According to MarkNtel Advisors study the Global Cancer Gene Panel Profiling Market is estimated to grow at a CAGR of around 15.5% during the forecast period, i.e., 2024-29.

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Key Findings of the Study: Cancer Gene Panel and Profiling market

Global Cancer Gene Panel and Profiling Market Driver

Growing Prevalence of Hereditary Cancer Cases Globally – The escalating prevalence of hereditary cancer occurrences on a global scale has amplified the demand for genetic panels profiling testing within the market. This has been mainly because the cancer gene panel and profiling services are highly effective accurate in the detection of hereditary cancer cases.

Also, genetic testing companies have started offering a comprehensive array of services, including advanced screening diagnostics in recent years. As a result, there has been an increasing adoption of these testing services by research institutions clinical laboratories engaged in detecting biomarkers of hereditary cancer cases. This robust adoption trajectory is a direct response to the persistent surge in hereditary cancer cases, as evidenced by historical trends. For instance:

• In 2022, the National Cancer Institute indicated that approximately 10% of all cancer cases witnessed were attributable to hereditary genetic mutations.

As the mutations in hereditary cancer are only pinpointed to specific genes responsible for shielding the body against cancer, it led to genetic testing services coming up as a pivotal method of diagnosis. Notably, clinicians have embraced this technique with significant impact, thereby fostering substantial growth within the Cancer Gene Panel and Profiling Market.

Global Cancer Gene Panel and Profiling Market Challenge

Data Privacy Security Issues to Affect Market Growth – In recent years, the Cancer Gene Panel and Profiling Market has been experiencing a significant number of data breaches, which has been affecting its market growth. The cancer gene panels profiling consist of a large volume of sensitive information about patients including their genetic makeup along with their medical history, treatment plans, and potentially familial genetic information.

Also, over the past few years, it has been observed that several cancer testing labs have experienced data breach cases, which has led to the leakage of sensitive datasets. Hence, these instances of data breaches have resulted in reducing consumer trust in genetic testing providers, which has been affecting the adoption of cancer gene panels and profiling services as well.

For more detailed information about the Cancer Gene Panel and Profiling market report, click here – https://www.marknteladvisors.com/research-library/cancer-gene-panel-profiling-market.html

Scope of the Report and Cancer Gene Panel and Profiling Market Segmentation:

By Technology

• Next-generation Sequencing (NGS)- Market Size Forecast 2019-2029, USD Million
• Polymerase Chain Reaction(PCR)- Market Size Forecast 2019-2029, USD Million
• Microarray- Market Size Forecast 2019-2029, USD Million
• Mass Spectrometry- Market Size Forecast 2019-2029, USD Million
• Others (Fluorescence in-situ hybridization, Immunohistochemistry, etc.)- Market Size Forecast 2019-2029, USD Million

By Application

• Oncology Research- Market Size Forecast 2019-2029, USD Million
• Personalized Medicine- Market Size Forecast 2019-2029, USD Million
• Drug Development- Market Size Forecast 2019-2029, USD Million
• Clinical Diagnostics- Market Size Forecast 2019-2029, USD Million

By Cancer Type

• Breast Cancer- Market Size Forecast 2019-2029, USD Million
• Lung Cancer- Market Size Forecast 2019-2029, USD Million
• Prostrate Cancer- Market Size Forecast 2019-2029, USD Million
• Colorectal Cancer- Market Size Forecast 2019-2029, USD Million
• Others (Ovarian Cancer, Leukemia, etc.) - Market Size Forecast 2019-2029, USD Million

By Cell Type

• Germline - Market Size Forecast 2019-2029, USD Million
• Somatic - Market Size Forecast 2019-2029, USD Million

By End-User

• Hospital Clinics- Market Size Forecast 2019-2029, USD Million
• Research Institutes- Market Size Forecast 2019-2029, USD Million
• Diagnostic Laboratories- Market Size Forecast 2019-2029, USD Million
• Pharmaceutical and Biotechnology- Market Size Forecast 2019-2029, USD Million

Research Institutes are poised to capture the potential share of the Global Cancer Gene Panel and Profiling Market in the coming years.

Cancer Gene Panel and Profiling Market Development:

• 2023: Neo Genomics and Massive Bio announced a collaboration to leverage their expertise in biomarker testing, data analysis, machine learning, and biomarker and genomic profiling to accomplish a significant milestone within the field of oncology.
• 2022: Variantyx invested USD 41.5 million for its advanced genomic testing platform, with plans to target growth in precision oncology.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East Africa
• Asia-Pacific

North America held the largest share in the Global Cancer Gene Panels and Profiling Market.

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