Cancer Profiling Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market size value in 2022 |
US$ 10.6 billion |
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Revenue forecast in 2031 |
US$ 23.7 billion |
|
CAGR |
10.54% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Cancer Type, Technology, Biomarker, Application and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cancer profiling market was valued at US$ 10.6 billion in 2023 and is expected to register a revenue CAGR of 10.54% to reach US$ 23.7 billion by 2031.
Cancer Profiling Market Fundamentals
Cancer profiling analyzes cancer cells to understand their genetic and molecular characteristics. Researchers can gain insights into how cancer develops, progresses, and responds to different treatments by analyzing cancer cells. Cancer profiling can be used to identify genetic mutations that drive the development of cancer and to identify biomarkers that can be used to predict how well a patient will respond to a particular treatment.
Several techniques can be used for cancer profiling, including DNA sequencing, gene expression profiling, proteomics, and metabolomics. These techniques allow researchers to analyze different aspects of cancer cells, including the mutated or overexpressed genes, the proteins produced, and the active metabolic pathways. Cancer profiling has become increasingly important in recent years as new targeted therapies are designed to specifically target the genetic mutations that drive cancer growth. By analyzing cancer cells before treatment, doctors can identify the most effective treatment for each patient, improving the chances of successful outcomes.
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Cancer Profiling Market Dynamics
The global cancer profiling market is primarily driven by the increasing prevalence of cancer. Cancer incidence is strongly linked with lifestyle changes. Oncologists in developing economies are increasingly using cancer profiling methodologies to identify and treat cancer. According to the World Health Organization (WHO) estimate from 2020, cancer was responsible for 10 million deaths worldwide.
Cancer profiling involves analyzing a patient’s genetic makeup to determine the most effective treatment plan, and it has become an essential tool to fight against cancer. As more patients seek personalized medicine, the demand for cancer profiling is expected to grow. Cancer profiling-based personalized medicine is a promising approach that utilizes genomic and molecular information to modify cancer treatment for individual patients. By identifying specific genetic mutations and alterations, doctors can select the most effective therapies for each patient, potentially improving outcomes and reducing side effects.
Technological advancements in cancer profiling are anticipated to help in the revenue growth of the global market in the forecast years. One of the most promising new technologies in cancer profiling is liquid biopsy, which uses blood tests to offer information on the kind of cancer in patients more swiftly and least invasively. This necessitates intrusive operations, sometimes under general anesthesia, for tumors situated deep within the body, such as the lungs or pancreas. Numerous technologies, including liquid biopsy, are employed in translational and clinical cancer research.
However, the global cancer profiling market is constrained by a lack of access to testing samples, poor storage conditions, and an increase in the usage of immunotherapy. Moreover, inadequate reimbursement policies and a lack of standard laws impede the growth of global cancer profiling market revenue.
Cancer Profiling Market Ecosystem
The global cancer profiling market is analyzed from five perspectives: cancer type, technology, biomarker, application, and region.
Cancer Profiling Market by Cancer Type
Based on cancer type, the global cancer profiling market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma cancer, and other cancers.
The breast cancer segment dominated the global cancer profiling market in 2022. Cancer profiling in breast cancer is increasing for two major reasons, the increasing prevalence of breast cancer and rising research and development on breast cancer. Cancer profiling in breast cancer allows for personalized treatment plans and can help identify individuals who may benefit from targeted therapies. Additionally, it can aid in predicting the likelihood of recurrence and guide decisions regarding further treatment. Moreover, on a genetic level, cancer profiling allows scientists to comprehend the varied character of breast cancer better. Many gene expression patterns for breast tumors have emerged from preliminary research, and they appear to be broadly concordant in their capacity to predict poor prognosis.
Cancer Profiling Market by Technology
Based on the technology, the global cancer profiling market is segmented as immunoassay, next-generation, polymerase chain reaction, mass spectrometry, in-situ hybridization, microarrays, and other technologies.
The next-generation sequencing (NGS) technology dominated the global cancer profiling market with the largest revenue share in 2022. NGS is frequently used in cancer research to discover genomic variants and mutations. NGS allows researchers and doctors to simultaneously examine enormous amounts of DNA and RNA. Moreover, NGS allows for the simultaneous analysis of multiple genes and genetic alterations, providing a comprehensive view of the genomic landscape of cancer. This information can guide personalized treatment decisions and improve patient outcomes.
Cancer Profiling Market by Biomarker
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Based on biomarker, the global cancer profiling market is segmented into genomic biomarker, protein biomarker, and another biomarker.
The genomics biomarker segment dominated the global cancer profiling market in 2022. Genomic biomarkers have transformed cancer profiling by enabling a more precise and customized approach to cancer patient diagnosis, therapy, and follow-up. They allow medical professionals to pinpoint the precise genetic abnormalities that increase tumor growth, which can guide custom-made therapy and enhance patient outcomes.
Cancer Profiling Market by Application
Based on application, the global cancer profiling market is segmented into research application and clinical application.
The research application segment accounted majority of the global cancer profiling market revenue share in 2022. The research application segment is sub-segmented into biomarker discovery and personalized medicine. Cancer profiling in research applications offers several advantages, including the ability to identify specific genetic mutations that can inform treatment decisions and predict patient outcomes. Additionally, it allows for the development of personalized therapies that can target these mutations, leading to more effective and efficient treatment options. Currently, the biomarker discovery segment is leading. Cancer profiling can identify specific biomarkers that can be used for early detection, diagnosis, and personalized treatment of cancer. This approach can also lead to the development of new targeted therapies that are more effective and have fewer side effects than traditional treatment therapies.
Cancer Profiling Market by Region
Based on the region, the global cancer profiling market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the cancer profiling market with the largest revenue share. Increased cancer disease incidence, investment in cancer diagnostics research and development, and ongoing company mergers and acquisitions contribute to the region’s revenue growth. According to the Centers for Disease Control and Prevention, in 2020, cancer was the biggest cause of death in Canada and, after heart disease, the second greatest cause in the United States. According to the American Cancer Society, there were approximately 1.9 million new cancer diagnoses and 693,000 cancer deaths in North America in 2018.
The Europe cancer profiling market is characterized by the increasing prevalence of cancer and the growing demand for personalized medicine. Additionally, advancements in genomic technologies and the rise in investments in research and development activities contribute to the global cancer profiling market revenue growth.
Asia Pacific is predicted to be the fastest-growing geographic region in the cancer profiling market over the forecast period. This is due to the high prevalence of cancer, growth in proteomics and genomics research in the region, increase in research funding, and rising investments by pharmaceutical and biotechnology businesses.
Cancer Profiling Market Competitive Landscape
Several companies are emphasizing development strategies, such as new launches, product approvals, patents, and events. The market saw acquisition, partnership, and cooperation activities as inorganic development strategies. These initiatives have enabled the expansion of future economic business prospects in the global cancer profiling market.
The prominent companies with the largest revenue share in the global cancer profiling market are:
Cancer Profiling Market Strategic Developments
The global cancer profiling market is expected to be valued at US$ 23.7 billion by 2031.
Over the years, the cancer profiling market has revolutionized the field of cancer profiling with technological advancements such as liquid biopsy. Moreover, the cancer profiling market is also growing as the demand for personalized medicine increases.
The global cancer profiling market is expected to register a revenue CAGR of 10.54% by 2031.
Cancer profiling analyzes cancer cells to understand their genetic and molecular characteristics.
North America accounted for the highest revenue share of the global market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain