Cancer Profiling Global Market Report 2024

The cancer profiling market size has grown rapidly in recent years. It will grow from $11.93 billion in 2023 to $13.4 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth observed in the historical period concerning cancer profiling can be attributed to several factors, including the increase in cancer incidence rates, the advancement and adoption of precision medicine approaches, the clinical utilization of biomarkers, ongoing developments in drug discovery leading to targeted therapies, as well as heightened awareness and advocacy efforts by patients and advocates within the medical community.

The cancer profiling market size is expected to see rapid growth in the next few years. It will grow to $20.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. Anticipated growth in the upcoming period in the field of cancer profiling can be associated with several key factors. These include the integration of artificial intelligence into diagnostic procedures, increased global collaborations in research efforts, broader applications of liquid biopsy techniques, supportive regulatory frameworks promoting precision medicine, and a growing emphasis on early detection strategies. Major trends expected in the forecast period encompass the dominance of liquid biopsy methods, the adoption of comprehensive genomic profiling techniques, the prominence of immunoprofiling methodologies, the establishment of collaborative data-sharing networks, and the utilization of single-cell sequencing approaches in cancer profiling and research.

The anticipated rise in the incidence of cancer is poised to drive the growth of the cancer profiling market in the coming years. Cancer incidence, representing the number of new cancer cases within a specific population during a defined period, is on the ascent due to factors such as urbanization, an expanding aging demographic, evolving lifestyles, and various environmental and genetic influences. The surge in cancer cases underscores the importance of cancer profiling, a process that identifies specific molecular or genetic alterations in tumors, aiding in the comprehensive understanding and treatment of cancer. In 2022, the American Cancer Society projected an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths in the United States, highlighting the pressing need for advanced profiling techniques to address the increasing cancer burden.

The cancer profiling market is expected to benefit from the escalating funding dedicated to cancer research. Funding for cancer research involves financial support from diverse sources to conduct scientific investigations aimed at advancing knowledge, developing effective treatments, and discovering cures for various types of cancer. The application of cancer profiling facilitates targeted and personalized treatment approaches based on the unique molecular characteristics of individual cancers. Notably, in August 2023, the National Institute of Health (NCI) reported a total funding of $6.4 billion for the fiscal year 2021, reflecting a 1.6% increase from the previous fiscal year. This funding surge is indicative of the concerted efforts to advance cancer research, emphasizing the pivotal role of cancer profiling in shaping the future of cancer diagnosis and treatment.

A prominent trend in the cancer profiling market revolves around technological advancements, as major players strive to develop innovative technologies that fortify their market positions. Roche, a Switzerland-based multinational healthcare company, exemplifies this trend through the introduction of the AVENIO Edge System in December 2021. The AVENIO Edge System represents a significant leap in next-generation sequencing (NGS) technologies, offering an entirely automated solution for the sample preparation workflow in cancer profiling. This system spans DNA sample input to the production of sequencing-ready libraries, ensuring thorough testing, consistent results, and high-quality findings for precision medicine. The AVENIO Edge System stands as a testament to the ongoing commitment to technological innovation within the cancer profiling market.

Key players in the cancer profiling market are strategically focusing on the development of innovative in-vitro diagnostic test kits to optimize the treatment of advanced non-small cell lung cancer (NSCLC). In-vitro diagnostic test kits are specialized medical devices designed for the analysis of specimens, such as blood or tissue, outside the living organism (in vitro). One notable example is Qiagen, a leading Germany-based provider of sample and assay technologies. In May 2022, Qiagen launched the Thera screen EGFR Plus RGQ PCR Kit, an in-vitro diagnostic test specifically crafted for the sensitive analysis of EGFR mutations in non-small cell lung cancer (NSCLC) treatment. This real-time quantitative polymerase chain reaction (qPCR) test enhances detection limits, ensures faster turnaround times, and streamlines the process with automated sample extraction and results analysis. Notably, the kit now encompasses the detection of the C797S mutation, a crucial biomarker indicating resistance to third-generation EGFR tyrosine kinase inhibitors. This strategic development underscores the commitment of major industry players to advancing precision diagnostics in cancer treatment.

In August 2021, Illumina, a prominent US-based company specializing in DNA sequencing and genomic analysis, successfully completed the acquisition of GRAIL for an undisclosed sum. This strategic move is anticipated to expedite patient access to crucial multi-cancer early-detection tests, potentially leading to significant advancements in cancer diagnosis and treatment. GRAIL, the target of this acquisition, is a distinguished US-based healthcare company known for its expertise in the development of tests specifically designed for the early detection of various types of cancer.

Major companies operating in the cancer profiling market report are Illumina Inc., Qiagen NV, NeoGenomics Inc., Sysmex Corporation, HTG Molecular Diagnostics Inc., Caris Life Sciences, NanoString Technologies Inc., Guardant Health Inc., Foundation Medicine Inc., Roche Diagnostics Corporation, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Genscript Biotech Corporation, Tempus Labs Inc., Hologic Inc., Predictive Oncology Inc., Abbott Laboratories, Agilent Technologies Inc., PerkinElmer Inc., Siemens Healthineers, Genomic Health Inc., Natera Inc., ArcherDX Inc., Personal Genome Diagnostics Inc., Enzo Biochem Inc., Cancer Genetics Inc., OncoDNA SA, Ribomed Biotechnologies Inc., Biocartis Group NV, N-of-One Inc., Cynvenio Biosystems Inc., Inivata Ltd., Burning Rock Biotech Limited, PathAI Inc., GENEWIZ Inc., Genoptix Inc., Oncomine Dx Target Test, OmniSeq Comprehensive, Resolution Bioscience, OncoCyte Corporation.

North America was the largest region in the cancer profiling market in 2023. The regions covered in the cancer profiling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cancer profiling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key technologies involved in cancer profiling encompass immunoassays, PCR (polymerase chain reaction), NGS (next-generation sequencing), microarrays, and in-situ hybridization. Immunoassays represent laboratory tests designed to measure the concentration of specific proteins or other biomolecules found in blood or urine samples. Genomic biomarkers and protein biomarkers are utilized for profiling various cancers, including breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma cancer, and others. These profiling methods find applications in research, clinical diagnostics, screening, prognostics, and other healthcare-related purposes.

The cancer profiling market research report is one of a series of new reports that provides cancer profiling market statistics, including cancer profiling industry global market size, regional shares, competitors with a cancer profiling market share, detailed cancer profiling market segments, market trends, and opportunities, and any further data you may need to thrive in the cancer profiling industry. This cancer profiling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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