Cancer Tumor Profiling Market Size, Share, Growth Analysis, By Technology(Breast cancer, Lung cancer, Colorectal cancer), By Cancer type(genomic biomarker, protein biomarker), By Region - Industry Forecast 2024-2031

Cancer Tumor Profiling Market size was valued at USD 10.73 billion in 2022 and is poised to grow from USD 11.87 billion in 2023 to USD 26.57 billion by 2031, at a CAGR of 10.6% during the forecast period (2024-2031).

The market for cancer/tumor profiling products is growing, with new companies coming up with new ways to make money. MDNA Life Sciences Inc. launched its liquid biopsy Prostate Mitomic Test in May 2017 in the United States. Together with Helomics Corp., this test is designed to help doctors diagnose prostate cancer. The test uses the unique genetic characteristics of mitochondrial DNA, and it is exclusively available at Helomics’ clinical laboratories. In April 2017, Helomics Corporation also launched its Dynamic Clinical Health Insight Platform (D-CHIP), which can be used to study the detailed information related to cancer patients’ genomes, proteins, DNA, and RNA in order to identify more-effective biomarkers for pharmaceutical and diagnostic companies. 'Illumina, Inc.', 'Thermo Fisher Scientific, Inc.', 'QIAGEN N.V.', 'F. Hoffmann-La Roche AG', 'Agilent Technologies, Inc.', 'Myriad Genetics, Inc.', 'Personal Genome Diagnostics Inc.', 'Foundation Medicine, Inc.', 'Guardant Health, Inc.', 'NanoString Technologies, Inc.', 'Genomic Health, Inc.', 'Adaptive Biotechnologies Corporation', 'Caris Life Sciences', 'Becton, Dickinson and Company', 'PerkinElmer, Inc.', 'Natera, Inc.', 'Oxford Nanopore Technologies', 'Biocartis Group NV', 'ArcherDX, Inc.', 'Sysmex Corporation', 'Haystack Oncology Inc. was purchased by US-based medical laboratory Quest Diagnostics in June 2023 for a sum of $450 million. With this acquisition, Quest Diagnostics hopes to improve research and development* capabilities, boost market share in cancer diagnostics, and broaden access to liquid biopsy technologies. An early-stage cancer company in the US is called Haystack Oncology Inc.', 'Thermo Fisher Scientific introduced the "Oncomine Dx Express Test" and "Oncomine Reporter Dx" with the "Ion Torrent Dx System" in September 2022. These CE-IVD (IVDD) tests are intended for use in clinical labs to provide clinically relevant biomarker results in a single day and to increase the company's access to precision oncology biomarker testing.', 'To market its range of genetic tests, Avesthagen Limited and Wipro Limited signed a four-year strategic collaboration in June 2022. Genome panels, which provide extremely specialized, disease-centric analysis for ailments like cancer, autoimmune disorders, neurodegenerative diseases, and uncommon disease situations, are part of the portfolio.'

Increase in cancer incidences is one of the major contributors to market growth in the complete cancer/tumor profiling market. the increasing burden of cancer can be attributed to various factors, Cancer is a complex and widespread disease, caused by a variety of factors. Population growth and aging, as well as the changing prevalence of certain causes of cancer, are all contributors to its prevalence.

The trends in the cancer/tumor profiling market is the Integration of omics data and advances in liquid biopsy tests is expected to grow at the highest CAGR during the forecast period. Personalized medicine is a growing field of healthcare research that is changing the way diseases are identified, classified, and treated. It has now become mainstream clinical practice, and is being used to treat many different diseases. The advances in cancer care are particularly apparent in the area of oncology.

North America is estimated to account for the largest share in terms of revenue owing to the presence of major players and rapid advances in technology. The high prevalence of cancer and the increasing research in oncology will lead to increased market growth in the treatment of cancer. The large share of the regional market for these diagnostic kits is due in large part to the quick uptake of advanced technologies by the firms manufacturing these kits.