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The global cancer/tumor profiling market is projected to expand at a promising rate from 2021 to 2031 (forecast period). The key factors expected to drive the global cancer/tumor profiling market are the rising global prevalence of cancer and the increasing use of biomarkers in tumor profiling. Moreover, increased cancer research and financing efforts and technological improvements in profiling technologies are projected to boost the global cancer/tumor profiling market.
Furthermore, the growing demand for personalized medicine and point-of-care diagnostics is likely to provide considerable growth prospects for market participants active in the global cancer/tumor profiling market during the forecast period.
Prominent players operating in the global cancer/tumor profiling market are Caris Life Sciences, Lucence Health Inc., F. Hoffmann-La Roche Ltd, QIAGEN, Thermo Fisher Scientific Inc., Strand Life Sciences, IMB Dx, Inc., ACT Genomics Co., LTD, Illumina, Inc., HTG Molecular Diagnostics, Inc., Guardant Health, Ribomed Biotechnologies Inc., NeoGenomics Laboratories NanoString, and Exact Sciences Corporation (Genomic Health, Inc.).
To maintain their position in the worldwide market, these market players are implementing various joint venture methods and planning commercial development across many geographies. For example, in November 2021, Lucence conducted a liquid biopsy screening study in collaboration with the VA Palo Alto Healthcare System. The study looks at the use of non-invasive liquid biopsy for high-risk individuals and imaging technologies for lung cancer screening.
The surge in cancer prevalence is a major aspect projected to drive the global cancer/tumor profiling market during the forecast period. As per the International Agency for Research on Cancer, one in every five people in the world will develop cancer throughout their lifetime. Moreover, one in every eight men and one in every eleven women die from the disease, highlighting a critical need for efficient diagnosis and therapy options. Furthermore, rising cases of cancer due to an aging population and changes in lifestyle are expected to fuel demand for cancer/tumor profiling products in the years ahead.
High demand for personalized medicine is anticipated to boost the global cancer/tumor profiling market. Personalized medicine has entered standard clinical practice and is transforming the way most diseases are detected, classed, and treated. These developments are especially visible in the field of cancer.
The COVID-19 outbreak had a minor impact on the global cancer/tumor profiling market. Due to the COVID-19 pandemic, there has been a considerable decline in cancer testing and detection as a result of coronavirus-related efforts and resources. However, numerous COVID-19 patients had cancer; hence, cancer is considered a risk factor for COVID-19. More studies are being conducted to better understand the infection's characteristics, which is likely to push the cancer research field forward. Moreover, the majority of cancer diagnostic and prognostic tests and tailored therapy are expected to rise at a steady rate over the forecast period.
The North America cancer/tumor profiling market is expected to expand due to increased new product launches in nations like the United States and Canada, a growing incidence of cancer patients, technological developments, and high consumer awareness. Moreover, oncology biomarker testing is growing more popular in the region due to a large number of companies involved in cancer research and targeted drug delivery development.
The cancer/tumor profiling market in Asia Pacific is projected to grow due to the upsurge in cancer cases in the region. Moreover, countries such as India, China, and South Korea are exhibiting spectacular economic growth, which is expected to improve healthcare infrastructure, thereby propelling cancer/tumor profiling market growth in Asia Pacific.
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Cancer/Tumor Profiling Market
