Global Cancer Profiling Market to Reach US$ 31.4 Billion by 2031; The Consumables Product Segment Accounted for More Than 60.0% Share in 2022

Wilmington, Delaware, United States, June 27, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The Global Cancer Profiling Market is estimated to flourish at a CAGR of 10.3% from 2023 to 2031. According to Transparency Market Research, the revenue generated from cancer profiling is projected to reach approximately US$ 31.4 billion by the conclusion of the specified assessment period.

The integration of AI algorithms and machine learning techniques is revolutionizing cancer profiling. AI can analyze vast amounts of genomic data, enabling clinicians and researchers to identify hidden patterns, predict treatment responses, and personalize therapies for patients.

Traditional tissue biopsies have limitations, but liquid biopsies offer a promising alternative. By analyzing circulating tumor cells, cell-free DNA, and exosomes, liquid biopsies provide real-time and non-invasive cancer profiling. The development of sensitive and specific liquid biopsy technologies has the potential to transform early detection, treatment monitoring, and recurrence surveillance.

Cancer profiling plays a pivotal role in the advancement of precision medicine. By analyzing genetic alterations and molecular markers, healthcare providers can tailor treatments to the specific genomic profile of individual patients. This personalized approach enhances treatment efficacy, reduces adverse effects, and improves patient outcomes.

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Cancer profiling enables the identification of specific molecular targets and driver mutations, leading to the development of targeted therapies. These therapies focus on disrupting cancer cells’ specific vulnerabilities, increasing treatment efficacy, and reducing systemic toxicity compared to conventional chemotherapy. Integrating genomic, proteomic, transcriptomic, and metabolomic data allows a comprehensive view of cancer biology. This holistic approach enables a deeper understanding of tumor heterogeneity, treatment resistance mechanisms, and the identification of novel therapeutic targets.

The cancer profiling field is witnessing a shift towards increased data sharing and collaboration among researchers, clinicians, and pharmaceutical companies. This collective approach fosters knowledge exchange, accelerates discoveries, and enhances the development of innovative profiling techniques and therapies.

Key Findings of the Market Report

• Immunohistochemistry analyzers and consumables (reagents & kits) dominate the cancer profiling market, as they are essential tools for studying protein expression patterns and biomarkers in tumor samples.
• Among the technologies in the cancer profiling market, Next Generation Sequencing (NGS) has emerged as the most dominating technology due to its ability to provide comprehensive genomic information and identify novel genetic alterations.
• Breast cancer is the most dominating cancer type in the cancer profiling market.

Cancer Profiling Market Growth Drivers & Trends

• The continuous evolution of genomic technologies, such as next-generation sequencing (NGS), enables faster and more comprehensive analysis of cancer genomes. This drives growth in the cancer profiling market by facilitating precise identification of genetic alterations and molecular markers.
• The shift towards personalized medicine is driving the demand for cancer profiling. With the growing understanding of tumor heterogeneity and the development of targeted therapies, healthcare providers require comprehensive profiling to tailor treatments to individual patients’ genetic profiles.
• The increasing incidence of cancer worldwide is a significant driver of the cancer profiling market. As the global burden of cancer grows, there is a higher demand for accurate and efficient profiling techniques to aid in early diagnosis, treatment selection, and monitoring.
• AI and machine learning algorithms are being integrated into cancer profiling processes, enabling efficient analysis of large datasets. These technologies can identify patterns, predict treatment responses, and assist in clinical decision-making, leading to improved patient outcomes.
• Collaboration among researchers, clinicians, and pharmaceutical companies is crucial for advancing cancer profiling. The sharing of data, knowledge, and resources fosters innovation and accelerates the development of novel profiling techniques, biomarkers, and therapies

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Global Cancer Profiling Market: Regional Profile

• North America holds a significant share, driven by robust healthcare infrastructure, increasing cancer prevalence, and substantial investments in research and development.
• Europe follows closely, characterized by advanced healthcare systems and a focus on precision medicine.
• The Asia-Pacific region shows immense growth potential due to rising awareness, improving healthcare infrastructure, and expanding initiatives for cancer diagnosis and treatment.
• Emerging economies in Latin America and the Middle East are witnessing growing adoption of cancer profiling technologies, driven by increasing healthcare spending and improving access to advanced diagnostics.

Cancer Profiling Market: Competitive Landscape

The competitive landscape of the cancer profiling market is highly dynamic and marked by intense competition among key players. Leading companies are investing in research and development activities to develop innovative profiling technologies and expand their product portfolios.

Strategic collaborations, mergers, and acquisitions are common strategies employed to gain a competitive edge. Market players are focusing on enhancing their global presence through geographical expansions and partnerships with research institutions and healthcare organizations to tap into new markets and strengthen their market position. Some prominent manufacturers are as follows:

• 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.
• Guardant Health

Some important developments with regard to cancer profiling are as follows:

• In May 2023, new data from the MONITOR-HF trial showed that using Abbott’s CardioMEMS HF System in heart failure patients led to significant improvements in patient-reported quality of life and a 44% reduction in heart failure-related hospitalizations. This marks the third clinical trial globally to demonstrate the system’s health benefits and quality-of-life enhancements for heart failure patients. The system, combined with guideline-directed medical therapy, offers promising results in managing chronic heart failure.

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Cancer Profiling Market: Key Segments

By Product

• Instruments
  • Immunohistochemistry Analyzers
  • In Situ Hybridization Instruments
  • Polymerase Chain Reaction Instruments
  • DNA Sequencers
  • Fragment Analyzers
• Consumables

By Technology

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

By Cancer Type

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Melanoma
• Others

By End-user

• Hospitals
• Diagnostic Centers
• Cancer Research Institutes
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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