Cancer/Tumor Profiling Market is predicted to reach USD 20,571.72 million by 2030
The global cancer/tumor profiling market held USD 5,944.18 million in 2018 and is predicted to reach USD 20,571.72 million by 2030 with a CAGR of 10.9% from 2019-2030
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Cancer of tumor profiling is an alternative to the one-size-fits-all approach to cancer treatment. It uses a personalized approach for the treatment that specifically targets an individual patient's tumor. Cancer is a life-threatening disease distinguished by unrestrained cell growth. It is mostly caused by environmental reasons that alter the gene encoding responsible for cell regulation. The cancer or tumor profiling market size is likely to attain a significant share by 2030.
Cancer or tumor profiling is done to get information about cancer profile & genomic modifications of a patient that further helps physicians to direct a patient with the most suitable therapy. Cancer or tumor profiling may increase the probability of a patient’s life.
The factors including the increasing number of new cancer cases, the increasing utility of biomarkers in tumor profiling, and availability of funding for cancer research has majorly driven cancer or tumor profiling market. Furthermore, the advanced techniques and high investments by biotechnology companies have led to a rising in the demand of cancer or tumor profiling. However, high capital investments and low benefit ratio for biomarkers may limit the growth of cancer or tumor profiling market. The point-of-care diagnostic tests and increasing demand for personalized medicine will create new opportunities for cancer or tumor profiling market share in the future.
The cancer or tumor profiling market is segmented on the basis of technique, technology, application, and geography. On the basis of technique, the cancer or tumor profiling market is segmented into genomics, proteomics, metabolomics, and epigenetics. On the basis of technology, the market covers sequencing techniques, in situ hybridization, immunohistochemistry, qPCR, and microarray. The sequencing techniques are further sub-segmented into NGS, Sanger sequencing, and pyro sequencing. On the basis of application, the market is classified into diagnostics, personalized medicine, prognostics, biomarker discovery, and research applications. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and LAMEA.
North America region is anticipated to hold the highest market share during the forecast period. This is attributable to the factors including enhanced research & development activities, increasing prevalence of patients suffering from cancer, technological advancements, and high consumer awareness.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to the increasing frequency of cancer, improvement in the healthcare facility, and economic improvements.
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Comprehensive competitive analysis and profiles of the major market players such as Illumina Inc., HTG Molecular Diagnostic, QIAGEN N.V., Boreal Genomics, Inc., Caris Life Sciences, Genomic Health, Inc., Life Technologies Corporation, Oxford Gene Technology Ltd., Nanostring Technologies, Precision Therapeutics, Inc., and others are provided in the cancer or tumor profiling market report.
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