Cancer Profiling Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1860
Cancer Profiling Market size is projected to showcase considerable growth with the rising trend for precision-based medicine and the presence of oncology centers. Growing cases of cancer globally and the demand for a biomarker in tumor profiling have added impetus to the market growth.
Cancer profiling is used to check for gene mutations, biomarkers and proteins in a sample of tumor tissue. Some biomarkers may influence how certain cancer treatments work and it may help find a study of new cancer treatment. It has also become an invaluable part of precision medicine, wherein diagnosis, treatment and disease prevention are tailored to the proteins and genes. The market expansion will largely depend upon the expanding presence of biomarker testing.
Market share from the genomic biomarker segment is slated to grow at a notable rate with the rising presence of high-throughput technologies. Biomarkers play a prominent role in the growth of new immuno-oncology drugs that are being used in the drug development pipeline. Genomic profiling capabilities are sought for different tumor types and has leveraged the mapping of the mutational circuitry of cancers, fueling industry expansion.
Illumina announced an oncology collaboration with Kura Oncology, Bristol Myers Squibb, Merck and Myriad Genetics to boost genomic profiling. The collaboration, announced in January 2021, will help them develop standardized and distributable tools for precision oncology.
In terms of cancer profiling technologies, next-generation sequencing (NGS) is a leading area of investment and research. NGS needs merely one test to help clinicians better assess tumor composition, enabling providers to evaluate the problematic mutations. It has brought a paradigm shift in the human genetics’ portfolio, leveraging a cost-effective and robust generation of data.
The U.S. FDA gave a green signal to the first liquid biopsy companion diagnostic using next-generation sequencing (NGS) technology in August 2020. The technology will help detect patients with specific sorts of mutations of the epidermal growth factor receptor (EGFR) gene, taking the shape of non-small cell lung cancer.
Speaking with regards to the cancer types, breast cancer profiling has become instrumental as the number of cancer cases has surged in the past few years. According to the WHO, there were around 2.3 million women diagnosed with breast cancer, with more than half a million succumbing to it globally. Genomics is increasingly contributing to the assessment of breast cancer dynamics. The market value will surge with rising cases of breast cancer in developed regions like North America.
North America cancer profiling market size is poised to witness an upward growth trajectory through 2027. According to the American Cancer Society, there will be close to 2 million new cancer cases diagnosed and half a million related deaths in the U.S. in 2021. Robust government initiatives to enhance cancer prevention, diagnosis and detection will propel the regional presence of cancer profiling. The rising research funding and investments from biotechnology and pharmaceutical companies will drive the industry growth.
Prominent players in the market are Oxford Gene Technology, Genomic Health, NeoGenomics Laboratories, Helomics, Nanostring Technologies, QIAGEN, Illumina, HTG Molecular Diagnostic, Ribomed Biotechnologies and Caris Life Sciences, among others. These industry leaders will focus on organic and inorganic strategies to boost their presence. For instance, QIAGEN joined hands with INOVIO in February 2021 to develop next-generation sequencing (NGS) companion diagnostic for advanced cervical dysplasia. QIAGEN is working to develop and commercialize novel diagnostic tests, while the latter is developing VGX-3100 for pretreatment biomarkers and cervical pre-cancer.
Impact of the COVID-19 on cancer profiling market share
The recent outbreak of the coronavirus has forced people to minimize contact and adhere to lockdown policies, impacting routine screening of cancer. A notable decrease in lung cancer diagnoses may be attributed to COVID-19 being a respiratory disease and patients may assume a slight symptom as the novel coronavirus. Studies claim that patients with cancer may be more vulnerable to COVID-19 than people without cancer. The outbreak has considerably affected the way cancer patients are being diagnosed and the stakeholders will gear to get back to pre-COVID-19 levels.
The pandemic presents a potential growth opportunity in precision medicine that may help in identifying patients who may require cancer treatment. The global market demand will largely depend upon the penetration of NGS and genomic biomarkers.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability