02 August 2020
Visiongain has launched a new pharma report Cancer Tumour Profiling Market Report 2020-2030: Prospects by Technology (Immunoassays, In Situ Hybridization, Mass Spectrometry, Microarrays, Polymerase Chain Reaction, Others), Cancer Type (Breast Cancer, Colorectal Cancer, Lung Cancer, Melanoma, Prostate Cancer, Other Cancers), Biomarker Type (Genetic Biomarkers, Protein Biomarkers, Other Biomarkers), Application (Research Applications (Biomarker Discovery, Personalized Medicine), Clinical Applications (Diagnostics, Monitoring & Treatment, Prognostics, Screening)), and Geography.
The global cancer tumor profiling market is projected to grow at a lucrative CAGR of ~xx% and anticipated to surpass USD xx billion by 2030.
The global cancer tumor profiling market is driven by the adoption of advanced cancer profiling methods by oncologists to diagnose, treat cancers, & predict response to targeted therapy. Additionally, increased adoption of cancer biomarkers for tumor profiling, growing cancer incidences worldwide, & increased use of NGS technique are anticipated to boost demand for cancer tumor profiling market. Nevertheless, large investments in biomarker development & the lack of skilled professionals are anticipated to impede market growth over the forecast period from 2020 to 2030.
According to the WHO, cancer is the world's second leading cause of death & was responsible for an estimated death of 9 million people in 2018. Also, approximately 23 million fresh cancer cases will be identified in 2030, up from approximately 18 million cases in 2018, as per the report of Cancer Research UK. Most of the fresh cancer cases are anticipated to occur in Asian, African, and CSA countries.
Numerous factors are attributed to the increasing burden of cancer, which includes population growth, growing geriatric population, changing the prevalence of certain causes of cancer-associated with social & economic development. Based on these factors, there is a growing need for research & development in the field of oncology.
The usage of biomarkers can significantly improve cancer diagnosis accuracy, which in turn reduces treatment costs. The biomarker-based cancer detection method profiles the disease at the molecular level, thus offering more precise data compared to other forms of detection. Also, liquid biopsy has numerous advantages over traditional cancer diagnostic techniques, such as early prognosis, cost reduction, tumor heterogeneity detection, & patient comfort among other factors.
Most diagnostic disease testing is currently performed in hospital-based laboratories using expensive equipment requiring highly trained professionals. Due to the lack of appropriate screening methods and the costly, time-consuming and intrusive nature of these tests, there is an utmost need for early cancer diagnosis and monitoring techniques.
Public and private support & funding for cancer research have improved the development of new & advanced technologies that have been developed that can theoretically reduce the time required to detect and identify tumors. Also, growing investments in the development of novel therapies and new drug design techniques by biotechnology companies have been observed. For instance, Next-Generation Sequencing (NGS) technology has seen rapid adoption as it allows the sequencing of the entire genome. The technique is also used for clinical cancer tumor profiling such as sampling, diagnosis, and identification of novel drugs.
It is anticipated that North America will hold the largest share of global cancer tumor profiling owing to the presence of major players and rapid technological advances. Additionally, high cancer prevalence & increased oncology research to identify and discover novel therapy will boost the growth of the cancer tumor profiling market over the forecast period. Also, an important factor leading to the dominance of the North American cancer tumor profiling market is the rapid adoption of advanced technologies by companies producing such diagnostic kits.
Furthermore, the Asia Pacific region is anticipated to grow with the highest CAGR over the forecast period owing to the growing patient pool, rising cancer incidence, and penetration of major pharmaceutical & biotech companies in emerging economies of Japan, China & India.
Some of the major players operating in this industry are ABBOTT, BOREAL GENOMICS INC., Caris Life Sciences, Foundation Medicine, GenomeDX, Genomic Health, Inc., GENSCRIPT, Guardant Health, Inc., Helomics Corporation, HOLOGIC, INC., HTG Molecular Diagnostics, Inc., Illumina, Inc., Nanostring Technologies, Inc., Neogenomic Laboratories, Inc., Oxford Gene Technology, Personal Genome Diagnostics, PERTHERA, INC., Qiagen N.V., Ribomed Biotechnologies, Inc., F. Hoffmann-La Roche Ltd among other prominent players.
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