|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The cancer profiling market is projected to register a CAGR of 10.8% during the forecast period (2022-2027).
Due to the COVID-19 pandemic, the diagnostics for cancer decreased significantly during the pandemic, and there has been a decline in chemotherapy, surgery, and other supportive treatments for cancer. Further, in June 2020, guidance was issued by the European Society of Gastrointestinal Endoscopy and the European Society of Gastroenterology and Endoscopy Nurses and Associates. The guidance document advised that doctors postpone post-endoscopic resection, surgical resection of cancer, and post-polypectomy cancer. They also advised that screening high-risk patients for cancer should also be postponed due to the risk of infection, which further led to the reduction in the treatment procedures. Similarly, in March 2021, a research study published titled "Biomarkers in COVID-19: An Up-To-Date Review" stated that timely diagnosis and hospitalization, risk stratification, effective utilization of intensive care services, selection of appropriate therapies, monitoring, and timely discharge are essential to save the maximum number of lives. Clinical assessment is indispensable, but laboratory markers, or biomarkers, can provide additional, objective information which can significantly impact these components of patient care. Therefore, overall, the COVID-19 pandemic had a negative impact on the cancer profiling market as the number of diagnostics and treatment procedures declined all over the world, but, with the ongoing large-scale vaccination program around the world coupled with the rising incidence of cancer, the studied market is expected to bounce back to its full potential in the coming years.
Factors such as the increasing incidence of cancer and cancer research and funding are expected to increase the market growth. As per the report of International Agency for Research on Cancer published GLOBOCAN 2020 report, which estimated the incidence and mortality of 36 cancer in 185 countries, globally, there were an estimated 19,292,789 new cases of cancer diagnosed in 2020, and about 9,958,133 people died due to cancer, all over the world. Of the total diagnosed cancer cases, 10,065,305 were reported in males, and 9,227,484 were reported in females. Also, as per the report, breast cancer surpassed lung cancer as the most commonly diagnosed cancer worldwide in 2020. According to the above-mentioned source, in 2020, breast cancer accounted for 11.7% of cancer cases diagnosed worldwide, followed by lung cancer with 11.4%, colorectum cancer with 10%, and prostate cancer with 7.3%. In males, lung (13.4% of total cases) and prostate (14.1% of total cases) cancer, while in females, breast (24.5% of total cases) cancer was the most prevalent form of cancer in 2020. This high incidence rate of cancer worldwide will drive the demand for precise and effective diagnostics solutions, which will drive the growth of the studied market worldwide.
Similarly, increasing funding is another factor for the growth of the market. For instance, in January 2020, the United States government provided a big boost to cancer research with the passage and enactment of an appropriations bill providing the National Cancer Institute (NCI) with a budget increase of USD 297 million for the fiscal year (FY) 2020. While the number of grant applications to NCI continues to rise, with this robust budget increase, and are extending the pay lines and anticipate funding more than 125 additional competing awards in FY 2020 than FY 2019. Thus, the studied market is expected to project lucrative growth over the forecast period owing to the above-mentioned factors. However, high capital investment will hinder the market growth.
Scope of the Report
As per the scope, cancer profiling scans the DNA, RNA, or protein from a patient’s cancer cells to understand what molecules drive cancer growth. It starts from a specimen that may be accessed through a biopsy, surgery, or a blood sample. The Cancer Profiling Market is Segmented by Technology (Immunoassays, Next Generation Sequencing, Polymerase Chain Reaction, In Situ Hybridization, Microarrays, and Others), Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, and Others), Biomarker Type (Genetic Biomarkers, Protein Biomarkers, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD million) for the above segments.
|Next Generation Sequencing|
|Polymerase Chain Reaction|
|In Situ Hybridization|
|By Cancer Type|
|By Biomarker Type|
Key Market Trends
Colorectal Cancer is Expected to Hold a Significant Market Share Over the Forecast Period
The major factors contributing to the market growth are the increasing prevalence of chronic diseases such as colorectal cancer, developments by key market players, and increasing government initiatives associated with colorectal cancer. The growing burden of colorectal cancer coupled with high mortality due to it generates the need for the screening test for it that helps in early detection and thus drives the growth of the market over the forecast period. According to Global Cancer Observatory (Globocan), 2020 Statistics, Colorectal cancer is the second most prevalent cancer in the world among all ages. The same source also reported that in 2020, Globally, there are 5,253,335 estimated prevalent cases of colorectal cancer in 5 years among all ages in both sexes. The high prevalence of colorectal cancer around the world drives the growth of the market. Such high mortality generates the need for the screening test for early detection and saving lives among people, thus guiding the market towards growth.
Furthermore, the American Cancer Society article titled ‘Key Statistics for Colorectal Cancer’ updated in January 2021, reported that there are an estimated 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer diagnosed in the United States in 2021. The same source also reported that overall, the lifetime risk of developing colorectal cancer is about 1 in 23 (4.3%) for men and 1 in 25 (4.0%) for women. Such an increased risk of people having colorectal cancer creates the need for more screening tests to reduce the burden of the disease and thus drives the market's growth. Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, Epigenomics AG announced its Next Generation Liquid Biopsy Test for colorectal cancer screening and planned to appeal the NCD decision in 2021, driving the market's growth.
