From $25.8 billion in 2016, the global cancer/tumor profiling market value is predicted to rise to $87.1 billion by 2023. According to the estimates of the market research organization, P&S Intelligence, the market will demonstrate a CAGR of 19.0% from 2017 to 2023 (forecast period). The major factors propelling the progress of the market are the growing requirement for cancer profiling products, on account of the surging funding being provided for cancer research, soaring prevalence of cancer, burgeoning need for next-generation sequencing, and increasing use of biomarkers in tumor profiling across the world.
Browse detailed report – Cancer/Tumor Profiling Market Size and Growth Forecast Report
The players operating in the industry are focusing on developing different biomarkers for detecting the existence of cancer cells in the body. For example, Caris Life Sciences has introduced biomarkers based on the next generation sequencing (NGS), in-situ hybridization (ISH), and immunohistochemistry (IHC) technologies to detect the levels of translocations and fusions, protein expression, analyzing amplifications and gene deletion, and detection and examination of DNA mutation, respectively. Biomarkers produced on the basis of fragment analysis assist in detecting the changes in DNA or RNA, which further indicates the absence or presence of genetic markers.
In the coming years, the NGS category is predicted to demonstrate the highest growth rate in the market. Across the globe, North America contributed the highest revenue to the cancer/tumor profiling market in the years gone by. This was because of rapid technological advancements and innovations in cancer treatment, increasing research and funding activities, and the existence of major players in the industry. As per the American Cancer Society, nearly 13.0% of the cancer cases that were recorded in geriatric people and adults in 2017 were rare types. Moreover, the incidence of common cancers, such as breast cancer, also surged sharply between 2004 and 2013. These factors significantly pushed up the requirement for cancer/tumor profiling in the region over the past few years.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
