According to a new market research "Cancer/Tumor Profiling Market by Application (Clinical, Research), Technology (Immunoassay, Hybridization (PCR, In Situ Hybridization, DNA/RNA Microarray), NGS, Mass Spectrometry), Cancer Type (Breast, Lung, Prostate, Colorectal) - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to reach USD 8.74 Billion by 2022 from USD 5.26 Billion in 2017, at a CAGR of 10.7%.
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Browse 67 market data Tables and 32 Figures spread through 155 Pages and in-depth TOC on "Cancer/Tumor Profiling Market"
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Major factors fueling the growth of the market include increasing number of cancer cases across the globe, the increasing utility of biomarkers, and availability of funding for cancer research. On the other hand, high capital investments and low benefit ratio for biomarkers used in Cancer/Tumor Profiling are expected to limit the Cancer/Tumor Profiling Market growth to a certain extent.
Factors such as the increasing demand for personalized medicine and point-of-care diagnostic tests in Cancer/Tumor Profiling are expected to offer a wide range of growth opportunities for players in the Cancer/Tumor Profiling Market.
The breast cancer segment market to hold the largest share during the forecast period
Based on cancer type, the cancer/tumor profile market is categorized into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancer types.
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In 2017, the breast cancer segment is expected to account for the largest share of the global Cancer/Tumor Profiling Market. The largest share of this segment is mainly attributed to the high prevalence of breast cancer over the last few years, increased awareness about breast cancer diagnosis, and increasing research focus on breast cancer.
The NGS segment to register the highest CAGR during the forecast period
Based on technology, the cancer/tumor profile market is categorized into immunoassays, hybridization, NGS, mass spectrometry, and other technologies. The NGS segment is expected to register the highest CAGR during the forecast period.
Factors such as advancements in sequencing technologies, growing number of new cancer cases, a wide range of applications, and the preference for personalized medicines (in which this technology has significant applications) are expected to boost the growth of NGS technology in the future.
The research application segment to grow at the highest CAGR during the forecast period
Based on application, the Cancer/Tumor Profiling Market is categorized into clinical application and research application. The research application segment is expected to grow at the highest CAGR during the forecast period.
Companies are increasingly focusing on the use of biomarkers as biological indicators for the progress of diseases and the effect of therapeutic interventions & drug-induced toxicity.
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Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific is expected to grow at the highest CAGR during the forecast period. In recent years, the Asia Pacific market for Cancer/Tumor Profiling has witnessed significant growth due to the rising incidence of cancer, increasing demand for better healthcare services in developing economies such as India and China, rising number of contract research organizations (CROs), and increasing focus of international players on emerging markets.
The Cancer/Tumor Profiling Market is dominated by established players such as Illumina (US), QIAGEN (Netherlands), NeoGenomics Laboratories (US), HTG Molecular Diagnostic (US), and Genomic Health (US).
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