CHICAGO, July 14, 2020 /PRNewswire/ -- According to the new market research report "Cancer/Tumor Profiling Market by [Technology (Immunoassay, NGS, PCR, In-Situ Hybridization, Microarray), Cancer Type (Breast, Lung, Colorectal, Prostate, Melanoma)], Biomarker Type (Genomic, Protein), Application, Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Cancer Profiling Market size is projected to reach USD 13.9 billion by 2025 from USD 8.3 billion in 2020, at a CAGR of 10.9% during the forecast period.
The increasing incidence of cancer across the globe and the growing use of biomarkers in tumor profiling are the primary growth drivers for this market. In addition, the increase in cancer research and funding initiatives and technological advancements in profiling technologies are also propelling the growth of the Tumor Profiling Market. The increasing demand for personalized medicine and the growing need for point-of-care diagnostics is expected to offer significant growth opportunities for market players during the forecast period. On the other hand, the high capital investment required for biomarker discovery and the technical issues with sample collection and storage are the key factors restraining market growth to a certain extent.
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Due to the COVID-19 outbreak, there has been a significant drop in cancer testing and diagnosis due to measures and resources implemented towards coronavirus. However, several patients affected with COVID-19 were people with malignancies, due to which cancer has been identified as a risk factor for COVID-19. Research in this area is further undertaken to understand the dynamics of the infection better, which is expected to propel the cancer research field further. On the other hand, we are estimating that the major share of tumor diagnostic and prognostic testing of cancer, along with personalized medicine, will grow at a stable pace in the next five years. There is a huge deferment of treatment schedule of surgeries, radiation therapy, and chemotherapy sessions. Hence, the cancer treatment of surgeries, radiation therapy, and chemotherapy sessions should come to the levels of 2019 by the first quarter of 2021.
By technology, the immunoassay segment is expected to account for the largest share of the Tumor Profiling Market
Based on technology, the Cancer Profiling Market has been segmented into immunoassays, in situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), mass spectrometry, microarrays, and other technologies. The immunoassays segment accounted for the largest market share of 2019. These assays are used as a gold standard to conduct tumor profiling on a large scale as they help measure the presence and concentration of analytes in a sample. These tests are used for cancer diagnosis, prognosis, and treatment decisions. Moreover, the information gained by these tests in clinical settings helps shorten hospital stays and decrease the severity of illnesses by identifying and assessing the progression of the disease, leading to improved therapeutic choices.
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Breast Cancer dominated the Cancer Profiling Market in 2019
Based on cancer type, the market has been segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. The breast cancer segment accounted for the largest share in 2019 in Tumor Profiling Market, followed by lung cancer. The high prevalence of breast cancer across the globe is the major factor contributing to the large share of this segment. However, the lung cancer segment is expected to register the highest CAGR during the forecast period. The increasing incidence of lung cancer worldwide and the rising need for early diagnosis are supporting the growth of this segment.
The protein biomarker segment is expected to rise due to high adoption of proteomic methods for biomarker research to improve the drug development process during the forecast period
Based on biomarker type, the market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers. The protein biomarkers segment is estimated to grow at the highest CAGR of during the forecast period majorly due to the increasing adoption of proteomic methods for biomarker research to improve the drug development process. They also showcase the enormous potential for directing personalized cancer therapy and treatment monitoring.
The research segment is the fastest-growing segment to increasing focus on biomarker discovery of drug development
Based on applications, the Cancer/Tumor Profiling Market is segmented into research and clinical applications. The research applications segment accounted for the largest share of the Tumor Profiling Market in 2019. The increasing focus on biomarker discovery for drug development along with the rapidly growing field of personalized medicine are expected to propel the growth of this segment. Additionally, the increased funding for cancer research is driving the growth of the market.
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Asia Pacific to dominate the Cancer/Tumor Profiling Market during the forecast period
Asia Pacific is estimated to be the largest market for market during the forecast period. The high-growth countries, such as China, India, South Korea, Australia, and Singapore, are the major contributors to the Asia Pacific Cancer Profiling Market. Asia Pacific is expected to be the fastest-growing regional market for cancer/tumor profiling majorly due to the high cancer incidence, growing proteomics and genomics research, increasing research funding, rising investments by pharmaceutical and biotechnology companies, growing awareness about personalized therapeutics, and increasing research activities in the field of mAb-based therapeutics in several APAC countries.
The prominent players in this market are Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), HTG Molecular Diagnostics, Inc. (US), Genomic Health Inc. (US), Caris Life Sciences (US), Helomics Corporation (US), NanoString Technologies, Inc. (US), Sysmex Corporation (Japan), Roche Diagnostics(Switzerland).
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