The global cancer/tumor profiling market is expected to reach a value of $87.1 billion by 2023. The market is predicted to grow at a CAGR of 19.0% during 2017–2023, the increase in the demand for cancer profiling products is majorly because of the rising funding for cancer research, increasing number of cancer cases, surging demand for next-generation sequencing, and rising utility of biomarkers in tumor profiling.
Insights on market segments
On the basis of technology, the largest share (33.1%) in the cancer/tumor profiling market was held by next-generation sequencing (NGS) in 2016. This can be attributed to the fact that due to the rising promotional activities of NGS products among academic institutions and research laboratories, there has been an increase in the awareness about these products. During the forecast period, the NGS category is also predicted to have the highest CAGR.
In-situ hybridization (ISH) is further bifurcated into chromogenic in-situ hybridization (CISH) and fluorescent in-situ hybridization (FISH). Out of these two, the larger share of the market was held by FISH in 2016. In the cancer/tumor profiling market, a rising number of players, for example Abbott Laboratories, are offering the FISH technology, which has led to its growth. FISH is predicted to grow at a CAGR of 18.6% during the forecast period, and the progress of this technology is likely to be faster than the CISH technology.
On the basis of technique, genomics acquired the largest share (40.6%) in the cancer/tumor profiling market in 2016. Due to increasing implementation of genomic sequencing, it is projected to grow at the highest CAGR during the forecast period.
Based on application, personalized medicine held the largest share of 36.4% in the cancer/tumor profiling market in 2016. This is attributed to the fact that there has been a rise in the adoption of personalized medicine for cancer profiling, as this is one of the most cost-effective methods. Personalized medicine is also predicted to grow at the highest CAGR during the forecast period.
Asia-Pacific (APAC) to register the fastest growth in the cancer/tumor profiling market
The cancer/tumor profiling market is expected to grow significantly in APAC due to the increasing government initiatives for cancer treatment, prevalence of cancer, and growing healthcare expenditure. The Indian Council of Medical Research (ICMR) stated that in 2016, more than 1.4 million cancer cases were registered in India, and the numbers are further expected to reach 1.7 million by 2020. Due to this surge in the number of cancer cases, there will likely be an increase in the number of tumor profiling kits required by healthcare providers. This is predicted to eventually lead to a rapid growth in the market in the region.
Increasing number of new cancer cases leading to the growth of the cancer/tumor profiling market
Various factors, including the changing lifestyle, smoking, eating habits, tobacco consumption, and radiation exposure, are leading to a rise in the number of cancer cases, thereby driving the cancer/tumor profiling market. For example, in 2017, the American Cancer Society stated that around 1,688,780 new cases of cancer were predicted to be recorded in the U.S. Approximately 600,920 Americans were expected to die of cancer during the forecast period; this corresponds to a mortality rate of 1,650 per day.
Access Report Summary with Detailed TOC on "Cancer/Tumor Profiling Market by Technology (Next Generation Sequencing (NGS), Quantitative Polymerase Chain Reaction (QPCR), Immunohistochemistry (IHC), In-situ Hybridization (ISH), Microarray), by Technique (Genomics, Proteomics, Epigenetics, Metabolomics), by Application (Personalized Medicine, Diagnostics, Biomarker Discovery, Prognostics), by Geography (U.S., Canada, Germany, U.K., France, Japan, China, Brazil, Mexico) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" at: https://www.psmarketresearch.com/market-analysis/cancer-profiling-market
Key competitors are entering into partnerships to further the growth of the market
Helomics Corp. and Indivumed GmBH entered into a partnership in 2017 in order to analyze annotated clinical data and human cancer biospecimens from consenting patients worldwide. Other key players in the global cancer/tumor profiling market are HTG Molecular Diagnostics Inc., NeoGenomics Inc., Caris Life Sciences Inc., Oxford Gene Technology, RiboMed Biotechnologies Inc., Illumina Inc., NanoString Technologies Inc., and Genomic Health Inc.
GLOBAL CANCER/TUMOR PROFILING MARKET SEGMENTATION
Latin America (LATAM)
Middle East & Africa (MEA)