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Global Cancer/Tumor Profiling Market Research Report 2023-2030: Multi-Omics Tumor Profiling Advances Fuel Developments, Rising Personalized Medicine Trends Driving Growth | ||
By: PR Newswire Association LLC. - 01 Mar 2024 | Back to overview list |
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DUBLIN, March 1, 2024 /PRNewswire/ -- The "Cancer/Tumor Profiling Market by Biomarker Type (Genetic, Protein) Technology (NGS, PCR, ISH, IHC) Cancer Type (Breast, Lung, Colorectal, Prostate, Leukemia) Application (Clinical, Research) End User (Pharma, Academic, CRO) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering. The global cancer/tumor profiling market is projected to reach $22.3 billion by 2030, at a CAGR of 20.9% from 2023 to 2030. The growth of the cancer/tumor profiling market is attributed to the increasing prevalence of cancer, the rising pharmaceutical R&D expenditures, the growing number of targeted therapies and the discovery of new actionable biomarkers, increasing investments in cancer research, the declining costs of NGS-based profiling, and advancements in multi-omics tumor profiling. However, the high capital investments required for NGS setups and long turnaround times restrain the growth of this market. North America is expected to account for the largest share of the cancer/tumor profiling market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's significant market share can be attributed to factors such as the rising burden of cancer, the presence of key market players, well-established healthcare infrastructure, and government initiatives aimed at bolstering cancer research efforts. The large market share of this segment is attributed to the effectiveness of genetic biomarkers as targets for therapeutic treatments, their role in enhancing treatment delivery, and their utility in facilitating convenient disease diagnosis. The large market share of the segment is attributed to the growing adoption of NGS in cancer/tumor profiling, its ability to provide faster and more accurate genetic testing, the rapidly declining cost of sequencing per base, and the introduction of cost-effective benchtop laboratory sequencers. In 2023, the breast cancer segment is expected to account for the largest share of the cancer/tumor profiling market. The increase in breast cancer cases, government initiatives promoting breast cancer treatment, increasing healthcare expenditure, and reimbursement for certain profiling technologies such as NGS have propelled the demand for cancer/tumor profiling for breast cancer. The large market share of this segment is attributed to the rising incidence of cancer, the growing demand for precision medicine, the increased discovery of biomarkers, and the availability of cost-effective advanced profiling technologies like NGS and PCR for research applications. The large market share of this segment is attributed to the declining costs of sequencing, the development of companion diagnostics and precision medicine, and the high demand for cancer/tumor profiling from pharmaceutical and biopharmaceutical companies, primarily for biomarker discovery purposes. Market Insights
Company Profiles
Competition Analysis
Scope of the Report: Cancer/Tumor Profiling Market Assessment - by Biomarker Type
Cancer/Tumor Profiling Market Assessment - by Technology
Note: Other technologies include immunoassays, microarrays, mass spectrometers, Sanger sequencing, pyrosequencing, and fragment analysis
Cancer/Tumor Profiling Market Assessment - by Cancer Type
Note: Other cancer types include bladder cancer, melanoma, kidney cancer, stomach cancer, ovarian cancer, thyroid cancer, and head & neck cancers
Cancer/Tumor Profiling Market Assessment - by Geography
For more information about this report visit https://www.researchandmarkets.com/r/kfrb6x About ResearchAndMarkets.com
Research and Markets Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg SOURCE Research and Markets |
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Copyright 2024 PR Newswire Association LLC. | Back to overview list |