Genomic cancer panels and profiling present a contemporary strategy for cancer detection, analyzing the genetic details of tumors prior to the onset of symptoms. The substantial benefits of utilizing these panels lie in their capacity to furnish comprehensive genetic insights, facilitating early detection and the creation of personalized treatment strategies.
The global genomic cancer panel and profiling market is expected to reach $26.59 billion by 2033 from $9.90 billion in 2022 and is set to grow at a CAGR of 9.43% during the forecast period 2023-2033. This growth is driven by advancements in genomic research and an increasing focus on precision medicine within the field of oncology.
Market Analysis: Trends, Data, and Growth Projections
The global market for genomic cancer panels and profiling is witnessing significant expansion, driven by the growing demand for early cancer detection during the treatment of cancer patients. The increasing acceptance and popularity of liquid biopsy tests have also played a pivotal role in fostering market growth. Moreover, the heightened cancer risk resulting from evolving lifestyle patterns is further influencing the market’s upward trajectory.
BIS Research, a leading market research firm, has released a report titled- Genomic Cancer Panel and Profiling Market, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the genomic cancer panel and profiling market.
Key Players and Market Shares
Some major companies operating in the global genomic cancer panel and profiling market are:
- 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
BIS Research report on the genomic cancer panel and profiling market covers the segments: tissue testing, cancer panel type, cancer type, application, technology, end-user, and region.
Based on tissue testing, the solid tissue testing segment accounted for the largest share of 56.27% in the global genomic cancer panel and profiling market in FY2022. Based on cancer panel testing, the single-gene panel segment accounted for the largest share in the global genomic cancer panel and profiling market in FY2022. Based on cancer type, the breast cancer segment accounted for the largest share, 35.36% in the market in FY2022.
Moreover, by application, the research segment is expected to hold the highest growth rate of 10.22% in the forecast period 2023-2033. By technology, polymerase chain reaction (PCR) is the second highest segment and holds 26.43% of the market share.
North America held the leading position in market size within the global genomic cancer panel and profiling market. Nevertheless, the Asia-Pacific region, which includes several emerging economies, is anticipated to demonstrate a CAGR of 11.81% from 2023 to 2033, indicating substantial growth prospects during the forecast period.
Market Drivers, Challenges, and Opportunities
Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the genomic cancer panel and profiling market.
The global genomic cancer panel and profiling market is expected to undergo significant changes from 2023 to 2033, driven by several factors. The growth of the market is fueled by an increasing demand for cancer profiling, augmented funding in genomic research, and advancements in informatics, facilitating broader consumer access to these technologies. The rising need for cancer profiling in developed countries serves as a major driver, generating demand for genomic panels and profiling tests. Additionally, heightened funding in genomic research contributes to the expansion of the market, while technological advancements in informatics further broaden consumer reach.
However, the market encounters challenges, including substantial repercussions from reimbursement reductions affecting its growth trajectory. High-cost pressures also impede the development of genomic cancer panel and profiling testing. Despite these challenges, the market presents opportunities for growth, notably through the revolutionary potential of a robust pipeline of genomic cancer panels and profiling tests. Furthermore, the discovery of new biomarkers creates opportunities for the development of diagnostic tools and technologies, enhancing the market’s potential for expansion in the coming decade.
BIS principal analyst suggests: “The expansion of the market is driven by continuous technological advancements, the decreasing costs associated with genomic testing, and an escalating focus on precision medicine. Consequently, stakeholders in the healthcare, research, and pharmaceutical sectors are increasingly investing in the development and adoption of genomic cancer panels, foreseeing a revolutionary impact on the diagnosis and treatment of cancer.”
About BIS Research
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