Cancer/Tumor Profiling Market to be Worth $24.70 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jul 17, 2024, 10:01 ET

REDDING, Calif., July 17, 2024 /PRNewswire/ -- According to a new market research report titled, 'Cancer/Tumor Profiling Market Size, Share, Forecast, & Trends Analysis by Biomarker Type (Genetic, Protein) Technology (NGS, PCR, ISH) Cancer Type (Breast, Prostate) Application (Clinical, Research) End User (Pharma, Academic) — Global Forecast to 2031,' published by Meticulous Research^®, the cancer/tumor profiling market is projected to reach $24.70 billion by 2031, at a CAGR of 10.9% from 2024 to 2031.

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Cancer/tumor profiling is widely conducted in clinical and research settings. The growth of this market is driven by factors such as the increasing prevalence of cancer, the rising pharmaceutical R&D expenditures, the growing number of targeted therapies and the discovery of new actionable biomarkers, increasing investments in cancer research, the declining costs of NGS-based profiling, and advancements in multi-omics tumor profiling. However, the high capital investments required for NGS setups and long turnaround times restrain the growth of this market.

Additionally, the increasing focus on developing personalized medicines and the rising awareness and adoption of targeted therapies are expected to generate market growth opportunities. However, the lack of genetic experts for interpreting results, the non-availability of in-house tumor profiling technologies, and the high number of false biomarker discoveries are major challenges for the stakeholders in the cancer/tumor profiling market.

Rise in R&D investments by Pharmaceutical and Biopharmaceutical Companies for the Development of Biomarkers to Drive Market's Growth.

Pharmaceutical companies constantly focus on R&D, a core aspect of drug and biomarker development processes. The biopharmaceutical industry also continues to witness substantial growth due to increased investments in R&D to cater to the growing demand for innovation and new medical breakthroughs. The importance of R&D is evident due to the rising number of drug approvals. For instance, in 2021, the FDA's Center for Drug Evaluation and Research (CDER) approved 50 novel drugs either as new molecular entities (NMEs) or as new therapeutic biologics under biologics license applications (BLAs), an increase from 22 novel drugs approved in 2016. Genome sequencing has enabled the pharmaceutical industry to develop precision medicines as well. High R&D investments in the pharmaceutical and biopharmaceutical sectors are expected to boost the demand for precise insights into the molecular pathology of cancer, driving the demand for cancer/tumor profiling solutions.

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Also, the role of biomarkers in bridging non-clinical research results into clinical practice is creating significant growth opportunities for the players operating in the cancer/tumor profiling market.

The cancer/tumor profiling market is segmented based on Biomarker Type [Protein Biomarkers, Genetic Biomarkers], Technology [Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), In-situ hybridization (ISH), Immunohistochemistry (IHC), Other Technologies], Cancer Type [Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Lymphoma, Leukemia, Cervical Cancer, Other Cancer Types] Application [Clinical Applications, Research Applications], End User [Pharmaceutical & Biopharmaceutical Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes, Contract Research Organizations (CROs)], and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Some of the key players operating in the cancer/tumor profiling market are Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (U.S.), NanoString Technologies, Inc. (U.S.), HTG Molecular Diagnostics, Inc. (U.S.), Agendia Inc. (U.S.), Personalis, Inc. (U.S.), Exact Sciences Corporation (U.S.), and Tempus Labs, Inc. (U.S.).

Based on biomarker type, in 2024, the genetic biomarkers segment is expected to account for the largest share of 72.0% of the cancer/tumor profiling market. The large market share of this segment is attributed to improvement in treatment delivery using genetic biomarkers, effective results when genetic biomarkers are used as targets of therapeutic treatments, and the use of genetic biomarkers for convenient disease diagnosis with non-invasive testing methods.

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Based on technology, in 2024, the next generation sequencing (NGS) segment is expected to account for the largest share of the cancer/tumor profiling market. The large market share of the segment is attributed to the growing adoption of NGS in cancer/tumor profiling, its ability to provide faster and more accurate genetic testing, the rapidly declining cost of sequencing per base, and the introduction of cost-effective benchtop laboratory sequencers.

Based on cancer type, the cancer/tumor profiling market is segmented into breast cancer, colorectal cancer, lung cancer, prostate cancer, lymphoma, leukemia, cervical cancer, and other cancer types. In 2024, the breast cancer segment is expected to account for the largest share of the cancer/tumor profiling market. The increase in breast cancer cases, government initiatives promoting breast cancer treatment, increasing healthcare expenditure, and reimbursement for certain profiling technologies such as NGS have propelled the demand for cancer/tumor profiling for breast cancer.

Based on application, the cancer/tumor profiling market is segmented into clinical applications and research applications. In 2024, the research applications segment is expected to account for the largest share of the global cancer/tumor profiling market. The large market share of this segment is attributed to the rising incidence of cancer, the growing demand for precision medicine, the increased discovery of biomarkers, and the availability of cost-effective advanced profiling technologies like NGS and PCR for research applications.

Based on end user, in 2024, the pharmaceutical & biopharmaceutical companies segment is expected to account for the largest share of 40.9% of the cancer/tumor profiling market. The large market share of this segment is attributed to the declining costs of sequencing, the development of companion diagnostics and precision medicine, and the high demand for cancer/tumor profiling from pharmaceutical and biopharmaceutical companies, primarily for biomarker discovery purposes.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players between 2021 and 2024.

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Scope of the Report:

Cancer/Tumor Profiling Market Assessment - by Biomarker Type

Protein Biomarkers
Genetic Biomarkers

Cancer/Tumor Profiling Market Assessment - by Technology

Next-Generation Sequencing (NGS)
Polymerase Chain Reaction (PCR)
In-situ hybridization (ISH)
Immunohistochemistry (IHC)
Other Technologies

^{Note: Other technologies include immunoassays, microarrays, mass spectrometers, Sanger sequencing, pyrosequencing, and fragment analysis}

Cancer/Tumor Profiling Market Assessment - by Application

Clinical Applications
Research Applications

Cancer/Tumor Profiling Market Assessment - by Cancer Type

Breast Cancer
Colorectal Cancer
Lung Cancer
Prostate Cancer
Lymphoma
Leukemia
Cervical Cancer
Other Cancer Types

^{Note: Other cancer types include bladder cancer, melanoma, kidney cancer, stomach cancer, ovarian cancer, thyroid cancer, and head & neck cancers}

Cancer/Tumor Profiling Market Assessment—by End User

Pharmaceutical & Biopharmaceutical Companies
Hospitals & Diagnostic Laboratories
Academic & Research Institutes
Contract Research Organizations (CROs)

Cancer/Tumor Profiling Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Latin America
Middle East & Africa

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