Award winning market research company Fact.MR has recently published the global cancer profiling market report. According to its findings, growth prospects for the current year appear highly positive, fueled by increasing initiatives to promote advanced oncology research. Long-term prospects also appear optimistic, with Fact.MR projecting a CAGR of nearly 5% through 2031.
The market received major tailwinds in the past, registering an absolute opportunity worth US$ 36 million in 2019, expanding at an annual rate of around 4%. Gains were especially evident in the breast cancer segment, attributed to growing approvals of treatment approaches by regulatory bodies. For instance, in 2019, the Food & Drug Administration approved a supplemental new drug application for palbocicib (IBRANCE) to expand approved indications in women with hormone receptor (HR)-positive and HER2-negative metastatic breast cancer (MBC) in combination with a fulvestrant.
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Opportunities abound across the lung cancer segment, with prominent cancer profiling testing kit providers vying for targeted therapies. Players such as AstraZeneca are at the forefront of non-small cell lung cancer therapy (NSCLC). The company specializes in offering tissue-based diagnostics and plasma-based (ctDNA) diagnostics. Its approach targets the epidermal growth factor receptor (EGFR), which occurs in 10-15% of NSCLC patients.
Key Takeaways from Market Study
- By indication, non-small cell lung cancer (NSCLC) is likely to aggrandize impressively through 2031
- Fluorescence in-situ hybridization (FISH) instruments to experience high sales
- The U.S. to experience heightened growth amid increasing cancer prevalence amongst the population
- The U.K. to receive tailwinds amid increasing biological research programs to test diagnostics efficacy
- Robust institutional frameworks to accelerate oncology research pivoting cancer profiling expansion across Germany
- India to emerge as a heavyweight in the cancer profiling market, attributed to increasing prevalence in the wake of an exponential population upswing
“Increasing prevalence of debilitating cancers across the developing world is prompting governments to bolster advanced cancer diagnostics and treatment research, prompting increased penetration of cancer profiling solution providers across these market. Opportunities are aplenty across India and China, the regions with the world’s highest population base,” remarks a Fact.MR analyst.
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As per Fact.MR’s analysis, prominent players operating in the global cancer profiling landscape include F. Hoffmann La Roche Ltd., QIAGEN NV, Siemens Healthineers, HTG Molecular Diagnostics Inc., Biogenex, Pacific Biosciences of California Inc., Abbott, Illumina Inc., and Thermo Fisher Scientific Inc.
These aforementioned players rely on collaborations, acquisitions, and introduction on new technologies in cancer profiling tests to acquire a firm footing. For instance, in August 2020, Siemens Healthineers acquired Varian Medical Systems to effectively leverage its cancer treatment business, for a sum of approximately US$ 16.4 billion.
In August 2020, HTG Molecular Diagnostics Inc. announced the release of its EdgeSeq Reveal Version 3.0 equipped with additional applications and software functionalities. The platform is now equipped with the EdgeSeq Pan B-Cell Lymphoma Panel to assess malignancy in cells.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global cancer profiling market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (instruments and consumables), indication (breast cancer, colorectal cancer, ovarian cancer, melanoma, kidney cancer, lung cancer (including NSCLC), and rare cancers), and end user (hospitals, diagnostic centers, cancer research institutes, and others), across seven major regions (North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and MEA).
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