Cancer-Tumor Profiling Market on target to reach $82,447 Million by 2023
The Global Cancer/Tumor Profiling Market was valued at $25,318 million in 2016, and is projected to reach $82,447 million by 2023, growing at a CAGR of 18.4% from 2017 to 2023. The next-generation sequencing (NGS) segment accounted for one-fourth share of the global market in 2016.
Cancer/tumor profiling assists in individualizing cancer treatment by providing useful information at the molecular or genetic level. This helps medical practitioners to design an appropriate treatment for patients suffering from cancer. This technique assists in studying an individuals cancer cells and in analyzing the genetic characteristics and unique biomarkers. The information obtained post cancer profiling is used to identify and create targeted therapies that are designed to work better for a specific cancer tumor profile.
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The advent of tumor/cancer profiling has assisted in overcoming the limitation of traditional cancer diagnostic methods as well as setting up a gold standard for tumor classification. The targeted approach especially using NGS technology delivers high sensitivity to detect tumor subclone and rare mutations by detecting the mutation-causing agent in cancer. This has ultimately fueled the adoption of cancer profiling methods among oncologists. In addition, rapid rise in burden of cancer and increase in funding from government for devising cancer diagnosing methods augment the market growth. However, high monetary investments for the development of biomarkers and dearth of skilled oncologists & related professionals restrain the market growth. Moreover, untapped markets, such as China and India, offer lucrative opportunities for the market growth due to rise in demand for better diagnosis and treatment of various types of cancer.
The fluorescence in situ hybridization (FISH) segment generated the highest revenue in 2016, and is anticipated to dominate the market throughout the forecast period. This attributed to increase in demand for FISH in cancer profiling, as this technology helps in identifying the predictive or prognostically important genetic variants in cancer, and is successfully used for the prediction prognosis of breast cancer.
The metabolomics segment is expected to witness the highest growth rate in the global market registering a CAGR of 20.2% from 2017 to 2023, owing to the recent advances in metabolomics technologies that have deeper insights about the metabolism of cancer. Moreover, determining the abundance of all the metabolites in a cancer cells is possible through metabolomics profiling techniques.
The personalized medicine segment accounted for one-fourth share of the global market in 2016, and is expected to register the highest CAGR of 19.1% throughout the forecast period. This is attributed to increased focus of oncologists towards personalized cancer care, thereby ensuring better treatment methods with fewer side effects. Furthermore, personalized medicines offer better understanding of genetic differences in patients to govern the susceptibility to a particular cancer or response to a specific treatment. This aids in providing targeted therapy, thereby decreasing the overall cost of treatment with minimal side effects to patients.
Key Findings of the Cancer/tumor Profiling Market:
• The genomics segment dominated the global cancer/tumor profiling market accounting for two-fifths share of the global market in 2016.
• The biomarker discovery segment is the largest application of global market in 2016, and is expected to grow at a CAGR of 17.4% during the forecast period.
• U.S. dominated the North America cancer/tumor profiling market, accounting for the maximum share of the global market in 2016.
• Asia-Pacific is exhibited to grow at a significant CAGR of 19.3% during the forecast period.
India was the fastest growing country in the Asia-Pacific cancer/tumor profiling market in 2016, registering a CAGR of 20.8%, and is anticipated to continue this trend during the forecast period.
The in-situ hybridization segment is expected to grow at the highest rate, registering a CAGR of 19.8% from 2017to 2023.
Asia-Pacific witnessed the highest growth rate in the global market from 2017-2023. This is attributed to rise in awareness related to cancer profiling technologies and increase in investments by the regional market players in the diagnostic laboratories for cancer diagnosis. For instance, in 2011, Metropolis India launched fluorescent in-situ hybridization (FISH) technology to detect genetic abnormalities and diagnose cancer. These factors are expected to boost the market growth in the near future
The key players operating in the global cancer/tumor profiling market have adopted product launch as their key developmental strategy and have focused on launching innovative products to cater to consumer requirements and strengthen their market shares. The major companies profiled in the report include Qiagen N.V., Roche Molecular Systems Inc., Abott Molecular, Illumina Inc., NeoGenomics Laboratories, HTG Molecular Diagnostic, Genomic Health Inc., Hologic Gen-Probe, BD Biosciences, and Siemens Healthineers.
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