According to a new market research report “Global Cancer/Tumor Profiling Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insight by Technology (NGS, QPCR, IHC, ISH, Microarray), by Technique (Genomics, Proteomics, Epigenetics, Metabolomics), by Application (Personalized Medicine, Diagnostics, Biomarker Discovery, Prognostics, and Others)”, published by P&S Market Research, the global cancer/tumor profiling market is expected to grow at a CAGR of 19.0%, during 2017 – 2023.
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Increasing prevalence of cancer drives the global market
According to the study, the global cancer/tumor profiling market is likely to grow significantly, during the forecast period, due to increasing prevalence of cancer, growing government funding for research activities and increasing usage of biomarkers. The market is further expected to gain revenue, owing to increased focus on personalized medicine, availability of tailored medical treatment to suit individual characteristics, needs and preferences of patients and rising compliance for cancer/tumor profiling in the emerging economies. Lack of skilled professionals and high cost associated with the profiling of cancer/tumor are the key factors restraining the global market growth.
Insights on market segments
As per the findings of various researches, next-generation sequencing is the most preferred technology, globally, in the cancer/tumor profiling market. Genomics has been the largest contributor to the global market, in terms of revenue, among the various techniques for cancer/tumor profiling. Genomics involves sequencing and analysis of an organism’s genome, which helps in identifying genes associated with the disease. Based on application, personalized medicine has been the largest segment of the global cancer/tumor profiling market, followed by diagnostics, biomarker discovery, prognostics and others.
North America stands as the largest cancer/tumor profiling market
Geographically, North America has been the largest market for cancer/tumor profiling, with the U.S. being the largest contributor to the regional market. Increasing government funding for research has been driving the growth of the North American market. In Europe, Germany has been the largest contributor to the cancer/tumor profiling market, followed by the U.K. and France. Asia-Pacific market is expected to grow at the highest CAGR, during 2017 – 2023, owing to increasing prevalence of cancer and increasing demand for better cancer diagnosis and treatment from emerging economies.
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Increasing prevalence of cancer largely impacts the market
The rapidly increasing burden of cancer has been leading to increase in demand for cancer/tumor profiling, which further compels government organizations and healthcare providers to provide facilities for effective disease diagnosis and treatment. According to WHO, in 2012, approximately 324,000 new cases of lung cancer were diagnosed in North America and the number is likely to reach approximately 541,000 by 2030. Also, as reported by IARC, a total of 645,000 new cancer cases (excluding non-melanoma skin cancer) were reported in 2012, across the globe, and around 456,000 deaths occurred due to the same.
Key players in the cancer/tumor profiling market
Some of the key players in the global cancer/tumor profiling market include Illumina, Inc., Caris Life Sciences, Qiagen N.V., Helomics Corporation, Oxford Gene Technology, Neogenomics Laboratories, Inc., HTG Molecular Diagnostics, Inc., Ribomed Biotechnologies, Inc., Genomic Health Inc. and Nanostring Technologies, Inc.
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