Demand for Cancer Profiling Market To Soar from Use Industries and Push Revenues in Market : FactMR
Cancer profiling has emerged as one of the leading approaches used in identification, prognosis, research analysis and treatment of various cancers. Various approaches such as proteomics, genomics, and metabolomics are being used in cancer profiling. Also, precision medicine treatment is being adopted on a large scale in order to analyze individual genetic profiles and offer personalized treatments. Moreover, cancer is the focus of precision medicine. Moreover, around 631 cancer therapies are in the global oncology research and development pipeline. Next-generation sequencing in the cancer profiling is helping in identifying multiple tumor mutations. Many cancer centers have already adopted next-gen sequencing-based genetic profiling using target gene capturing. Oncologists across the world are using cancer profiling method along with the rise in adoption of cancer biomarkers for tumor profiling. Moreover, factors including point-of-care diagnostic test, and rising demand for personalized medicine is offering opportunities for leading companies in the cancer profiling market.
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As per the research report compiled by Fact.MR, the global cancer profiling market is expected to witness strong growth, registering 17.7% CAGR during the forecast period 2017-2026. By the end of 2026, the global cancer profiling market is estimated to reach US$ 122,129.6 million revenue. Increasing incidences of new cases of cancer are resulting in the rising use of cancer profiling. As per National Cancer Institute, new cancer cases are likely to reach 22 million within next two years. Moreover, increasing adoption of precision medicine treatment is also driving the demand for cancer profiling. Below are the few insights on how the global cancer profiling market will perform in the coming years.
Forecast Highlights on Global Cancer Profiling Market
1- North America is expected to remain dominant in the global cancer profiling market during the forecast period 2017-2026. Changing lifestyle with increasing consumption of alcohol, smoking is leading to the increasing number of people suffering from cancer. Moreover, increasing investment in research and development activities are driving the demand for cancer profiling in the region.
2- Asia Pacific Excluding Japan (APEJ) and Europe are also witnessing significant growth in the cancer profiling. Increasing incidence of lung cancer and prostate cancer in central, eastern, and southern Europe is driving the demand for cancer profiling. Meanwhile, breast cancer is the most diagnosed cancer among women in China and India.
3- Next-generation sequencing is expected to be the highly-preferred technique in cancer profiling market. By the end of 2026, next-generation sequencing is estimated to reach 62,000 million revenue.
4- Pharmaceutical and biotech companies are expected to be the largest users of cancer profiling. Pharmaceutical and biotech companies are estimated to surpass US$ 52,400 million revenue by the end of 2026.
5- Diagnosis is expected to witness significant growth in the global cancer profiling market. By the end of 2026, diagnosis is estimated to surpass US$ 40,000 million in terms of revenue.
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The report has also profiled leading players in the global market for cancer profiling, which will remain active through 2026. These include companies such as Roche Holdings, Caris Life Sciences, GenScript, Illumina, Inc. (U.S.), Proteome Sciences PLC, BioTheranostics, NeoGenomics Laboratories, RiboMed Biotechnologies Inc., Genomic Health Inc., Oxford Gene Technology Ltd., and Agendia.
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How Lucrative is the U.S. Cancer Profiling Market?
The United States is expected to garner significant share in the cancer profiling landscape. A study conducted by the American Cancer Society projects a substantial increase in the incidence of numerous cancers across the country in 2021. It estimates that, over 1.8 million people are expected to suffer from some or the other malignancy, with over 600 thousand deaths. Therefore, government initiatives have been undertaken to contain the spread of this debilitating disease. These include launching awareness campaigns and promoting highly advanced cancer profiling and detection research.
The National Cancer Institute has been playing a pivotal in advancing sophisticated cancer research studies and initiatives, including on cancer biology, cancer genomics, and cancer prevention. At present, the agency is working on determining the efficacy of patient derived xenograft (PDX) mice-based clinical trials. These mice largely retain the genetics of human tumors from which they were initially created. This is expected to reassure clinicians about the validity of novel cancer treatment and detection studies and approaches.
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