Cancer Profiling - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Cancer Profiling - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The cancer profiling market is projected to register a CAGR of 10.8% during the forecast period.

Key Highlights

• 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 Market Trends

Colorectal Cancer is Expected to Hold a Significant Market Share Over the Forecast Period

• The major factors contributing to the market growth are the increasing prevalence of colorectal cancer, developments by key market players, and increasing government initiatives to screen colorectal cancer. The growing burden of colorectal cancer coupled with high mortality due to it generates the need for the screening test for it that helps in early detection and thus drives the growth of the market over the forecast period.
• According to the American Cancer Society 2023, there are an estimated 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer diagnosed in the United States in 2023. Such an increased risk of people having colorectal cancer creates the need for more screening tests to reduce the burden of the disease and thus drives the market's growth.
• Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, in February 2023, Exact Sciences Corp. launched the OncoExTra therapy selection test in the United States. OncoExTra is a comprehensive DNA and RNA-based next-generation sequencing (NGS) genomic test that gives patients and their clinicians a complete molecular picture of the patient's malignancy. In addition, in January 2022, NeoGenomics, Inc., a leading provider of cancer-focused genetic testing services and global oncology contract research services, announced a strategic partnership with the Biomarker Collaborative to help cancer patients who test positive for specific biomarkers connect to support groups that include patients with similar findings. Such initiatives will lead to increased adoption of cancer profiling kits in the research, driving market growth.
• Thus, due to the rising incidence of cancer and key initiatives taken by the market players, the market will likely exhibit exceptional growth during the forecast period.

North America is Expected to Hold a Significant Market Share in the Market Over the Forecast Period

• North America is expected to hold a significant market share. The increasing prevalence of cancer and new product launches are expected to drive the cancer profiling market in the region during the forecast period.
• According to the American Cancer Society 2023, 1.9 million new cancer cases are expected to be diagnosed in the United States in 2023. Furthermore, according to the Government of Canada, in June 2022, an estimated 233,900 people in Canada will be diagnosed with cancer 2022. Such a huge incidence of cancers in North America is therefore expected to drive market growth due to the increased adoption of cancer profiling for cancer diagnosis in the region.
• Similarly, rising initiatives from the key market players, such as new product developments and launches, will boost the studied market. For instance, in October 2021, Roche launched a new genomic profiling kit that lets cancer researchers explore tumors without sending tissue samples to centralized laboratories.
• The studied market is expected to witness growth over the forecast period due to the rising initiatives from the key market players, such as new product developments and launches.

Cancer Profiling Industry Overview

The market for cancer profiling is fragmented, with several major players operating in the market. The factors owing to the competition include the rising launch of innovative cancer profiling products and rising investments in cancer genomics by companies, among others. Some companies currently operating in the market are Illumina, Inc., QIAGEN, Sysmex Corporation, NeoGenomics Laboratories, and HTG Molecular Diagnostics, Inc., among others.

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