Cancer Profiling Market to Reach US$ 31.4 Billion by End of 2031, Transparency Market Research Inc.

Posted on 2024-03-13 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-13 — /EPR Network/ — Transparency Market Research Inc. –

In 2022, the global Cancer Profiling industry reached a valuation of US$ 13.4 billion. Projections indicate a steady advancement at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2031, with expectations of surpassing US$ 31.4 billion by the end of 2031.

The rise in cancer incidence and heightened investment in cancer research serve as significant catalysts propelling the expansion of the cancer profiling market. Additionally, the increasing demand for consumable products is poised to drive market progress in the foreseeable future. Furthermore, the growing preference for personalized medicine is anticipated to create lucrative opportunities for market players throughout the forecast period.

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Market Introduction:

The practice of cancer profiling entails scrutinizing the molecular and genetic attributes of cancer cells. This thorough examination enables healthcare providers to devise personalized treatment strategies aimed at enhancing outcomes while mitigating adverse effects.

The process of cancer profiling encompasses a meticulous analysis of cancer cells to pinpoint particular mutations and pathways that fuel tumor proliferation. This information serves as a foundation for crafting targeted therapies, which tend to yield greater efficacy and fewer side effects compared to conventional chemotherapy. By employing tumor profiling techniques, healthcare professionals can discern the most suitable treatment modalities tailored to the individual genetic makeup of each patient.

Rise in Incidence of Cancer Fueling Market Development

The surge in global cancer cases serves as the primary driver for the cancer profiling market. Major cancer types such as lung cancer, colorectal cancer, breast cancer, and prostate cancer continue to exert a significant impact on populations worldwide.

The incidence and mortality rates of cancer show a consistent increase globally, attributed to factors including the aging population and shifts in the prevalence and distribution of key cancer risk factors, many of which are linked to socioeconomic development.

To effectively locate and classify cancer cells, there is a growing need for more precise and efficient cancer diagnostic techniques. Consequently, the cancer profiling market is anticipated to experience substantial growth in the coming years, fueled by heightened research and development efforts in the field of cancer profiling.

Key Players:

Abbott Laboratories, Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, HTG Molecular Diagnostics, Inc., Illumina, Inc., PerkinElmer Inc., QIAGEN N.V., Siemens Healthineers, Sysmex Corporation, Thermo Fisher Scientific Inc., Hologic, Inc., and Guardant Health

Segmentation:

Product
- Instruments
  - Immunohistochemistry Analyzers
  - In Situ Hybridization Instruments
  - Polymerase Chain Reaction Instruments
  - DNA Sequencers
  - Fragment Analyzers
- Consumables
  - Reagents & Kits
  - Others

Technology
- Immunohistochemistry
- Next Generation Sequencing
- Polymerase Chain Reaction
- In Situ Hybridization
- Microarrays
- Fragment Analysis
- Others

Cancer Type
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Melanoma
- Others

End-user
- Hospitals
- Diagnostic Centers
- Cancer Research Institutes
- Others

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Regional Outlook:

According to the cancer profiling market report, North America is projected to dominate the global landscape during the forecast period.

Cancer incidences are rising significantly in North America owing to growth in aging population, high rate of obesity, and environmental factors. The region is likely to account for significant cancer profiling market share in the near future.

According to the cancer profiling market research, breast cancer, lung cancer, prostate cancer, and colorectal cancer are the most common types of cancer in North America.

Key Developments:

In April 2023, Agilent Technologies Inc. collaborated with South Korea-based Theragen Bio to improve its precision oncology methods by using advanced bioinformatic (BI) solutions. Agilent Technologies Inc. and Theragen Bio would combine their respective strengths in cancer genomic profiling (CGP) design, engineering knowledge, and software skills to accelerate localized analysis capabilities and treatment decisions.
In July 2022, Guardant Health, a precision oncology company in the U.S., entered into a strategic partnership with Adicon Holdings Limited, an independent clinical laboratory (ICL) company based in China. The partnership would allow biopharmaceutical companies to conduct clinical trials in China by accessing Guardant Health’s comprehensive genomic profiling (CGP) tests.

Key Market Study Points:

Assessment of market dynamics, including drivers, challenges, opportunities, and trends.
Analysis of market segmentation based on service type, sourcing type, application, industry vertical, and region.
Evaluation of regional market trends and growth prospects.
Examination of competitive landscape, recent developments, and strategic initiatives undertaken by key players.

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About Transparency Market Research

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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