Global Cancer/Tumor Profiling Market Projected to Reach $12.4 Billion by 2024 from $7.5 Billion in 2019, at a CAGR of 10.5% - ResearchAndMarkets.com

DUBLIN--()--The "Cancer/Tumor Profiling Market by Technology (Immunoassay, NGS, PCR, In Situ Hybridization), Cancer Type, Biomarker Type (Genomic Biomarkers, Protein Biomarkers), Application (Diagnostics, Prognostics) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

Cancer/tumor profiling market is projected to grow at a CAGR of 10.5% during the forecast period (2019-2024).

The increasing incidence of cancer across the globe and the rising use of biomarkers in tumor profiling are the primary growth drivers for this market. Additionally, the increase in cancer research & funding initiatives and technological advancements in profiling technologies are also propelling the growth of the cancer/tumor profiling market.

The increasing demand for personalized medicine and the growing need for point-of-care diagnostics is expected to offer significant growth opportunities for market players during the forecast period. On the other hand, the high capital investment required for biomarker discovery and the technical issues with sample collection and storage are the key factors restraining the market growth.

The prominent players in cancer/tumor profiling market are Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), HTG Molecular Diagnostics, Inc. (US), Genomic Health Inc. (US), Caris Life Sciences (US), Helomics Corporation (US), NanoString Technologies, Inc. (US), Sysmex Corporation (Japan), Ribomed Biotechnologies, Inc. (US), Guardant Health, Inc. (US), and Foundation Medicine (US).

The next-generation sequencing (NGS) segment is expected to grow at the highest rate during the forecast period

Based on technology, 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 next-generation sequencing (NGS) segment is projected to witness the highest growth in cancer/tumor profiling market during the forecast period.

The benefits of effectively exploring genetic alterations in a wide range of cancers and the identification of a number of differentially expressed genes & genetic/epigenetic variants as potential targets aid in the development of new biomarkers for early diagnosis of the disease. These factors are supporting the adoption of NGS technology in cancer/tumor profiling market.

The lung cancer segment is expected to grow at the highest CAGR during the forecast period

Based on cancer type, the market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. The lung cancer segment is expected to register the highest CAGR during the forecast period. The increasing incidence of lung cancer worldwide and the growing need for early diagnosis are supporting the growth of this segment.

The protein biomarkers segment is expected to grow at the highest CAGR during the forecast period

Based on biomarker type, cancer/tumor profiling market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers. The protein biomarkers segment is estimated to grow at the highest CAGR during the forecast period majorly due to the increasing adoption of proteomic methods for biomarker research to improve the drug development process. They also showcase an enormous potential for directing personalized cancer therapy and treatment monitoring.

The clinical applications segment is expected to grow at the highest rate during the forecast period

Based on applications, cancer/tumor profiling market is segmented into research and clinical applications. The research applications segment is further sub-segmented into biomarker discovery and personalized medicine. On the other hand, the clinical applications segment is sub-segmented into diagnostics, prognostics, screening, and monitoring & treatment.

The clinical applications segment is expected to grow at the highest CAGR during the forecast period. With the increasing incidence rate of cancers across the globe and the rising availability of molecular profiling, and functional assessment of signaling pathways of advanced solid tumors, the use of tumor profiling techniques is gaining momentum for clinical practice.

APAC is projected to witness the highest growth during the forecast period

Although North America is expected to account for the largest share of global cancer/tumor profiling market in 2018, APAC is expected to witness the highest CAGR during the forecast period. This is primarily due to the high incidence of cancer, growing proteomics & genomics research, rising research funding, increasing investments by pharmaceutical & biotechnology companies, and growing awareness about personalized therapeutics.

Market Dynamics

Drivers

  • Increasing Incidence of Cancer
  • Increasing Use of Biomarkers in Cancer Profiling
  • Increasing Cancer Research & Funding
  • Technological Advancements

Restraints

  • High Capital Investment
  • Technical Issues with Sample Collection & Storage

Opportunities

  • Increasing Demand for Personalized Medicine
  • Growing Need for Point-of-Care Diagnostics

Challenges

  • Low Biomarker Discovery-to-Approval Ratio
  • Poor Regulatory & Reimbursement Scenario

Companies Profiled

  • Caris Life Sciences
  • Foundation Medicine
  • Genomic Health Inc.
  • Guardant Health Inc.
  • HTG Molecular Diagnostics Inc.
  • Helomics Corporation
  • Illumina Inc.
  • Nanostring Technologies Inc.
  • Neogenomic Laboratories Inc.
  • Qiagen N.V.
  • Ribomed Biotechnologies Inc.
  • Sysmex Corporation

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Related Topics: Biomarkers

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Biomarkers