Global Cancer Tumor Profiling Market – Industry Trends and Forecast to 2030

Cancer Tumor Profiling Market Analysis and Size

Cancer tumor profiling is increasingly being used in Western economies owing to the rising prevalence of cancer all around the world. Cancer is the second leading cause of death all around the world. 1 out of 6 deaths globally is due to cancer. 70% of deaths occur as a result of cancer in the middle class and low class economies. This has widened the scope of growth for the market.                                

Data Bridge Market Research analyses that the global cancer tumor profiling market which was USD 9,543.13 million in 2022, is expected to reach USD 26,840.23 million by 2030, and is expected to undergo a CAGR of 12.5% during the forecast period of 2023 to 2030. “Breast Cancer” dominates the cancer type segment of the global cancer tumor profiling market due to the rising demand for cancer tumor profiling. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Cancer tumor profiling is a diagnostic procedure or diagnostic test that is conducted to analyze the genetic information of tumor cells in the body. These diagnostic tests are useful in determining the stage of cancer, determining the correct course of action and predicting the recurrence of the tumor.

Global Cancer Tumor Profiling Market Dynamics

Drivers

• Rising Prevalence of Cancer

The surging prevalence of cancer all around the globe is one of the major factors responsible for fostering the growth of the market. The growing adoption of cancer profiling methods by oncologists in developing economies is carving the way for the growth of the market. According to a 2021 report by the World Health Organisation, cancer was responsible for 13.6 million deaths globally.

• Research and Development Proficiencies

Rising expenditure for research and development proficiencies, especially in the developed and developing economies pertaining to medical instruments and devices, will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the integration of advanced technologies in healthcare facilities and to enhance the overall course of diagnosis and treatment of cancer is also bolstering the market growth rate.

• Government Investments in Healthcare Infrastructure

The increase in funding by the federal government is set to drive the market growth rate. Moreover, the growth and expansion of the healthcare industry being driven by both public and private players, especially in developing economies, will create lucrative market growth opportunities. Also, high return on investments assured by the research activities and increasing technological advancements in the field of cancer/tumor profiling will also work in the favour of the market. Additionally, an increase in the utilization of cancer biomarkers for diagnosing cancer/tumor, a surge in the personal disposable income level, the introduction of technologically driven products in hospitals, increasing investment for the development of advanced medical products and devices, a rise in need for point-of-care diagnostics and surging demand for personalized medicines among people, positively affect the market growth rate.

Opportunities

• Precision Medicine Advancements

The shift towards precision medicine in oncology is a key opportunity for the cancer tumor profiling market. Tumor profiling enables the personalization of cancer treatments based on an individual's unique genetic and molecular profile, leading to more effective therapies and better patient outcomes.

• Companion Diagnostics Development

The development of companion diagnostics that are closely tied to specific targeted therapies creates opportunities for tumor profiling. Profiling assists in identifying patients who are most likely to respond to these therapies.

Restraints/Challenges

• Cost and Reimbursement Challenges

The high cost of tumor profiling and associated diagnostic tests can be a significant restraint in the adoption of these services. Tumor profiling involves sophisticated and often expensive techniques, such as NGS and mass spectrometry. Moreover, the interpretation of the data obtained from these tests requires specialized skills. In many cases, the costs are not fully covered by health insurance, and patients may face significant out-of-pocket expenses. The lack of reimbursement or insurance coverage for profiling services can limit accessibility for a portion of the patient population.

• Data Privacy and Security Concerns

The extensive collection and storage of genetic and molecular data from tumor profiling raise significant data privacy and security concerns. Protecting patient privacy and ensuring compliance with data protection regulations (such as HIPAA in the United States and GDPR in the European Union) is a complex challenge. It involves secure data storage, transmission, and sharing practices, as well as educating healthcare professionals on ethical data handling.

This global cancer tumor profiling market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global cancer tumor profiling market. Contact Data Bridge Market Research for an Analyst Brief, and our team will help you take an informed market decision to achieve market growth.

Recent Development

• In May 2021, NeoGenomics Laboratories collaborated with QIAGEN to offer a companion diagnostic test for HR+/HER2 for advanced breast cancer patients to detect PIK3CA mutation using QIAGEN’s therascreen PIK3CA RGQ PCR test

Global Cancer Tumor Profiling Market Scope

The global cancer tumor profiling market is segmented on the basis of cancer type, biomarker type, technology, technique, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Cancer type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Melanoma Cancer
• Other Cancer

Biomarker type

• Genomic Biomarker
• Protein Biomarker

Technology

• Immunoassays
• Next-Generation Sequencing
• Polymerase Chain Reaction
• Mass Spectrometry
• In-Situ Hybridization
• Microarrays
• Others

Technique

• Genomics
• Proteomics
• Metabolomics
• Epigenetics

Application

• Research
• Biomarker Discovery
• Personalized Medicine
• Clinical Application
• Diagnostics
• Prognostics
• Screening
• Treatment and Monitoring

Global Cancer Tumor Profiling Market Regional Analysis/Insights

The global cancer tumor profiling market is analysed, and market size insights and trends are provided by country, cancer type, biomarker type, technology, technique, and application, as referenced above.

The countries covered in the global cancer tumor profiling market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa.

North America is expected to dominate the global cancer tumor profiling market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2023 to 2030 due to the increase in the expenditure for research and development proficiencies, increasing government’s initiatives and improved health care infrastructure in various countries.

Asia-Pacific, on the other hand, is expected to dominate and exhibit the highest growth rate in the global cancer tumor profiling market during the forecast period of 2023 to 2030, owing to the increasing government expenditure on the healthcare sector and rising technological advancements and initiatives by the government.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The global cancer tumor profiling market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for the global cancer tumor profiling market, impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on the global cancer tumor profiling market. The data is available for historic period 2015-2020.

Competitive Landscape and Global Cancer Tumor Profiling Market Share Analysis

The global cancer tumor profiling market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global cancer tumor profiling market.

Some of the major players operating in the global cancer tumor profiling market are:

• Illumina, Inc. (U.S.)
• QIAGEN (Germany)
• NeoGenomics Laboratories, Inc. (U.S.)
• HTG Molecular Diagnostics, Inc. (U.S.)
• Genomic Health Inc. (U.S.)
• Caris Life Sciences (U.S.)
• Helomics Corporation (U.S.)
• NanoString Technologies, Inc. (U.S.)
• Sysmex Corporation (Japan)
• Ribomed Biotechnologies, Inc. (U.S.)
• Guardant Health, Inc. (U.S.)
• Foundation Medicine (U.S.)
• Roche Diagnostics (Switzerland)
• GenScript Biotech Corporation (China)
• Tempus Labs (U.S.)
• Boreal Genomics Inc (Canada)
• Perthera (U.S.)
• Agendia (U.S.)
• Omniseq (U.S.)
• Histogene X (Belgium)

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