The rising incidence of cancer worldwide will propel the cancer/tumor profiling market during the forecast period.

The global Cancer/Tumor Profiling market is valued at USD 11.75 billion in 2023 and is predicted to reach USD 26.57 billion by 2030, with a CAGR of 12.4% from 2024 to 2030, according to new research by Next Move Strategy Consulting.

The surge in cancer occurrences on a global scale, attributed to factors such as malnutrition and unhealthy lifestyles, is a driving force behind the market expansion. As an example, the World Health Organization (WHO) in February 2022, declared cancer as a leading global cause of death, with approximately 10 million fatalities recorded in 2020.

Moreover, the increasing commitment and initiatives from both government bodies and international organizations in the global fight against cancer. An illustrative example is the 'HPV VAX NOW' campaign initiated by the U.S. Department of Health and Human Services (HHS) on Women's Health (OWH) in July 2021. This campaign seeks to elevate HPV vaccination rates among young adults aged 18 to 26. By raising awareness about the risks of HPV-related cancers and emphasizing the protective benefits of HPV vaccines, such initiatives contribute to the demand for advanced cancer profiling technologies that aid in personalized treatment strategies.

Moreover, the government of Australia invested $15 million in the Australian Centre for Targeted Therapeutics (ACTT) to advance the development of next-generation medicines for treating various cancers. The investment focuses on pioneering "protein degrader" technology which aligns with the broader goals of the cancer or tumor profiling market, aiming for more effective and targeted cancer treatments with minimized side effects. 

Additionally, the UK invested USD 32 million under the Biomedical Catalyst (BMC) program which underscores the commitment to advance life-changing cancer therapeutics. The allocated funds have been directed toward innovative projects in immuno-oncology and pediatric cancers, emphasizing the pivotal role of Cancer or Tumor Profiling in shaping the landscape of advanced cancer treatments. As these governmental and organizational initiatives continue to unfold, they not only contribute to the global mission of cancer elimination but also foster an environment conducive to the growth and innovation within the Cancer or Tumor Profiling market.

However, the high cost associated with implementing advanced profiling technologies restrain the market growth.  On the other hand, the integration of Artificial Intelligence (AI) into Cancer or Tumor Profiling represents a transformative leap in healthcare, presenting numerous growth opportunities. Real-time monitoring, made possible by connected devices, allows continuous tracking of vital patient data during cancer profiling, facilitating swift adjustments to treatment plans. As an example, Roche unveils three Research Use Only (RUO) algorithms based on AI and deep learning for image analysis, designed specifically for breast cancer. Roche's introduction of AI-driven algorithms not only reflects a current commitment to cutting-edge technology but also anticipates future opportunities.

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According to the report, leading players in the Cancer/Tumor Profilingmarket include Lucence Health Inc., F. Hoffmann-La Roche Ltd, Caris Life Sciences, ACT Genomics Co., Ltd., Thermo Fisher Scientific Inc., Strand Life Sciences, IMB Dx, Inc., Illumina, Inc., Guardant Health, QIAGEN, Ribomed Biotechnologies Inc., HTG Molecular Diagnostics, Inc., NanoString, NeoGenomics Laboratories and Exact Sciences Corporation, and others. These market players are adopting various strategies such as collaboration and product launches across various regions to maintain their dominance in the Cancer or Tumor Profiling market.

For instance, in May 2023, Pfizer and Thermo Fisher Scientific Inc. collaborated to enhance local accessibility to next-generation sequencing (NGS)-based testing for individuals diagnosed with lung and breast cancer. This strategic agreement underscores a shared commitment to advancing cancer profiling capabilities, particularly in the context of NGS technologies, which play a pivotal role in molecular diagnostics for these prevalent cancer types.

Also, in May 2023 Lucence Health Inc. introduced its revolutionary multi-cancer early detection (MCED) blood test, LucenceINSIGHT. It is the first MCED test introduced globally, and is a ctDNA-based liquid biopsy test capable of screening for 10 common cancers in a single blood draw.

Moreover, in October 2021, F. Hoffmann-La Roche Ltd introduced the AVENIO Tumour Tissue Comprehensive Genomic Profiling (CGP) Kit, a novel genomic profiling tool that enables cancer researchers to analyze tumors locally, eliminating the need to send tissue samples to centralized laboratories. This kit was developed in collaboration with Roche Unit Foundation Medicine, a molecular information specialist whose products assist doctors in matching patients with suitable therapies and clinical trials.

Key Insights from the Cancer/Tumor Profiling market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Cancer/Tumor profiling market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The competitive analysis of the market players along with their market share in the Cancer/Tumor Profiling Market is provided in the report.