Cancer/Tumor Profiling Market worth $16.0 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Nov 08, 2022, 10:30 ET

CHICAGO, Nov. 8, 2022 /PRNewswire/ -- Cancer/Tumor Profiling Market size is projected to reach USD 16.0 billion by 2027 from USD 9.7 billion in 2022, at a CAGR of 10.6% during the forecast period. according to a new report by MarketsandMarkets™. Cancer/tumor profiling identifies a patients genomic, proteomic, or metabolome alterations that can help a physician guide a patient through systemic therapy with a higher likelihood of success. With the rising number of cancer cases across the globe, tumor profiling or molecular diagnostics forms a crucial part of cancer research and clinical applications. Growth in the cancer/tumor profiling market can largely be attributed to factors such as the increasing incidence of cancer worldwide, the rising use of biomarkers in tumor profiling, and the rising investments in cancer research are expected to drive market growth. On the other hand, high capital investment required for biomarker discovery & development is expected to limit the market growth to some extent in the coming years.

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The immunoassays segment accounted for the largest market share of the cancer/tumor profiling market, in 2021

Based on technology, the cancer/tumor profiling market has been segmented into immunoassays, in situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), mass spectrometry, microarrays, and other technologies. The immunoassays segment accounted for the largest market share of in 2021. This can be attributed to the usage of these tests for cancer diagnosis, prognosis, and treatment decisions along with the wide adoption of these assays as a gold standard to conduct tumor profiling.

The breast cancer segment accounted for the largest share of the cancer/tumor profiling market

Based on cancer type, the cancer/tumor profiling market has been segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. The breast cancer segment accounted for the largest share of the cancer/tumor profiling market, followed by lung cancer and colorectal cancer in 2021. The largest share of this segment can be attributed to the worldwide high prevalence of breast cancer.

The genomic biomarker segment accounted for the largest share of the cancer/tumor profiling market

Based on biomarker type, the global cancer/tumor profiling market is segmented into genomic, protein and other biomarkers. In 2021, the genomic biomarkers segment accounted for the largest share of the cancer/tumor profiling market. The large share of this segment can be attributed to the high adoption of these biomarkers during cancer diagnosis & prognosis and in the biomarker discovery process.

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The research applications segment accounted for the largest share of the cancer/tumor profiling market, by application type

Based on application, the cancer/tumor profiling market has been segmented into research and clinical applications. In 2021, the research applications segment accounted for the largest share of the cancer/tumor profiling market. The large share of the segment can be attributed to the increasing focus on biomarker discovery for drug development and the rapidly growing field of personalized medicine.

Asia Pacific is expected to grow at the highest CAGR for players operating in the cancer/tumor profiling market

During the forecast period, the Asia Pacific is expected to be the fastest-growing regional market for cancer/tumor profiling market. This can be attributed to the high incidence of cancer, growing proteomics & genomics research, and increasing research funding, rising investments by pharmaceutical and biotechnology companies.

Major players in this market include Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), Sysmex Corporation (Japan), HTG Molecular Diagnostics, Inc. (US), Helomics Corporation (US), Caris Life Sciences (US), NanoString Technologies, Inc. (US), Guardant Health, Inc. (US), Foundation Medicine (US), F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), and Genscript Biotech Corporation (US).

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