The global cancer profiling market is expected to grow at a compound annual growth rate of 15.67% over the forecast period to reach a market size of US$49.176 billion in 2027 from US$17.750 billion in 2020.
Cancer is generally defined as uncontrolled cell proliferation that has the potential to be fatal. Environmental factors are the most common source of changes in gene encoding that prompt cell regulation. Cell mutation causes aberrant cell proliferation, affecting adjacent cells and organs. Cancer or tumour profiling is a diagnostic technique that looks for specific genes or gene mutations (changes), proteins, or other biomarkers in tumour tissue samples. Tumour profiling may be used to aid treatment planning and to predict whether cancer will recur or spread to other areas of the body.
The major growth factors for this market are the rising global prevalence of cancer and the increasing use of biomarkers in tumour profiling. Increased cancer research and funding initiatives, as well as technical developments in profiling technologies, are also driving the growth of the cancer profiling market. Furthermore, the growing demand for personalised medicine and point-of-care diagnostics is projected to provide substantial potential possibilities for market participants throughout the forecast period.
On the other hand, high capital investment, high procedure costs, and concerns regarding technical difficulties with sample collection and storage are likely to hinder the expansion of the cancer tumour profiling market. Poor regulatory standards and reimbursement options, as well as a low discovery-to-approval ratio, are expected to provide challenges to the cancer profiling market.
The global cancer profiling market is expected to be dominated by the North American region. The number of cancer patients in the United States has increased significantly. According to the American Cancer Society, there will be an estimated 1,898,160 new cancer cases and 608,570 cancer deaths in the United States in 2021, which is approximately 5,200 new cases and 1,670 deaths per day. Breast cancer, lung and bronchus cancer, prostate cancer, colorectum cancer, urinary bladder cancer, and skin cancer are the most prevalent cancers in the United States. Breast cancer is predicted to be the most frequent type of cancer, with 284,200 cases, while lung and bronchus cancer are expected to be the leading causes of death, with 131,880 fatalities in 2021.
The flexibility of US government regulations and the availability of funds from various organisations, such as the National Institute of Health, has allowed researchers to invest more in the use of biomarkers in drug discovery, drug development, tumour detection, monitoring biological response to cancer therapy, and genetic studies for the identification of cancer-predisposed candidates.
According to the World Health Organization (WHO), cancer is a leading cause of death globally, accounting for nearly 10 million deaths in 2020. Between 30 and 50% of cancers can currently be prevented, and the cancer burden can also be reduced through early detection of cancer and appropriate treatment and care of patients who develop cancer. Many cancers have a high chance of being cured if detected early and treated properly. Therefore, the rising global prevalence of cancer will increase the demand for cancer profiling.
One of the most immediate concerns regarding service providers is sample collection, which is followed by access to these samples. These samples must be subjected to strict quality control, and they must be maintained in the proper conditions to avoid loss. Furthermore, screening programmes are helpful for certain types of cancer but not others, and they are considerably more difficult and resource-intensive than early detection since they require specialised equipment and committed staff.
The Impact of COVID-19 on the Cancer Profiling Market:
The COVID-19 pandemic has affected the cancer profiling market. Due to the pandemic, there has been a considerable decrease in cancer testing and detection as a result of coronavirus-related measures and resources. Lockdowns imposed due to the pandemic have prompted fewer patients to go for health check-ups, severely straining the healthcare industry. However, some COVID-19 patients had cancer, so cancer has been recognised as a risk factor for COVID-19. Further studies in this area are being conducted in order to better understand the dynamics of the infection, which is likely to drive the cancer research field forward.
|Market size value in 2020||US$17.750 billion|
|Market size value in 2027||US$49.176 billion|
|Growth Rate||CAGR of 15.67% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Technology, Cancer Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Illumina, Inc., Qiagen N.V., NeoGenomics Laboratories, Inc., F. Hoffmann-La Roche Ltd, Genomic Health, GE Healthcare, Siemens Healthineers, Thermo Fisher Scientific Inc., Hologic Inc., Bio-Rad Laboratories Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the cancer profiling market?
A1. The cancer profiling market is expected to grow at a CAGR of 15.67% during the forecast period.
Q2. What will be the cancer profiling market size by 2027?
A2. The global cancer profiling market is expected to reach a market size of US$49.176 billion by 2027.
Q3. What is the size of the global cancer profiling market?
A3. Cancer Profiling Market was valued at US$17.750 billion in 2020.
Q4. Which region holds the maximum market share in the cancer profiling market?
A4. The North American region is projected to dominate the global cancer profiling market.
Q5. What factors are anticipated to drive the cancer profiling market growth?
A5. The major growth factors for the cancer profiling market are the rising global prevalence of cancer and the increasing use of biomarkers in tumour profiling.
NeoGenomics Laboratories, Inc.
F. Hoffmann-La Roche Ltd
Thermo Fisher Scientific Inc.
Bio-Rad Laboratories Inc.
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