Cancer Profiling Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cancer Profiling Market Analysis
The cancer profiling market is projected to register a CAGR of 10.8% during the forecast period.
- The cancer profiling market has seen a significant surge due to the importance of cancer profiling in COVID-19. According to the study published in ACS publication in November 2022, COVID-19 is even more dangerous to people with comorbidities such as cancer. Thus, it is crucial to pinpoint the important human genes or biomarkers that may be used to target new prognostic and therapeutic approaches. The information provided on transcription by the next-generation sequencing technique makes this identification of cancer genes very easy. Therefore, the market has seen a slight decline in the early pandemic due to stringent lockdowns and supply chain restrictions but post-pandemic, the market has gained significant traction to reduce cancer in COVID-19 patients.
- The factors driving the market growth include the increasing incidence of cancer and rising research and funding for cancer genomics. According to the International Agency for Research on Cancer (IARC) 2023, the global incidence of cancer is expected to reach 24.6 million by the year 2030 and 30.2 million by 2040. This high incidence rate of cancer worldwide will drive the demand for precise and effective diagnostics solutions, which will drive the growth of the studied market worldwide.
- Furthermore, the rising clinical benefits of cancer profiling to provide personalized treatments for cancer is anticipated to drive the market growth. For instance, according to the study published in Journal of Clinical Oncology in April 2022, huge clinical benefits associated with genomic profiling to develop targeted therapies resulted in a greater demand for the assays.
- Similarly, increasing funding for cancer research is another factor for the growth of the market. For instance, according to the National Intitute of Health in March 2023, the estimated spending on cancer research and development is USD 8,087, USD 7,635 and USD 7,632 in 2021, 2022 and 2023 respectively in the United States. Therefore, the rising investment on cancer research is anticipated to increase the adoption of cancer profiling to identify genes, proteins, or other molecules driving the market growth.
- Thus, the studied market is expected to project lucrative growth over the forecast period owing to the factors such as rising incidence of cancer, increasing funding for cancer, among others. However, high capital investment will hinder the market growth.
Cancer Profiling Market Trends
Colorectal Cancer is Expected to Hold a Significant Market Share Over the Forecast Period
- The major factors contributing to the market growth are the increasing prevalence of colorectal cancer, developments by key market players, and increasing government initiatives to screen colorectal cancer. The growing burden of colorectal cancer coupled with high mortality due to it generates the need for the screening test for it that helps in early detection and thus drives the growth of the market over the forecast period.
- According to the American Cancer Society 2023, there are an estimated 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer diagnosed in the United States in 2023. Such an increased risk of people having colorectal cancer creates the need for more screening tests to reduce the burden of the disease and thus drives the market's growth.
- Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, in February 2023, Exact Sciences Corp. launched the OncoExTra therapy selection test in the United States. OncoExTra is a comprehensive DNA and RNA-based next-generation sequencing (NGS) genomic test that gives patients and their clinicians a complete molecular picture of the patient's malignancy. In addition, in January 2022, NeoGenomics, Inc., a leading provider of cancer-focused genetic testing services and global oncology contract research services, announced a strategic partnership with the Biomarker Collaborative to help cancer patients who test positive for specific biomarkers connect to support groups that include patients with similar findings. Such initiatives will lead to increased adoption of cancer profiling kits in the research, driving market growth.
- Thus, due to the rising incidence of cancer and key initiatives taken by the market players, the market will likely exhibit exceptional growth during the forecast period.
North America is Expected to Hold a Significant Market Share in the Market Over the Forecast Period
- North America is expected to hold a significant market share. The increasing prevalence of cancer and new product launches are expected to drive the cancer profiling market in the region during the forecast period.
- According to the American Cancer Society 2023, 1.9 million new cancer cases are expected to be diagnosed in the United States in 2023. Furthermore, according to the Government of Canada, in June 2022, an estimated 233,900 people in Canada will be diagnosed with cancer 2022. Such a huge incidence of cancers in North America is therefore expected to drive market growth due to the increased adoption of cancer profiling for cancer diagnosis in the region.
- Similarly, rising initiatives from the key market players, such as new product developments and launches, will boost the studied market. For instance, in October 2021, Roche launched a new genomic profiling kit that lets cancer researchers explore tumors without sending tissue samples to centralized laboratories.
- The studied market is expected to witness growth over the forecast period due to the rising initiatives from the key market players, such as new product developments and launches.
