Newark, NJ, Feb. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cancer profiling market is expected to grow from USD 8.46 billion in 2020 to USD 18.53 billion by 2028, at a CAGR of 10.3% during the forecast period 2021-2028.
CTP or cancer tumor profiling evaluates mutations, the characteristics, and the metabolism of a tumor. This helps in developing effective therapies for treatment. Next-generation sequencing allows for complete exome sequencing, examining all the protein-coding regions of a genome. Whole-genome sequencing is helpful in evaluating different areas of protein-coding & protein non-coding regions in a genome. Some of the key factors that are advancing the growth of the global cancer profiling market are increasing research in omics science application in cancer profiling, scientific advances in biotechnology, rising cases of cancer worldwide, growing personalized medicine demand, increase funding for cancer research, and the growing popularity of biomarkers being used in cancer tumor profiling.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the cancer profiling market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market. Other growth restraining factors are strict regulations and technical difficulties in sample collection & sample storage.
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Key players operating in the global cancer profiling market include Illumina, Inc., NeoGenomics Laboratories, Inc., Genomic Health Inc., Helomics Corporation, NanoString Technologies, Inc., Ribomed Biotechnologies, Inc, Roche Diagnostics, Tempus Labs, Histogene X, and GenScript Biotech Corporation, among others. To gain a significant market share in the global cancer profiling market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. NeoGenomics Laboratories, Inc. and Ribomed Biotechnologies, Inc are some of the biggest players in the global cancer profiling in the global market.
- Illumina had collaborated with IDbyDNA in 2020 to provide NGS Infectious Disease remedies. The goal of the collaboration is to implement clinical infectious disease tests by NGS. This collaboration will create next-gen applications with advanced bioinformatics software that will convert raw data into actionable information.
- Illumina bought Edico Genome in 2018, a major supplier of NGS data analysis technology, to optimize genomic data processing.
Genomics segment dominated the market and held the largest market share of 26.1% in the year 2020
Based on technique, the global market is segmented into metabolomics, genomics, epigenetics, and proteomics. The genomics segment dominated the market and held the largest market share of 26.1% in the year 2020. Genomics offers various benefits such as better screening time, low cost, and assistance in identifying large-sized evaluated genomes.
Sequencing techniques segment dominated the market and held the largest market share of 24.65% in the year 2020
The technology segment consists of in situ hybridization, microarray, qPCR, sequencing techniques, and immunohistochemistry. The sequencing techniques segment dominated the market and held the largest market share of 24.65% in the year 2020. The sequencing techniques segment has been further divided into pyro sequencing, sanger sequencing, and NGS (Next-Generation Sequencing). Next-Generation Sequencing is a cutting-edge sequencing technology that is employed for accurate genomic sequencing of DNA tumors.
Research segment dominated the market and held the largest market share of 46.89% in the year 2020
On the basis of application, the cancer profiling market has been divided into oncological diagnostics, personalized medicine, and research. The research segment dominated the market and held the largest market share of 46.89% in the year 2020. The research segment has been further segmented into biomarker discovery and cancer research. Due to rapid advancement in personalized targeted therapy & gene profiling solutions, biomarker plays a vital role in developing drug regimens for cancer patients. Genome-based prognostic biomarkers are presently being employed in the prognosis of various types of cancers at early clinical stages along with assisting in therapy & drug development.
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Regional Segment Analysis of the Cancer Profiling Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global cancer profiling market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 48.39% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the existence of key players, advancement in technology, increasing prevalence of cancer, and growing investment in oncology research to discover new treatments. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like large population size, advancements inmedical science, and rising disposable income. Emerging economies like India, Brazil, and China are especially lucrative, considering their growth potential.
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About the report:
The global cancer profiling market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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