Genomic Cancer Panel and Profiling Market Size is valued at USD 9.29 Bn in 2022 and is predicted to reach USD 18.69 Bn by the year 2031 at a 8.38% CAGR during the forecast period for 2023-2031.
Genomic cancer panels and profiling are cutting-edge method for early cancer detection that studies tumour genetic features before symptoms manifest. One of the main benefits of using these panels is the extensive genetic information they may give, which helps with early detection and creating individualized treatment programs. Genomic cancer panels and profiling can revolutionize cancer treatment, which is driving demand in the industry. Greater emphasis on early diagnosis as part of cancer patient therapy has contributed to the meteoric surge in the worldwide genomic cancer panel and profiling industry. The increasing demand for liquid biopsy tests is also driving industry growth. Furthermore, the rising cancer risk associated with people's changing lifestyles is another factor influencing the expansion of the industry.
However, the market growth is hampered by the lack of awareness criteria for the safety and health of the genomic cancer panel and profiling market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high genomic cancer panel and profiling, because the search for, creation of, and validation of biomarkers for use in cancer detection and prognosis incur substantial financial costs. There must be proof for the clinical field to use a newly developed candidate biomarker. Potential biomarkers are being found at a rate that is much faster than they can be validated.
The high prices of these tests make them difficult for patients to afford, which will likely limit their usage in cancer profiling. Strict restrictions imposed by the coronavirus outbreak, such as limiting contact and implementing lockdown precautions, have hindered regular cancer screenings. Counts of cancer have plummeted as a result of a considerable decrease in the false positives caused by COVID-19 infections, which include lung cancer and mild respiratory disease. COVID-19 may have an outsized impact on cancer patients compared to the overall population.
Competitive Landscape
Some Major Key Players In The Genomic Cancer Panel and Profiling Market:
- Agilent Technologies, Inc.
- ARUP Laboratories
- Burning Rock DX
- Caris Life Sciences
- Thermo Fisher Scientific, Inc.
- Danaher Corporation (Integrated DNA Technologies, Inc.)
- Exact Sciences Corporation
- Hoffmann-La Roche Ltd
- Fulgent Genetics
- Genecast Biotechnology Co., Ltd
- Illumina, Inc.
- Invitae Corporation
- QIAGEN N.V.
- NeoGenomics, Inc.
- Sysmex Corporation
- HTG Molecular Diagnostics, Inc.
- Predictive Oncology, Inc.
- NanoString Technologies, Inc.
- Guardant Health, Inc.
- Foundation Medicine
- Genscript Biotech Corporation
- Tempus Labs
- Hologic, Inc.
- Others
Market Segmentation:
The genomic cancer panel and profiling market is segmented based on tissue testing, cancer panel type, cancer type, application, technology and end user. Based on tissue testing, the market is segmented into solid and liquid tissue testing. The market is segmented by cancer panel type into single-gene and multi-gene panels. As per the cancer type, the market is segmented into lung cancer, breast cancer, colon cancer, prostate cancer, and other cancers. According to application segment is categorised into clinical and research. By technology, the market is segmented into next-generation sequencing (NGS), polymerase chain reaction (PCR), fluorescence in-situ hybridization (FISH), immunohistochemistry (IHC), and others. By end user, the market is segmented into hospitals, clinical and diagnostic laboratories, and research and academic institutes.
Based On The Tissue Testing, The Liquid Tissue Testing Genomic Cancer Panel And Profiling Market Segment Is A Major Contributor To The Genomic Cancer Panel And Profiling Market.
The liquid tissue testing genomic cancer panel and profiling market is expected to hold a major global market share in 2022. liquid tissue testing is quickly becoming the method of choice in the global genomic cancer panel and profiling industry. This bodes well for the future of cancer research and treatment, as liquid sample testing is likely to supersede more conventional approaches.
Research And Academic Institutes Segment To Witness Growth At A Rapid Rate.
Research and academic institutes comprise the bulk of genomic cancer panels and profiling because research institutes substantially facilitate the development of new cancer medicines and improve cancer diagnostics. Research institutions rely on gene panels and profiling tests for patient evaluations because they are leaders in clinical trials and drug development, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Genomic Cancer Panel And Profiling Market Holds A Significant Revenue Share.
The North American genomic cancer panel and profiling market is estimated to lead with the maximum market revenue share in the near future. It can be attributed to because of the high concentration of major international corporations in the area, the rising cancer rate, and the widespread use of biomarkers in medication development. In addition, Asia Pacific is estimated to grow rapidly in the global genomic cancer panel and profiling market because different methods are being used in diagnostic centres, and more people are becoming aware of therapy procedures.
Recent Developments:
- In April 2023, Agilent Technologies Inc. has introduced the Agilent SureSelect Cancer CGP Assay, specifically developed for the analysis of genetic variations in various types of solid tumors. The design of the pan-cancer test was formulated using a Next-Generation Sequencing (NGS) panel. This panel consisted of 679 genes that were carefully selected from prominent cancer databases worldwide. The development of this panel was done in collaboration with recognized clinical cancer researchers. The test workflow demonstrated high efficiency, allowing for automation and adaptability, hence increasing the accessibility of tumor molecular profiling to a wide range of clinical researchers.
- In March 2022, Illumina, Inc. has introduced TruSight™ Oncology (TSO) Comprehensive (EU), a novel assay that examines several tumor genes and biomarkers to uncover the precise molecular characteristics of a patient's cancer. The in vitro diagnostic (IVD) kit was initially introduced in Europe, serving as a valuable tool for guiding precision medicine choices for cancer patients throughout the continent.
Genomic Cancer Panel and Profiling Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 9.29 Bn |
|
Revenue Forecast In 2031 |
USD 18.69 Bn |
|
Growth Rate CAGR |
CAGR of 8.38 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Tissue Testing, By Cancer Panel Type, By Cancer Type, By Application, By Technology, By End User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Agilent Technologies, Inc., ARUP Laboratories, Burning Rock DX, Caris Life Sciences, Thermo Fisher Scientific, Inc., Danaher Corporation (Integrated DNA Technologies, Inc.), Exact Sciences Corporation, F. Hoffmann-La Roche Ltd, Fulgent Genetics, Genecast Biotechnology Co., Ltd, Illumina, Inc., Invitae Corporation, Qiagen N.V., NeoGenomics, Inc., Sysmex Corporation, HTG Molecular Diagnostics, Inc., Predictive Oncology, Inc., NanoString Technologies, Inc., Guardant Health, Inc., Foundation Medicine, Genscript Biotech Corporation, Tempus Labs, Hologic, Inc., Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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