Tumor (Cancer) Profiling Market by Technology and Geography - Forecast and Analysis 2020-2024

The global tumor profiling market size has the potential to grow by USD 4.85 billion during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by technology (immunoassays, next generation sequencing, polymerase chain reaction, and in-situ hybridization) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Abbott Laboratories, Agilent Technologies Inc., Becton, Dickinson and Co., bioMérieux SA, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., QIAGEN NV, Siemens Healthineers AG, and Thermo Fisher Scientific Inc. 

Market Overview

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Market Competitive Analysis

The tumor profiling market is currently fragmented. The degree of fragmentation will increase over the forecast period. Vendors are focusing on inorganic growth strategies such as mergers and acquisitions, sponsorships, collaborations, and partnerships to improve their market foothold across geographies. QIAGEN NV, Siemens Healthineers AG, and Thermo Fisher Scientific Inc are a few of the significant market participants. Although the increasing awareness about tumor profiling will offer immense business opportunities to the vendors, high costs associated with the development of biomarkers will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this tumor profiling market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. This tumor profiling market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading tumor profiling companies, including:

• Abbott Laboratories
• Agilent Technologies Inc.
• Becton, Dickinson and Co.
• bioMérieux SA
• Bio-Rad Laboratories Inc.
• F. Hoffmann-La Roche Ltd.
• Illumina Inc.
• QIAGEN NV
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.  

Tumor Profiling Market: Segmentation by Region

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North America will offer several growth opportunities to market vendors during the forecast period. The increasing prevalence of various cancers and rising awareness about the condition are fueling the tumor profiling market size growth in North America. Moreover, many vendors are offering patient assistance programs to reduce the cost burden for patients, contributing to the market growth in the region.

Over 51% of the overall market’s growth will originate from North America during the forecast period. According to the NIH, by 2030, there will be a significant rise in cancer cases every year. As a result, the expenditure on cancer treatment will rise in the region, increasing the need for tumor profiling techniques. The US is one of the critical markets for the tumor profiling market in the region. The market growth in this region will be slower than that of Asia over the forecast period.

Tumor Profiling Market: Segmentation by Technology

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Immunoassays are used as a gold standard to conduct tumor profiling on a large scale. Immunoassay test kits are largely used for cancer diagnosis, prognosis, and precise treatment decisions. Therefore, the tumor profiling market growth by the immunoassays segment will be substantial over the forecast period.

The growth rate of the immunoassays market segment is expected to be slower compared with the next generation sequencing segment over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the tumor profiling market size.

Tumor Profiling Market: Key Drivers and Trends

The rising incidence rate of cancer has created a need for early diagnosis techniques, contributing to the sales of advanced diagnostic methods. In addition to the apparent market growth driver, the rising awareness about tumor profiling and diagnosis and personalization of cancer treatment will increase sales for market vendors. Various government organizations and companies are carrying out awareness programs. For instance, Roche raises awareness about cancer genomic testing through educational activities using #PutCancerToTheTest.

On the other hand, non-profit organizations such as Fight Colorectal Cancer offers information on tumor markers through its Biomarked campaign. The awareness about cancer-specific biomarkers will help physicians identify the best treatment options. As a result, sales will increase. Consequently, driving the global cancer profiling market growth over the forecast period.

• The growing importance of genomics in therapeutics is one of the significant tumor profiling market trends.
• Genomic profiling is finding extensive applications in genomic research.
• Genomic profiling is done through polymerase chain reaction (PCR), ligase chain reaction (LCR), and transcription-mediated technologies.
• The growth in the number of genomic applications is creating lucrative opportunities for major companies.
• The increasing adoption of personalized medicine is also contributing to the market growth.
• Factors such as technological advances and the development of medical infrastructure in emerging countries are expected to deepen the penetration of the personalized medicine market in the future.
• As a result, the market will grow at a CAGR of over 10% during 2020-2024.

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Tumor Profiling Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will accelerate the growth of the tumor profiling market during the next five years
• Precise estimation of the global tumor profiling market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the tumor profiling industry in Asia, Europe, North America, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of tumor profiling vendors

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