Published: March 2017
Report Code: LS10823
Category : Biotechnology
Cancer/tumor profiling refers to testing of a person's cancerous/tumorous tissue and studying its genetic characteristics. The information gathered helps in creating and identifying targeted therapies for cancer/tumor treatment. Cancer patients can be treated through chemotherapy, radiation therapy, immunotherapy and targeted therapy. Targeted therapy for cancer treatment works by helping the immune system to destroy cancer cells. The global cancer/tumor profiling market has been segmented on the basis of technology, technique and application.
On the basis of technology, the global market has been further segmented into next-generation sequencing (NGS), quantitative polymerase chain reaction (QPCR), immunohistochemistry (IHC), in situ hybridization (ISH) and microarray. ISH has been further segmented into fluorescence in situ hybridization (FISH) and chromogenic in situ hybridization (CISH). NGS is the largest segment in the global cancer/tumor profiling market and is forecasted to lead the market in the future as well.
On the basis of technique, the global market has been segmented into genomics, proteomics, epigenetics and metabolomics.
On the basis of application, the global cancer/tumor profiling has been segmented into personalized medicine, diagnostics, biomarker discovery, prognostics and others. Personalized medicine is the largest application segment in the global market.
GLOBAL CANCER/TUMOR PROFILING MARKET BY TECHNIQUE $M 2013-2023
The global cancer/tumor profiling market is expected to witness a CAGR of 19.0%, during the 2017-2023. Growing prevalence of cancer, increasing usage of biomarker in profiling of cancer/tumor and increasing government funding for research are the key drivers for the global market. On the other hand, the market has been facing certain challenges such as lack of skilled professionals and high cost of procedure, which may impede its growth, during the forecast period. Apart from this, growing focus on personalized medicine is expected to create enormous revenue generation opportunities for the manufacturers in this market.
The revenue of the global cancer/tumor profiling market is expected to be positively impacted by growing focus on personalized medicine. Personalized medicine indicates tailored medical treatment to individual characteristics, needs and preferences of patients. Cancer/tumor profiling helps in offering personalized solutions to patients. With the advancement in profiling techniques, patients can be treated and diagnosed more precisely and effectively, which could help in meeting their individual needs.
The increasing compliance with cancer/tumor profiling in the emerging economies is expected to provide huge growth potential to the market, during the forecast period. Developing countries offer a huge market potential, as the healthcare industry is witnessing significant growth in these countries. Moreover, the manufacturing of cancer/tumor profiling products in developing regions tends to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering its quality. Factors such as high research and development cost and increasing pressure from payers and providers to reduce healthcare cost are causing a shift in interest from developed regions to developing economies for exploration of new ways of drug discovery and development.
Increasing prevalence of cancer has created a positive impact on the growth of the global cancer/tumor profiling market. As reported by International Agency for Research on Cancer (IARC), around 12.7 million new patients were diagnosed with cancer in 2008, globally, and the number is expected to reach 21.4 million by 2030. Also, according to WHO, 8.2 million deaths took place, globally, due to cancer in 2012, out of which 1.6 million deaths were due to lung cancer, 745,000 deaths were due to liver cancer and 400,000 deaths were due to esophageal cancer.
Increasing participation of public and private research entities in cancer research activities has further fueled the growth of the global cancer/tumor profiling market. Another key driver for this market is the increasing use of biomarkers for cancer/tumor profiling.
Some of the key players in the global cancer/tumor profiling market include Illumina, Inc., Neogenomics Laboratories, Inc., Caris Life Sciences, Qiagen N.V., Oxford Gene Technology, HTG Molecular Diagnostics, Inc., Ribomed Biotechnologies, Inc., Genomic Health Inc., Helomics Corporation and Nanostring Technologies, Inc.
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