Market Size of Cancer Profiling Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cancer Profiling Market Analysis
The cancer profiling market is projected to register a CAGR of 10.8% during the forecast period.
- The cancer profiling market has seen a significant surge due to the importance of cancer profiling in COVID-19. According to the study published in ACS publication in November 2022, COVID-19 is even more dangerous to people with comorbidities such as cancer. Thus, it is crucial to pinpoint the important human genes or biomarkers that may be used to target new prognostic and therapeutic approaches. The information provided on transcription by the next-generation sequencing technique makes this identification of cancer genes very easy. Therefore, the market has seen a slight decline in the early pandemic due to stringent lockdowns and supply chain restrictions but post-pandemic, the market has gained significant traction to reduce cancer in COVID-19 patients.
- The factors driving the market growth include the increasing incidence of cancer and rising research and funding for cancer genomics. According to the International Agency for Research on Cancer (IARC) 2023, the global incidence of cancer is expected to reach 24.6 million by the year 2030 and 30.2 million by 2040. 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.
- Furthermore, the rising clinical benefits of cancer profiling to provide personalized treatments for cancer is anticipated to drive the market growth. For instance, according to the study published in Journal of Clinical Oncology in April 2022, huge clinical benefits associated with genomic profiling to develop targeted therapies resulted in a greater demand for the assays.
- Similarly, increasing funding for cancer research is another factor for the growth of the market. For instance, according to the National Intitute of Health in March 2023, the estimated spending on cancer research and development is USD 8,087, USD 7,635 and USD 7,632 in 2021, 2022 and 2023 respectively in the United States. Therefore, the rising investment on cancer research is anticipated to increase the adoption of cancer profiling to identify genes, proteins, or other molecules driving the market growth.
- Thus, the studied market is expected to project lucrative growth over the forecast period owing to the factors such as rising incidence of cancer, increasing funding for cancer, among others. However, high capital investment will hinder the market growth.
