Press Release Description
Personalized Medicine Revolution to Drive Global Cancer Gene Panel and Profiling Market
The Global Cancer Gene Panel and Profiling Market is projected to grow at a CAGR of around 11.8% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The escalating prevalence of hereditary cancer cases on a global scale has sparked heightened demand for genetic panels and profiling testing within the market. This surge in demand has been attributed to the remarkable effectiveness & precision of cancer gene panels and profiling services in detecting hereditary cancer cases.
In recent years, genetic testing companies have expanded their offerings to encompass advanced screening & diagnostics, attracting research institutions & clinical laboratories dedicated to identifying hereditary cancer biomarkers. Additionally, the integration of groundbreaking technologies into cancer detection methods, particularly for hereditary cancers, promises to create opportunities for revenue expansion in the foreseeable future.
Further, the future of cancer gene panels and profiling services is poised for substantial growth, primarily driven by their potential effectiveness in personalized cancer treatment. These services hold the promise of identifying patients with specific genetic traits that are likely to respond favorably to various treatment approaches, significantly expanding their market prospects. This approach has the potential to enhance the safety profile of cancer patients by reducing the risk of adverse effects & toxicity associated with personalized medications.
Moreover, in recent years, hospitals & cancer research centers, particularly in countries like India & the UK, have been increasingly dedicated to providing personalized treatment services to cancer patients. As the adoption of personalized treatment continues to grow globally, the demand for these services is expected to surge, further states the research report, “Global Cancer Gene Panel and Profiling Market Analysis, 2024.”
Global Cancer Gene Panel and Profiling Market Segmentation Analysis
Rising Prevalence of Lung Cancer Accelerating the Demand for Gene Panel and Profiling
Based on the Cancer Type segment, the market is further bifurcated into Breast cancer, Lung cancer, Prostate cancer and Colorectal cancer. The global prevalence of Lung Cancer patients has driven the demand for more effective diagnostic solutions in recent years. Lung cancer continues to be a major contributor to cancer-related mortality, as reported by the International Agency for Research on Cancer (IARC) in 2020.
In the realm of lung cancer diagnostics, gene panels and profiling testing services have emerged as valuable tools in the development of targeted drugs. Their ability to provide precise insights into the genetic activity of specific genes has made them increasingly sought-after by healthcare professionals involved in diagnostic procedures. Consequently, there would be an augmented need for accurate diagnostic approaches in cancer treatment, which would influence the growth of the Cancer Gene Panels and Profiling market.
North America Holds the Dominant Share
Within the global landscape of cancer gene panels and profiling, North America has established itself as the leader, boasting the largest share of the Cancer Gene Panels and Profiling Market. Several factors contribute to this dominance, including substantial funding directed toward R&D initiatives, notable advancements in screening technologies, and a robust medical infrastructure.
These significant investments in cancer research are poised to drive increased adoption of gene panels and profiling testing services in the region. Therefore, this would have a positive impact on the growth of the North American Market in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 10x Genomics, Inc., Caris Lifescience, Neo genomics, Flugent Genetics, Centogene N.V.,Geneseeq Technology Inc., Variantyx, Genetron Holdings Limited, Laboratory Corporation of America® Holdings (LabCorp), H.T. G Molecular, Bio array Diagnostic genetic,Biorad laboratories Inc., Enzo Lifesciences, Eurofins Scientific, Nanostring Technologies are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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