The latest report by IMARC Group, titled "Cancer/Tumor Profiling Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global cancer/tumor profiling market size reached US$ 9.38 Billion in 2021. Cancer/tumor profiling, or biomarker testing, is a process of identifying specific proteins, genes, gene mutations (changes), and other biomarkers in a tumor tissue sample. It assists in determining whether the pathways of a tumor match up with the available targeted therapies. It is also used for therapeutic decision-making, routine diagnostics, and personalized treatment plans and therapies based on the severity of the ailment and genomic build-up. As a result, cancer/tumor profiling finds extensive applications in the discovery of biomarkers, research, personalized medicines, and the development of screening and diagnostic techniques.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cancer/Tumor Profiling Market Trends:
The market is primarily driven by the increasing prevalence of cancer across the globe. In addition, the growing inclination toward personalized medicine among the masses represents another major growth-inducing factor. Besides this, governments of numerous countries are investing in cancer research to develop advanced techniques to reduce the time taken for the detection and identification of tumors. This, coupled with the increasing investments by pharmaceutical and biotechnology companies in research and development (R&D) activities for introducing novel therapies and new drug-designing techniques, is positively influencing the market growth. Furthermore, recent advancements in molecular biology techniques, the rising number of clinical trials, the increasing adoption of immunoassay techniques, and the developing healthcare infrastructure across the globe are some of the other factors creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to reach a value of US$ 18.22 Billion by 2027, exhibiting a CAGR of 11.20% during the forecast period (2022-2027).
- Based on the cancer type, the market has been categorized into breast, lung, colorectal, prostate, melanoma, and other cancers.
- On the basis of technology, the market has been segmented into next-generation sequencing (NGS), polymerase chain reaction (PCR), immunohistochemistry (IHC), in-situ hybridization (ISH), microarray, and others.
- Based on the technique, the market has been classified into genomics, proteomics, epigenetics, and metabolomics.
- Based on the application, the market has been classified into personalized medicine, diagnostics, biomarker discovery, prognostics, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Abbott Laboratories, Becton Dickinson and Company, Caris Life Sciences, Exact Sciences Corporation, F. Hoffmann-La Roche Ltd, Hologic Inc., HTG Molecular Diagnostics Inc., Illumina Inc., Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Qiagen N.V., Siemens AG, and Sysmex Corporation.
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