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Significant facts about the Cancer/Tumour Profiling Market

Cancer/Tumour Profiling is a laboratory test to check for various certain proteins, genes, or gene mutations or other biomarkers in a sample of tumour tissue. The tumour profiling may be utilized to help plan treatment and anticipate whether Cancer will come back or spread to any other parts of the body. In other words, Cancer/Tumor profiling is a laboratory test that is performed to identify the various gene mutations and the existence of biomarkers and proteins in a tumour tissue sample. Cancer testing at an initial stage is very important as it identifies the existence of Cancer before it spreads throughout the body, thereby making the treatment much more efficient and more effective.

As per the IARC (International Agency for cancer research), every one out of five people develops Cancer in their entire lifetime, whereas one out of every eight men and one out of every eleven women across the globe die due to this. In the year 2019, Cancer was the second major cause of death in the U.S. Furthermore, as per the CDC (Centres for Disease Control and Prevention), in the year 2019, approximately 599,601 individuals (2,83,725 females and 315,786 males) died because of cancer in the U.S.

Market Scope And Regional Analysis

In the year 2020, the overall valuation of the Global Cancer/Tumour Profiling Market size was around USD 8.573 billion. It is anticipated to reach a landmark of USD 19.914 billion by 2028, representing an overall CAGR of 11.87 % throughout the forecasted period of 2020-2028.

Some of the key factors like the rise in the prevalence of cancer profiling methods, the surge in the number of tests conducted by the cancer research centres globally for the identification of melanoma, sarcoma, Immuno-oncology, Fluorescence in situ hybridization, and Non-small cell lung cancer, is augmenting the market growth significantly.

In terms of Regions, North America had dominated the market in 2020, with the highest market share of 48.08% of all cancer diagnoses performed throughout the globe with a healthy CAGR. Large funding available for performing R&D activities on Cancer/Tumor Profiling and the continuous rise of advanced cancer screening methods and technologies is propelling the growth of the market in this region. However, the APAC region possessed the fastest growth rate with a CAGR of 7.23% over the projected period of 2020-2028.

Recent Developments regarding the Cancer/Tumor Profiling Market

  • On August 18th, 2021, Illumina successfully acquired GRAIL for boosting patient access to early life-saving tests for various types of cancers. GRAIL’s Galleri Blood Test has the capability to detect almost 50 different types of cancers. The acquisition of Illumina over GRAIL will highly enhance the total rate of adoption of these life-saving tests throughout the globe.
  • On March 16th, 2021, Elevation Oncology and NeoGenomics jointly declared their collaboration with the aim of extending the genomic testing of NRG1 Fusions across solid tumours to assist the Phase two CRESTONE research and study.
  • On May 3rd, 2019, Caris Life Sciences got the FDA approval in granting the Breakthrough Device Designation for MI transcriptome Companion diagnostic test. It accurately identifies the gene fusions in solid tumours.

Also read- Central Venous Catheter Market

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