Market Trends of Cancer Profiling Industry
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 colorectal cancer, developments by key market players, and increasing government initiatives to screen 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 the American Cancer Society 2023, there are an estimated 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer diagnosed in the United States in 2023. 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, in February 2023, Exact Sciences Corp. launched the OncoExTra therapy selection test in the United States. OncoExTra is a comprehensive DNA and RNA-based next-generation sequencing (NGS) genomic test that gives patients and their clinicians a complete molecular picture of the patient's malignancy. In addition, 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. Such initiatives will lead to increased adoption of cancer profiling kits in the research, driving market growth.
- Thus, due to the rising incidence of cancer and key initiatives taken by the market players, the market will likely exhibit exceptional growth during the forecast period.
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North America is Expected to Hold a Significant Market Share in the Market Over the Forecast Period
- North America is expected to hold a significant market share. The increasing prevalence of cancer and new product launches are expected to drive the cancer profiling market in the region during the forecast period.
- According to the American Cancer Society 2023, 1.9 million new cancer cases are expected to be diagnosed in the United States in 2023. Furthermore, according to the Government of Canada, in June 2022, an estimated 233,900 people in Canada will be diagnosed with cancer 2022. Such a huge incidence of cancers in North America is therefore expected to drive market growth due to the increased adoption of cancer profiling for cancer diagnosis in the region.
- Similarly, rising initiatives from the key market players, such as 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 sending tissue samples to centralized laboratories.
- The studied market is expected to witness growth over the forecast period due to the rising initiatives from the key market players, such as new product developments and launches.
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