Cancer profiling market detailed insights

0
82

Cancer tumor profiling is a diagnostic process or test that analyses the genetic information of tumor cells in the body. These diagnostic tests can help determine the stage of cancer and the best course of treatment and predict tumor recurrence. The global cancer profiling market was $9.59 billion in 2021 and is expect to reach $26.31 billion by 2030, representing an 11.87% CAGR from 2021 to 2030.

As per the International Agency for Cancer Research, one out of every five people develops cancer during their lifetime. And one out of every eight men and one out of every eleven women worldwide die as a result of it.

According to GLOBOCAN (Global Cancer Observatory), in 2020, there were approximately 19.3 million new cases and 10.3 million deaths from cancer worldwide. In 2020, breast cancer surpassed lung cancer in females, becoming the most common type of cancer diagnosed (11.7%), followed by lung cancer (11.4%), colon cancer (10%), prostate cancer (7.3%), and stomach cancer (5.6%). However, according to ACS journals, lung cancer (1.8 million deaths or 18%) remained the leading cause of death globally in 2020, followed by colon cancer (9.4%), liver cancer (8.3%), stomach cancer (7.7%), and female breast cancer (6.9%).

 

COVID-19 impact on the cancer profiling market

 

COVID-19 has had a minor impact on the market. This is due to a large decrease in the number of diagnostic tests. The measures and healthcare resources were entirely dedicated to meeting the needs of the pandemic, which is why diagnostic tests were canceled. In addition, cancer treatments such as surgeries, radiation treatments, and chemotherapy sessions were halted during this pandemic phase, owing to mobility restrictions and lockdown in almost every major economic nation.

 

Factors augmenting the cancer profiling market 

 

The rising global cancer incidence and the increasing use of biomarkers in tumour profiling are the major growth factors.  For this industry, furthermore, increased cancer research and funding initiatives, as well as technological improvements.  In profiling technologies, are driving the growth of cancer/tumor profiling market.

 

  • One of the key factors to market growth in overall cancer/tumor profiling industry is the rise in cancer incidences. The rising cancer burden can be attributable to a variety of variables, including population increase and ageing, as well as changes in the incidence of certain cancer causes associated with social and economic development.
  • The government’s increased spending on healthcare will drive the market’s growth pace. Furthermore, the rise and expansion of the healthcare business will generate lucrative market growth prospects, particularly in developing nations. The high return on investment and increasing technological breakthroughs in the field of cancer/tumor profiling will benefit the industry.
  • While traditional cancer treatment techniques like chemotherapy and radiotherapy remain popular, researchers are promoting more precision-based and tailored approaches to speed up the process. As a result of such disruptive technical consequences, diagnostics companies are seeking more advanced cancer profiling methodologies.
  • Aside from the increasing prevalence of cancer profiling methods, the increase in the number of tests performed by cancer research centres worldwide for the detection of sarcoma, melanoma, fluorescence in situ hybridization, immuno-oncology, and non-small cell lung cancer is significantly fueling the tumour profiling market growth.

 

Challenges related to cancer profiling

 

Technology breakthroughs have facilitated the creation and application of tumour profiling techniques that may quickly identify the important characteristics of a patient’s illness and help choose the best course of treatment for that patient. Acceptance of biomarker-based tests in clinical applications necessitates demonstrating the biomarker’s clinical validity and utility. This is important not just for assisting clinicians in their decision-making, but also for obtaining regulatory authorization and reimbursement for tests. However, gathering the data required to demonstrate clinical validity and utility can be time-consuming and costly, made more difficult by the lack of uniform norms.

 

Trends & opportunities

 

The global cancer/tumor profiling market is expected to grow because of the high need for tailored medication. Personalized medicine is becoming routine clinical practice, changing how most diseases are discovered, classified, and treated. The increasing demand for personalized medicine will create new opportunities in the cancer profiling market.

 

Segmentation analysis

 

  • With a CAGR of 6.89%, the Immunoassays sector led the market in terms of technology in 2020. The increased use of these assays for cancer profiling across the globe. Together with some of the crucial insights gained from them regarding how to lessen the severity. Of illnesses and shorten hospital stays, they significantly promote this segment’s expansion.
  • According to Cancer Type, the “Breast Cancer sector” substantially dominated the market in 2020. With 2.26 million cases worldwide, breast cancer had the largest number of cases in 2020, according to WHO.
  • Based on biomarker type, “GenomicBiomarkers” dominated the market from 2020 to 2028, growing at a CAGR of 6.713%. Comprehensive genomic profiling has been produce as a result of the ongoing increase in the use of these biomarkers worldwide.  For cancer diagnosis and cancer prognosis, which is, in turn, fueling the expansion of this market
  • With a CAGR of 7.93%, the “Research Applications” category had the biggest market share. The expansion of this market is mostly driven by increase financing for the construction of cancer research and testing.  Facilities around the world, an increase in the use of custom medicine, and a singular focus on the discovery of biomarkers for medication development.
  • Based on regions, North America held a commanding market share of 48.08%. Of all cancer diagnoses made globally in 2020, with a consistent CAGR.The enormous funds available for undertaking cancer/tumor profiling research and development initiatives.  And the ongoing development of cutting-edge cancer screening technologies is driving the market expansion in this area. However, the APAC area displayed the largest growth rate, with a CAGR of 7.23% from 2020 to 2028.

 

Competitive landscape

 

Oxford Gene Technology, Genomic Health, NeoGenomics Laboratories, Helomics, Nanostring Technologies, QIAGEN, Illumina, HTG Molecular Diagnostic, Ribomed Biotechnologies. And Caris Life Sciences are a few well-known competitors in the sector. To increase their presence, these sector leaders will concentrate on both organic and inorganic initiatives.

 

Recent development

 

  • QIAGEN and INOVIO collaborated to provide a companion next-generation sequencing (NGS) diagnostic for advanced cervical dysplasia in February 2021. QIAGEN is attempting to create and market new diagnostic tests. While the latter is creating VGX-3100 for cervical pre-cancer and pretreatment biomarkers.

 

  • Illumina bought GRAIL on August 18, 2021. The goal of increasing patient access to life-saving early testing for several forms of cancer. GRAIL’s Galleri Blood Test can detect nearly 50 different kinds of cancer before they become symptoms. The acquisition of Illumina over GRAIL will significantly speed up the global use of these life-saving technologies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here