Cancer Tumor Profiling Market to Reach USD 20.69 Billion in 2027 | Growing Advancements in Next-Generation Sequencing and Cancer Biomarker Testing and Rising Investment and Funding are Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, BC, Aug. 23, 2021 /PRNewswire/ -- The global cancer tumor profiling market size is expected to reach USD 20.69 Billion in 2027 at a CAGR of 9.6% during the forecast period, according to the latest analysis by Emergen Research. Growing prevalence of cancer across the globe, increasing focus on cancer biomarkers for diagnosis and tumor profiling, and advancements in molecular biology techniques such as next-generation sequencing are key factors expected to contribute to market revenue growth over the forecast period. In addition, growing preference for precision medicine and increasing adoption of tumor profiling methods by oncologists are some other key factors expected to drive market growth going ahead.

Cancer tumor profiling leverages a personalized treatment approach that targets the tumor of an individual patient and is a viable alternative to the one-size-fits-all approach of conventional cancer treatments. Tumor profiling enables the oncologists to determine if the tumor pathway in a patient matches up to the targeted treatments that are available. Targeted therapies have proven that treatment of tumor based on its molecular attributes result in enhanced patient outcomes by improving their probability of survival and overall life quality. Tumor profiling consists of a plethora of methods that aim to assess neoplasms to understand the evolution of cancer, necessary treatment approach, and development of drug design that can effectively treat the tumors. Tumor profiling has revolutionized cancer care by accelerating the development of targeted therapies that are based on specific driver mutations in specific tumor cells. Tumor profiling has also proven beneficial for cancer patients who have undergone unsuccessful first line therapy or have aggressive or rare cancers.

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Increasing availability of FDA approved targeted therapies and companion diagnostic tests, rising number of clinical trials across the globe, and availability of tumor profiling services in various commercial and academic laboratories to develop targeted treatment approaches are some other key factors expected to contribute to revenue growth of the market going ahead. In addition, increasing accessibility to platforms offering key information about laboratories offering tumor profiling along with availability of favorable insurance and reimbursement policies are also expected to drive market growth over the forecast period. However, high investment costs, lack of awareness about tumor profiling in developing and underdeveloped countries, and shortage of skilled professionals across the globe are some key factors expected to restrain market growth to a certain extent going ahead.

Key companies in the Cancer tumor profiling market include

Caris Life Sciences, Foundation Medicine, GenomeDX, Genomic Health, Guardant Health, Helomics Corporation, HTG Molecular Diagnostics, Inc., Nanostring Technologies, Neogenomics Inc., Oxford Gene Technology, Qiagen N.V., and Ribomed Biotechnologies Inc.

Cancer Tumor Profiling Top Companies Latest Announcements:

• In July 2021, Michigan-based startup Strata Oncology announced it has raised USD 90 million in a Series C funding round backed by VC arms of biotech giants Pfizer, Inc. and Merck. Strata Oncology is developing a range of DNA and RNA-based tests and a genomic profiling platform to screen for minimal residual cancer and determine how a particular cancer patient will react to available targeted therapies. The platform is currently available in 125 hospitals across the United States via the StrataNGS trial and is expected to have a massive commercial rollout by the end of this year.
• In July 2021, a gene sequencing test developed by molecular pathologists from NYU Langone Health and its Laura and Isaac Perlmutter Cancer Center received 510(k) clearance from the U.S. FDA. The test, YU Langone Genome Profiling of Actionable Cancer Targets (PACT) test detects abnormalities in the DNA sequence of over 607 genes by leveraging next-generation sequencing (NGS) to guide treatment decisions for patients diagnosed with cancer.
• In August 2021, Exact Sciences Corp. announced that its Oncotype DX Breast Recurrence Score Program has received approval from the Japanese Ministry of Health to help guide and understand chemotherapy treatment approach and offer risk assessment of cancer recurrence in patients with ER-positive, HER2-negative breast cancer.

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Some Key Highlights in the Report:

• Genomics segment is expected to register a CAGR of 9.4% during the forecast period owing to increasing investment to accelerate genomic research, application of genomic technologies in tumor profiling, and development of targeted therapies based on genetic makeup. Genomic analysis plays a critical part in detection and profiling of tumors based on the occurrences of genetic variations and mutations and can easily identify cancer in a time- and cost-efficient manner and this is expected to further contribute to the revenue growth of the segment going ahead.
• Immunoassay segment is expected to account for largest revenue share in the global market between 2020 and 2027 owing to increasing use of immunoassay technique to detect tumors, diagnose cancer, and determine treatment approaches. These tests offer vital information about the prognosis and clinical outcome of cancer that can help in reducing the severity of cancer, slow down progression of the diseases, determine correct therapeutic approaches, and improve overall quality of patients' lives.
• Research segment is expected to register significant revenue growth over the forecast period owing to increasing preference and demand for personalized therapeutic approaches, development of advanced tumor profiling testing, and rising investment and funding in research institutes to accelerate molecular biology research and development activities.
• North America accounted for a 37.2% revenue share in the global market in 2019 and is expected to register considerable revenue growth over the forecast period owing to rapid advancements in clinical research, availability of state-of-the-art research and healthcare facilities, increasing awareness among individuals regarding precision medicine, rising number of FDA approvals and clinical trials, and presence of key market players in the region.

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For the purpose of this report, Emergen Research has segmented the cancer tumor profiling market on the basis of technique type, technology, application, and region:

Technique Type Outlook (Revenue, USD Billion; 2017-2027)

• Genomics
• Epigenetics
• Metabolomics
• Proteomics

Technology Outlook (Revenue, USD Billion; 2017-2027)

• Immunoassays
• In Situ Hybridization
• Fluorescence In Situ Hybridization (FISH)
• Chromogenic In Situ Hybridization (CISH)
• Microarray
• Polymerase Chain Reaction (PCR)
• Sequencing Technologies
• Next Generation Sequencing(NGS)
• Pyro Sequencing
• Sanger Sequencing
• Other Technologies

Application Outlook (Revenue, USD Billion; 2017-2027)

• Research Application
• Biomarker Discovery
• Personalized Cancer Medicine
• Clinical Application
• Oncological Diagnostics
• Prognostics
• Monitoring and Treatment
• Screening

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Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Spain
• Italy
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• Israel
• South Africa
• Rest of MEA

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