Cancer Profiling Industry Overview
The market for cancer profiling is fragmented, with several major players operating in the market. The factors owing to the competition include the rising launch of innovative cancer profiling products and rising investments in cancer genomics by companies, among others. Some companies currently operating in the market are Illumina, Inc., QIAGEN, Sysmex Corporation, NeoGenomics Laboratories, and HTG Molecular Diagnostics, Inc., among others.
Cancer Profiling Market Leaders
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Illumina, Inc
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QIAGEN
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Sysmex Corporation
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NeoGenomics Laboratories
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HTG Molecular Diagnostics, Inc.
*Disclaimer: Major Players sorted in no particular order
Cancer Profiling Market News
- May 2023: Pfizer and Thermo Fisher Scientific Inc. entered a strategic partnership agreement to help increase local access to next-generation sequencing (NGS)-based testing for lung and breast cancer patients in more than 30 countries across the globe.
- March 2023: Point32Health and Foundation Medicine, a company in molecular profiling for cancer, entered into a partnership to make FoundationOne CDx and FoundationOne Liquid CDx comprehensive genomic profiling (CGP) tests available to Point32Health members with advanced cancer, including Medicaid members.
Cancer Profiling Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Incidence of Cancer
- 4.2.2 Increasing Cancer Research and Funding
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4.3 Market Restraints
- 4.3.1 High Capital Investment
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Technology
- 5.1.1 Immunoassays
- 5.1.2 Next Generation Sequencing
- 5.1.3 Polymerase Chain Reaction
- 5.1.4 In Situ Hybridization
- 5.1.5 Microarrays
- 5.1.6 Other Technologies
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5.2 By Cancer Type
- 5.2.1 Breast Cancer
- 5.2.2 Lung Cancer
- 5.2.3 Colorectal Cancer
- 5.2.4 Other Cancer Types
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5.3 By Biomarker Type
- 5.3.1 Genetic Biomarkers
- 5.3.2 Protein Biomarkers
- 5.3.3 Other Biomarker Types
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East & Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East & Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Caris Life Sciences
- 6.1.2 F. Hoffmann-La Roche Ltd
- 6.1.3 GenScript
- 6.1.4 Guardant Health
- 6.1.5 Hologic, Inc
- 6.1.6 HTG Molecular Diagnostics, Inc.
- 6.1.7 Illumina, Inc
- 6.1.8 NanoString
- 6.1.9 NeoGenomics Laboratories
- 6.1.10 Predictive Oncology
- 6.1.11 QIAGEN
- 6.1.12 Sysmex Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cancer Profiling Industry Segmentation
Cancer profiling scans the DNA, RNA, or protein from a patient's cancer cells to understand what molecules drive cancer growth. It starts from a specimen that may be accessed through a biopsy, surgery, or a blood sample.
The cancer profiling market is segmented by technology (immunoassays, next-generation sequencing, polymerase chain reaction, in situ hybridization, microarrays, and other technologies), cancer type (breast cancer, lung cancer, colorectal cancer, and other cancer types), biomarker type (genetic biomarkers, protein biomarkers, and other biomarker types), and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (USD) for the above segments.
| By Technology | Immunoassays | |
| Next Generation Sequencing | ||
| Polymerase Chain Reaction | ||
| In Situ Hybridization | ||
| Microarrays | ||
| Other Technologies | ||
| By Cancer Type | Breast Cancer | |
| Lung Cancer | ||
| Colorectal Cancer | ||
| Other Cancer Types | ||
| By Biomarker Type | Genetic Biomarkers | |
| Protein Biomarkers | ||
| Other Biomarker Types | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East & Africa | GCC |
| South Africa | ||
| Rest of Middle East & Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Cancer Profiling Market Research FAQs
What is the current Global Cancer Profiling Market size?
The Global Cancer Profiling Market is projected to register a CAGR of 10.80% during the forecast period (2024-2029)
Who are the key players in Global Cancer Profiling Market?
Illumina, Inc, QIAGEN, Sysmex Corporation, NeoGenomics Laboratories and HTG Molecular Diagnostics, Inc. are the major companies operating in the Global Cancer Profiling Market.
Which is the fastest growing region in Global Cancer Profiling Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Cancer Profiling Market?
In 2024, the North America accounts for the largest market share in Global Cancer Profiling Market.
What years does this Global Cancer Profiling Market cover?
The report covers the Global Cancer Profiling Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Cancer Profiling Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Cancer Profiling Industry Report
Statistics for the 2024 Cancer Profiling market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cancer Profiling analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
