Cancer Profiling Market, By Technology (Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC)), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Melanoma Cancer, Others), By Technique (Genomics, Proteomics, Epigenetics), By Application (Personalized Medicine, Diagnostics, Biomarker Discovery, Prognostics), By Region - Global Analysis Forecast Till 2030

The global Cancer Profiling Market will be worth $10.31 billion by 2022 and is expected to be worth US$ 21.12 billion by 2030, with a CAGR of 13.20% from 2022 to 2030.

Drugs that target these mutated kinases can be discovered and developed based on genetic changes. Cancer tumor profiling is regarded as essential for improving the sensitivity of kinase-targeting drugs, which rely on the genetic makeup of individual tumors. Thus, these mutated tumor DNA profiles help design specific anti-cancer therapies.

Research support and funding for cancer research have increased with the discovery of advanced techniques that can potentially reduce the time taken to detect and identify tumors or the stage of advancements. Furthermore, biotechnology firms have made significant investments in developing novel therapies and drug-designing techniques.

Market Dynamics

Opportunities:

The Cancer Profiling Market is distinguished by a strong emphasis on introducing novel vaccines by industry players such as Merck & Co., Inc., GSK plc, and others. However, a lack of product approvals and an imbalance in therapeutic indications in the current vaccine pipeline threaten to create a significant market gap.

Small and mid-sized biotech companies and academic institutions focused on cancer immunization innovation struggle to secure capital and investments for vaccine production. As a result, adopting new collaborative business models can assist these players in reaching global markets and contributing new advanced products to the Cancer Profiling market.

Several mid-sized immunotherapy players involved in the research and development of prophylactic and therapeutic vaccines are now collaborating with major industry companies to conduct clinical trials to evaluate vaccine safety and efficacy. Such collaborations among market players increase the likelihood of technologically advanced products, thus increasing the Cancer Profiling market share.

Restraints

Cancer is a complex and heterogeneous disease that is one of the leading causes of death worldwide. Preventive cancer vaccines treat cancer by strengthening the body's natural anti-cancer defenses, whereas therapeutic vaccines target cancer cells rather than the cause of cancer. Furthermore, these vaccines are immunotherapy with limited product approvals globally, covering only a few cancer types.

Some cancer types (colon, breast, and non-lymphoma) Hodgkin's are further classified based on molecular subtypes. Furthermore, the expression of markers within the same tumor varies according to the location or stage of cancer. For such cancer types to have a better prognosis, more precise treatment approaches, other than cancer vaccines, are required. These are the some of the factors that are hindering the Cancer Profiling market growth.

Key players:

• Abbott Laboratories

• Becton Dickinson and Compan

• Caris Life Sciences

• Exact Sciences Corporation

• F. Hoffmann-La Roche Ltd

• Hologic Inc.

• HTG Molecular Diagnostics Inc.

• Illumina Inc.

• Laboratory Corporation of America Holdings

• NeoGenomics Laboratories

• Qiagen N.V.

• Siemens AG and Sysmex Corporation

Market Segmentation:

By Cancer Type

• Breast Cancer

• Lung Cancer

• Colorectal Cancer

• Prostate Cancer

• Melanoma Cancer

• Others

By Technology

• Next-Generation Sequencing (NGS)

• Polymerase Chain Reaction (PCR)

• Immunohistochemistry (IHC)

• In-Situ Hybridization (ISH)

• Microarray

• Others

By Technique

• Genomics

• Proteomics

• Epigenetics

• Metabolomics

By Application

• Personalized Medicine

• Diagnostics

• Biomarker Discovery

• Prognostics

• Others

By Region

• North America

• Europe

• Latin America

• Middle East and Africa

• APAC

Regional Analysis:

North America is expected to account for the greatest share of revenue due to the presence of major players and rapid technological advancements. Furthermore, the high prevalence of cancer and increased oncology research to identify and discover novel treatment options will benefit the Cancer Profiling market growth. Another important factor contributing to the regional market's large share is companies producing these diagnostic kits' rapid adoption of advanced technologies.

Asia Pacific is a lucrative region expected to grow significantly during the forecast period due to low penetration, massive untapped markets, and a large population pool.

Scope of the Report:

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