Cancer/Tumor Profiling Market to be Worth $22.3 Billion by 2030

Meticulous Research®—a leading global market research company, published a research report titled, ‘Cancer/Tumor Profiling Market by Biomarker Type (Genetic, Protein) Technology (NGS, PCR, ISH, IHC) Cancer Type (Breast, Lung, Colorectal, Prostate, Leukemia) Application (Clinical, Research) End User (Pharma, Academic, CRO) — Global Forecast to 2030.’

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According to this latest publication from Meticulous Research®, the cancer/tumor profiling market is projected to reach $22.3 billion by 2030, at a CAGR of 20.9% during the forecast period. The growth of the cancer/tumor profiling market is attributed to the increasing prevalence of cancer, the rising pharmaceutical R&D expenditures, the growing number of targeted therapies and the discovery of new actionable biomarkers, increasing investments in cancer research, the declining costs of NGS-based profiling, and advancements in multi-omics tumor profiling. However, the high capital investments required for NGS setups and long turnaround times restrain the growth of this market.

Additionally, the increasing focus on developing personalized medicines and the rising awareness and adoption of targeted therapies are expected to generate market growth opportunities. However, the lack of genetic experts for interpreting results, the non-availability of in-house tumor profiling technologies, and the high number of false biomarker discoveries are major challenges for the stakeholders in the cancer/tumor profiling market.

Cancer/Tumor Profiling Market: Future Outlook

The cancer/tumor profiling market is segmented based on Biomarker Type [Protein Biomarkers, Genetic Biomarkera], Technology [Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), In-situ hybridization (ISH), Immunohistochemistry (IHC), Other Technologies], Cancer Type [Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, Other Cancer Types] Application [Clinical Applications, Research Applications], End User [Pharmaceutical & Biopharmaceutical Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes, Contract Research Organizations (CROs)], and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on biomarker type, in 2023, the genetic biomarkers segment is expected to account for the largest share of the cancer/tumor profiling market. The large market share of this segment is attributed to the increasing demand for precise insights into the molecular pathology of cancer, the increasing gene-based analysis in routine cancer care, and the high demand for genetic biomarker-based testing due to its advantages in determining the treatment pathway.

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Based on technology, in 2023, the next generation sequencing (NGS) segment is expected to account for the largest share of the cancer/tumor profiling market. The large market share of this segment is attributed to the higher sensitivity of this technique to call variants, low sequencing costs compared to other sequencing technologies, and the availability of low-cost sequencers.

Based on cancer type, the cancer/tumor profiling market is segmented into breast cancer, colorectal cancer, lung cancer, prostate cancer, lymphoma, leukemia, cervical cancer, and other cancer types. In 2023, the breast cancer segment is expected to account for the largest share of the cancer/tumor profiling market. The increase in breast cancer cases, government initiatives promoting breast cancer treatment, increasing healthcare expenditure, and reimbursement for certain profiling technologies such as NGS have propelled the demand for cancer/tumor profiling for breast cancer.

Based on application, the cancer/tumor profiling market is segmented into clinical applications and research applications. In 2023, the research applications segment is expected to account for the largest share of the global cancer/tumor profiling market. The large market share of this segment is attributed to the rising incidence of cancer, the growing demand for precision medicine, the increased discovery of biomarkers, and the availability of cost-effective advanced profiling technologies like NGS and PCR within research protocols.

Based on end user, the cancer/tumor profiling market is segmented into pharmaceutical & biopharmaceutical companies, hospital & diagnostic laboratories, academic & research institutes, and contract research organizations (CROs). In 2023, the pharmaceutical & biopharmaceutical companies segment is expected to account for the largest share of the cancer/tumor profiling market. The large market share of this segment is attributed to factors such as the increasing research activities among pharmaceutical and biopharmaceutical companies for gaining genomic insights, the declining cost of sequencing, continuous research for precision medicine and biomarker discovery, and the rising prevalence of cancer.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. 

In 2023, North America is expected to account for the largest share of the cancer/tumor profiling market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to factors such as the rising burden of cancer in the region, high investments in R&D, the growing demand for precision medicine, the increasing activities in biomarker and drug discovery, and various government initiatives aimed at bolstering cancer research efforts.

Key Players

The key players operating in the cancer/tumor profiling market are Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (U.S.), NanoString Technologies, Inc. (U.S.), HTG Molecular Diagnostics, Inc. (U.S.), Agendia Inc. (U.S.), Personalis, Inc. (U.S.), Exact Sciences Corporation (U.S.), and Tempus Labs, Inc. (U.S.).

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Key questions answered in the report:

·  Which are the high-growth market segments in terms of biomarker type, cancer type, technology, application, end user, and region/country?

·  What was the historical market size for cancer/tumor profiling globally?

·  What are the market forecasts and estimates for the period 2023–2030?

·  What are the major drivers, restraints, challenges, and opportunities in the global cancer/tumor profiling market?

·  Who are the major players in the global cancer/tumor profiling market?

·  How is the competitive landscape, and who are the market leaders in the global cancer/tumor profiling market?

·  What are the recent developments in the cancer/tumor profiling market?

·  What are the different strategies adopted by the major players in the cancer/tumor profiling market?

·  What are the geographical trends and high growth regions/countries?

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