Cancer/Tumor Profiling Market

Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), Sysmex Corporation (Japan), HTG Molecular Diagnostics, Inc. (US), are the leading players in the Cancer/Tumor Profiling Market

The cancer/tumor profiling market is projected to reach USD 16.0 billion by 2027 from USD 9.7 billion in 2022, at a CAGR of 10.6% during the forecast period. Growth in this market is majorly driven by the rising incidence of cancer across the globe, increasing use of biomarkers in cancer profiling, rising funding investments in cancer research and technological advancements in profiling technologies are also propelling the growth of the cancer/tumor profiling market. The growing preference for personalized medicine, and growing need for point-of-care diagnostics are expected to offer significant growth opportunities for market players during the forecast period. However, high capital investment for biomarker discovery and technical issues related to sample collection & storage are expected to limit market growth to some extent in the coming years.

The global cancer/tumor profiling market is highly fragmented, with various players governing major shares in the market. Some of the major players governing the overall cancer/tumor profiling market include Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), Sysmex Corporation (Japan), HTG Molecular Diagnostics, Inc. (US), Predictive Oncology (US), Caris Life Sciences (US), NanoString Technologies, Inc. (US), Guardant Health, Inc. (US), Foundation Medicine (US), F. Hoffmann-La Roche Ltd. (Switzerland), Thermo Fisher Scientific Inc. (US), Genscript Biotech Corporation (US), Tempus Labs (US), Hologic, Inc. (US), Exact Sciences (US), Personalis, Inc. (US), Boreal Genomics, Inc. (Canada), Strand Life Sciences (India), Lucence Health, Inc. (US). Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence and strengthening their competitiveness in the market by launching more technologically advanced products, acquisition of other players, collaborations, and partnerships.

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Illumina, Inc. is one of the leading global manufacturers of integrated systems for analyzing genetic variations and biological functions. The company’s widely recognized product portfolio is its key strength. With its strong geographic presence, wide distribution network, and brand recognition, the company has established itself as a leader in the global market.  The company invested about USD 1,185 million in FY 2021 in R&D, up from USD 682 million in FY 2020, to introduce innovative products in the market. The company’s R&D activities include improving existing products & therapies and expanding cancer applications.

QIAGEN N.V. accounted for the second-largest share of the cancer/tumor profiling market in 2021. The company’s product portfolio includes sample and assay technologies, bioinformatics, and automation systems. It has a strong global presence and operates its businesses across major and high-growth markets, including the Americas, Europe, and the Asia Pacific. QIAGEN N.V. has strong brand value and R&D capabilities. The company is constantly increasing its investments in R&D to accelerate innovative product development activities. In FY 2021, the company invested USD 190 million in R&D, up from USD 149.1 million in FY 2020. These investments aim to discover, test, develop new products, and improve existing ones.

NeoGenomics Laboratories, Inc. is a prominent cancer/tumor profiling product and service manufacturer. The company has a major network of cancer-focused genetic testing laboratories in the US and laboratories in Switzerland and Singapore. The company offers cancer/ tumor profiling products such as CancerTYPE ID, InVisionFirst-Lung Liquid Biopsy, NeoLAB, and NeoTYPE for cancer patients. NeoGenomics strategically invests in R&D to strengthen its position in the market. It invested USD 21.9 million, USD 8.2 million, and USD 8.5 million in R&D in 2021, 2020, and 2019, respectively. The company’s strong investments in developing innovative products have helped it become a reputed player in the cancer/tumor profiling market.

Related Reports:

Cancer/Tumor Profiling Market by Technology (Immunoassay, NGS, PCR), Cancer Type (Breast, Lung, Colorectal), Biomarker Type (Genomic Biomarkers, Protein Biomarkers), Application (Biomarker Discovery, Diagnostics, Prognostics) - Global Forecast to 2027

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Cancer/Tumor Profiling Market Size,  Share & Growth Report
Report Code
MD 4803
RI Published ON
11/8/2022
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