Thus, due to the aforementioned factors, colorectal cancer screening will likely exhibit exceptional growth during the forecast period.
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North America is Expected to Dominate the Market Over the Forecast Period
The North American region is expected to dominate the market. The increasing prevalence of chronic disorders like cancer and new product launches are expected to drive the cancer profiling market in the region during the forecast period. According to Cancer Statistics 2021, published in the American Cancer Society Journal, an estimated 1.9 million new cancer cases are diagnosed in the United States, which will drive the market significantly. As per the Globocan 2020, the number of new cancer cases in the country was 274,364 in 2020, and this number is expected to increase to 400,564 by 2040. In women, breast cancer was most dominated, while prostate cancer dominated men in the country. This, the growing cancer burden in the country, is expected to fuel the target market. Moreover, as per the same source, cancer is one of the most prevalent forms of chronic disease in Mexico, and as per the report of Globocan 2020, about 195,499 people were diagnosed with cancer in 2020, and 90,222 died because of it. The most prevalent forms of cancer were breast, prostate, colorectum, thyroid, and cervix uteri.
Furthermore, per the Globocan 2020, the cancer incidence in Mexico is expected to reach 254,665 by 2030 and 323,432 by 2040, and thus, with the increasing burden of cancer cases in the country, the studied market is expected to grow over the forecast period of the study. Similarly, key market players' new product developments and launches will boost the studied market. For instance, in October 2021, Roche launched a new genomic profiling kit that lets cancer researchers explore tumors without having to send tissue samples to centralized laboratoriesRoche (ROG.S) is launching a new genomic profiling kit that lets cancer researchers explore tumors without having to send tissue samples to centralized laboratories. In addition, the United States Preventive Services Task Force (USPSTF) released a draft on colorectal cancer screening guidelines, recommending that screening begins at the age of 45, including Exact Sciences Cologuard (referred to in the draft guidelines as sDNA-FIT) as a recommended screening method for all average-risk patients between the ages of 45 and 75. The studied market is expected to witness growth over the forecast period due to the above conditions. The United States Preventive Services Task Force (USPSTF) released a draft on colorectal cancer screening guidelines, recommending that screening begins at the age of 45, including Exact Sciences Cologuard (referred to in the draft guidelines as sDNA-FIT) as a recommended screening method for all average-risk patients between the ages of 45 and 75.
The studied market is expected to witness growth over the forecast period due to the above conditions.
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Most players are based in developing counties due to more technological advancements. But due to the ease of connectivity in modern times, these players have also penetrated developing countries and are trying to establish a market. The market is partially fragmented and consists of several major players. Some companies currently dominating the market are Illumina, Inc, QIAGEN, Sysmex Corporation, NeoGenomics Laboratories, and HTG Molecular Diagnostics, Inc., among others.
- In June 2022, Avesthagen Limited entered into a four-year strategic alliance with Wipro Limited for making its genetic testing portfolio commercial.
- In January 2022, NeoGenomics, Inc., a leading provider of cancer-focused genetic testing services and global oncology contract research services, announced a strategic partnership with the Biomarker Collaborative to help cancer patients who test positive for specific biomarkers connect to support groups that include patients with similar findings.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Cancer
4.2.2 Increasing Cancer Research and Funding
4.3 Market Restraints
4.3.1 High Capital Investment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Technology
5.1.2 Next Generation Sequencing
5.1.3 Polymerase Chain Reaction
5.1.4 In Situ Hybridization
5.2 By Cancer Type
5.2.1 Breast Cancer
5.2.2 Lung Cancer
5.2.3 Colorectal Cancer
5.3 By Biomarker Type
5.3.1 Genetic Biomarkers
5.3.2 Protein Biomarkers
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East & Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Caris Life Sciences
6.1.2 F. Hoffmann-La Roche Ltd
6.1.4 Guardant Health
6.1.5 Hologic, Inc
6.1.6 HTG Molecular Diagnostics, Inc.
6.1.7 Illumina, Inc
6.1.9 NeoGenomics Laboratories
6.1.10 Predictive Oncology
6.1.12 Sysmex Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Cancer Profiling Market market is studied from 2019 - 2027.
What is the growth rate of Global Cancer Profiling Market?
The Global Cancer Profiling Market is growing at a CAGR of 10.8% over the next 5 years.
Which region has highest growth rate in Global Cancer Profiling Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Cancer Profiling Market?
North America holds highest share in 2021.
Who are the key players in Global Cancer Profiling Market?
Illumina, Inc, QIAGEN, Sysmex Corporation, NeoGenomics Laboratories, HTG Molecular Diagnostics, Inc. are the major companies operating in Global Cancer Profiling Market.