Cancer tumor profiling market analysis on growth drivers, and key players

Cancer tumor profiling is a diagnostic process or test that analyses the genetic information of tumor cells in the body. These diagnostic tests can help determine the cancer stage and the best course of treatment and predict tumor recurrence.

The global cancer profiling market was $9.59 billion in 2021 and will reach $26.31 billion by 2030, representing an 11.87% CAGR from 2021 to 2030.

According to GLOBOCAN (Global Cancer Observatory), in 2020, there were approximately 19.3 million new cases and 10.3 million deaths from cancer worldwide. In 2020, breast cancer surpassed lung cancer in females, becoming the most common type of cancer diagnosed (11.7%), followed by lung cancer (11.4%), colon cancer (10%), prostate cancer (7.3%), and stomach cancer (5.6%). However, according to ACS journals, lung cancer (1.8 million deaths or 18%) remained the leading cause of death globally in 2020, followed by colon cancer (9.4%), liver cancer (8.3%), stomach cancer (7.7%), and female breast cancer (6.9%).

Cancer tumor profiling market drivers

The rising prevalence of cancer cases worldwide and an increase in the number of microbiome effects are the major factors driving the overall tumor profiling market growth. According to the National Cancer Institute, nearly 1.9 million people in the United States cancer diagnosed in 2021, with 2650 men and 281,550 women diagnosed with breast cancer. Furthermore, in 2020, the national out-of-pocket costs for breast cancer were the highest (USD3.14 billion), followed by prostate cancer (USD2.26 billion), colon cancer (USD1.46 billion), and lung cancer (USD1.35 billion), clearly reflecting the rising number of these types of cancers in the United States.

Challenges of global cancer tumor profiling market

The major factors restraining the overall market growth are a lack of access to testing samples, poor storage conditions, and an increase in the use of immunotherapy. Poor reimbursement scenarios and a lack of standard regulations restrict the market growth.

Opportunities

The use of personalized medicines in oncology has grown in popularity worldwide and has become one of the most important areas of research in the healthcare industry. Shift of the entire cancer identification, classification, and treatment scenario, resulting in significant future market growth.

COVID-19 impact analysis

COVID-19 has had a minor impact on the market. It is due to a significant decrease in the number of diagnostic tests. The measures and healthcare resources were involved entirely to meeting the demands of the pandemic, resulting in delayed diagnostics and treatment.

Segmentation analysis of cancer tumor profiling market

The cancer tumor profiling market is segmented based on technology, cancer type, biomarker type, application, and region.

The cancer tumor profiling market segmentation by technology: immunoassays, Polymerized Chain reactions, Next-Generation Sequencing, Microarrays, In-Situ Hybridization, and others.

With a CAGR of 6.89%, the Immunoassays segment dominated the market in 2020. The increased use of these assays for cancer profiling globally, as well as some of the pivotal ideas obtained from these assays to reduce the severity of illnesses and the length of hospital stays, are widely fostering the growth of this segment.

In 2020, the ‘Breast Cancer’ segment ruled the market significantly. Breast cancer had the largest number of cases in 2020, according to the WHO, with 2.26 million cases worldwide.

The biomarker type is segmented into Protein Biomarkers, Genomic Biomarkers, and others.

Over the forecast period of 2020-2028, the ‘Genomic Biomarkers’ dominated the market with a CAGR of 6.713%. The increasing use of these biomarkers in cancer diagnosis and prognosis worldwide has resulted in comprehensive genomic profiling, which is driving the growth of this segment.

Regional analysis

Geographically the cancer tumor profiling market is studied across North America, Europe, Asia Pacific, and the Rest of Asia Pacific.

North America ruled the market in 2020, accounting for 48.08% of all cancer diagnoses performed globally, with a steady CAGR.

In contrast, the cancer profiling market in the Asia Pacific is expected to grow at the fastest rate. It is because there has been an increase in cancer cases in the area.