|Status : Upcoming||Report Code : VRHC1033||Industry : Healthcare||Available Format :|
Cancer/tumor profiling is a method used to categorize tumors more precisely. It helps in identification of genomic alteration and provides more accurate and specific information about clinical outcomes of cancer. It aids in analysis at molecular level, which helps physician to achieve appropriate therapeutic decisions. The global cancer/tumor profiling market is growing at significant rate, due to escalating number of cancer cases and rising efficacy of biomarkers in tumor profiling. Different technologies contributed to the cancer/tumor profiling market size. The market has witnessed high demand for immunoassays over the last few years due to technological improvements and cost-effectiveness.
Insight by Technology
There are various technologies of cancer/tumor profiling, such as immunoassays, next generation sequencing, hybridization, mass spectrometry and other technologies. Of all, next generation sequencing segment witnessed the highest growth worldwide, which is due to mounting number of new cancer cases, innovations in sequencing technologies, extensive variety of applications, and inclination for personalized medicines. In addition, immunoassays segment account largest share in the market due to high sensitivity, technological improvements, and cost-effectiveness of these techniques.
The hybridization segment is further subdivided into microarrays, PCR, and in-situ hybridization. PCR segment is estimated to account largest share in the hybridization market, due to its cost-effectiveness, easiness of use, rapid turnaround time, and effortless accessibility of kits and reagents.
Insight by Cancer Type
There are various types of cancer, colorectal cancer, breast cancer, melanoma cancer, lung cancer, prostate cancer, and others cancer. Mounting occurrence of breast cancer, boosting research emphasis on breast cancer and increasing alertness about breast cancer diagnosis are some of the factors responsible for the growth of the breast cancer segment. Of all the types, the breast cancer segment account foremost share in the cancer/tumor profiling market.
Insight by Application
The cancer/tumor profiling market is subdivided by application into clinical application and research application. Research application is expected to grow at fastest rate in the market due to the outcome of therapeutic interferences & drug-induced toxicity and progressively companies are concentrating on the usage of biomarkers as biological indicators for the improvement of diseases.
The escalating number of cancer cases, accessibility of finance for cancer research, increasing demand for accurate diagnosis of cancer in early stages and rising efficacy of biomarkers in tumor profiling are the primary growth drivers for cancer/tumor profiling market. For instance, according to GLOBOCAN globally approximately 14.1 million new cancer cases were diagnosed and there were 8.2 million cancer deaths in 2012. In addition, according to World Health Organization (WHO), in 2015 approximately 8.8 million people died due to cancer. Moreover, approximately 70% of the deaths from cancer occur in low and middle income countries.
The initiation and implementation of point-of-care diagnostic tests, boosting awareness of cancer by many private and public organizations, increasing demand for next generation sequencing for cancer profiling and improvement of personalized medicine are also facilitating the growth for the cancer/tumor profiling market.
The low advantage percentage of biomarkers, imprecise governing and compensation scenario, and excessive assets investment are the major challenges for the growth of cancer/tumor profiling market. Moreover, lack of skilled professionals and lack of infrastructure are also hindering the growth of the cancer/tumor profiling market.
Globally, the manufacturing companies trying to enter the cancer/tumor profiling industry are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest cancer/tumor profiling market as in the region the number of cancer cases is increasing. For instance, according to GLOBOCAN in the U.S. approximately 1.6 million new cancer cases were diagnosed and there were 0.6 million cancer deaths in 2012. Increasing research and funding for cancer, mounting technological adoption for treatment of cancer and presence of major leading players in the region are also up surging growth of the North American cancer/tumor profiling market.
Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base and mounting occurrence of cancer. In addition, escalating number of contract research organizations (CROs), boosting requirement for improved healthcare services in developing economies and mounting emphasis of international players on emerging markets are also creating a positive impact on the cancer/tumor profiling market growth in the region.
Key players in the market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In April 2018, Bristol-Myers Squibb Company collaborated with Illumina, Inc. to employ Illumina’s next-generation sequencing technology in Bristol-Myers Squibb’s oncology portfolio for development and commercialize in-vitro diagnostic assays. Illumina, Inc., Genomic Health Inc., Qiagen N.V., Oxford Gene Technology, Caris Life Sciences, Neogenomics Laboratories, Inc., HTG Molecular Diagnostics, Inc., Helomics Corporation, Nanostring Technologies, Inc. and Ribomed Biotechnologies, Inc. are the key players offering cancer/tumor profiling.