Market Size of Cancer Profiling Industry
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 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 | ||||||||
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Cancer Profiling Market Size Summary
The cancer profiling market is experiencing robust growth, driven by the increasing incidence of cancer and the rising demand for precise diagnostic solutions. The market's expansion is further fueled by advancements in cancer genomics and the critical role of cancer profiling in developing targeted therapies, particularly highlighted during the COVID-19 pandemic. The adoption of next-generation sequencing techniques has simplified the identification of cancer-related genes, enhancing the development of prognostic and therapeutic approaches. Despite initial setbacks due to pandemic-related disruptions, the market has rebounded, supported by increased research funding and the clinical benefits of personalized cancer treatments. However, the high capital investment required for cancer profiling technologies poses a challenge to market growth.
The market is characterized by significant activity from key players and government initiatives aimed at improving cancer screening and detection. The prevalence of colorectal cancer, in particular, has spurred demand for screening tests, contributing to market growth. Strategic partnerships, acquisitions, and product launches by major companies are further propelling the market forward. North America is anticipated to hold a substantial market share, driven by the high incidence of cancer and ongoing product innovations. The competitive landscape is marked by the presence of several major players, including Illumina, QIAGEN, and NeoGenomics Laboratories, who are actively investing in cancer genomics and launching innovative profiling products to enhance their market positions.
Cancer Profiling Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidence of Cancer
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1.2.2 Increasing Cancer Research and Funding
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1.3 Market Restraints
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1.3.1 High Capital Investment
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Technology
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2.1.1 Immunoassays
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2.1.2 Next Generation Sequencing
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2.1.3 Polymerase Chain Reaction
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2.1.4 In Situ Hybridization
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2.1.5 Microarrays
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2.1.6 Other Technologies
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2.2 By Cancer Type
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2.2.1 Breast Cancer
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2.2.2 Lung Cancer
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2.2.3 Colorectal Cancer
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2.2.4 Other Cancer Types
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2.3 By Biomarker Type
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2.3.1 Genetic Biomarkers
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2.3.2 Protein Biomarkers
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2.3.3 Other Biomarker Types
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East & Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East & Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Cancer Profiling Market Size 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.