and region:
Technique Type Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
In Situ Hybridization
Fluorescence In Situ Hybridization (FISH)
Chromogenic In Situ Hybridization (CISH)
Polymerase Chain Reaction (PCR)
Next Generation Sequencing(NGS)
Application Outlook (Revenue, USD Billion; 2017-2027)
Personalized Cancer Medicine
Monitoring and Treatment
Some Key Highlights from the Report
The Genomics segment was valued at 2.76 Billion in 2019, owing to the rise in the research institutes’ funding for developing modified medicine is expected to increase the demand for the genomics industry. The use of genomics technology by various companies for cancer tumor profiling is anticipated to increase the overall genomics industry’s demand for the upcoming forecast period.
Asia Pacific countries such as China, India, and Japan, have seen a striking increase in cancer tumor profiling. Developing economies, including India, Singapore, and Korea, are anticipated to intensify global demand.
High investments by companies to launch new products for cancer tumor profiling with various advancement in the new technique is augmented to propel the market. For instance, in May 2019, QIAGEN, launched therascreen PIK3CA RGQ PCR Kit as a companion diagnostic to aid in identifying breast cancer patients.
Immunoassays segments are seen to have the largest market share in 2019. The Immunoassays technology is used to detect tumors with applications in Oncological Diagnostics, Prognostics, Monitoring and Treatment, and Screening.
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