Cancer is a dreadful disease that takes the lives of hundreds of thousands of people annually. As indicated by National Cancer Institute, Cancer statistics in 2018, cancer is one of the leading causes of death in the United States. In 2016, there were an estimated 15.5 million cancer survivors in the United States. The number of cancer survivors is expected to increase to 20.3 million by 2026. Tumor profiling marks an important step forward in oncology and reflects a trend toward personalized cancer care. It mainly in helps in identifying effective treatments options for patient that might not have otherwise been considered. Through tumor profiling, there is increase in the possibility of patients responding favourably to therapy, and thereby avoiding the potential side effects and the costs associated with a therapy that may be less likely to help the patient.
Cancer/Tumor Profiling Market Outlook
Rising prevalence of cancer pertaining to lifestyle associated factors will be a high impact rendering factor for the industry growth. Increasing technological advances in cancer biology and launch of several diagnostic and screening programs globally should drive the business size. Growing awareness regarding cancer/tumor profiling, rising shift towards adoption of western lifestyle are surging up the global market. Besides, growing awareness amongst patients and healthcare professionals about the importance of early diagnosis of malignancies and increasing demand for personalized medicine is anticipated to provide this cancer/ tumor profiling market with high growth opportunities in the coming decade. Diagnostic biomarkers for early diagnosis enable doctors on deciding better treatment alternatives leading to successful recovery in lesser time.
COVID 19 Pandemic Impact on Cancer/Tumor Profiling Market
Confirmed cases of the COVID-19 coronavirus have topped 4 million globally. Businesses are coping with lost revenue and disrupted supply chains as factory shutdowns and quarantine measures spread across the globe, restricting movement and commerce. COVID-19 Pandemic has stretched healthcare infrastructure of even the most developed countries and is likely to cause economic recession unparalleled in the recent history. According to the Infection Control Risk Assessment (ICRA), the revenues of the entities in healthcare sector are about to fall by 15-20 per cent in FY2021, following the spread of the COVID-19 pandemic. Attributed to the COVID-19 outbreak, there has been a significant drop in cancer testing and diagnosis due to measures and resources implemented towards coronavirus. However, since the cancer has been identified as one of the risk factor of COVID-19, the cancer profiling market is not likely to be impacted significantly.
Cancer/Tumor Profiling Market Segmental Overview
The report analyses the global cancer/tumor profiling market based on technology, technique, application, cancer type and geography.
- The key technologies of cancer/tumor profiling are classified into generation sequencing (NGS), immunoassays, next-generation sequencing, polymerase chain reaction, mass spectrometry, in-situ hybridization, microarrays etc. Immunoassay accounts for significant market share owing to the fact that Immunoassays are used as a gold standard to conduct tumor profiling on a large scale as they help measure the presence and concentration of analytes in a sample.
- The major techniques of cancer/tumor profiling includes genomics, proteomics, epigenetics, metabolomics. Genomics provides an overview of the complete set of genetic instructions provided by the DNA, while transcriptomics looks into gene expression patterns. Proteomics studies dynamic protein products and their interactions, while metabolomics is also an intermediate step in understanding organism’s entire metabolism.
- Cancer/tumor profiling finds application in personalized medicine, diagnostics, biomarker discovery, prognostics and research applications etc. In the field of oncology, the concept of personalised medicine which is prevention and treatment strategies take individual variability into account, hinges on the development of valid biomarkers interrogating key aberrant pathways potentially targetable with molecular targeted or immunologic therapies. Personalized medicine owing to its increasing demand and rising awareness amongst healthcare professionals is anticipated to witness flourishing growth rate.
- Cancer/tumor profiling aids in numerous types of cancer including breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. The high prevalence of breast cancer makes it the largest market for cancer/ tumor profiling. Whereas lung cancer segment is anticipated to observe the highest CAGR over the forecast period. The growing incidence of lung cancer globally and the increasing need for early diagnosis are contributing to the growth of this segment.
- The cancer/tumor profiling market is studied for the key regions including North America, Europe, Asia Pacific, and Rest of the World. North America dominated the regional segment of the market owing to high adoption of innovative technology, prevalence of cancer and increasing R&D funding through public and private sectors coupled with increasing elderly population.
- Asia Pacific market will grow at highest CAGR over the forecast period attributed to growing incidence of cancer coupled with rising adoption of western lifestyle will fuel the business growth. Increasing awareness of disease prevention, refining economic settings, and increasing adoption for technologically advanced products should drive regional market growth.
Cancer/Tumor Profiling Market Key Players
Key competitors of this market Illumina, Inc., Qiagen N.V., Neogenomics, Inc., Sysmex Corporation, HTG Molecular Diagnostics, Inc., Helomics Corporation, Caris Life Sciences, Nanostring Technologies, Inc., Ribomed Biotechnologies, inc., Guardant Health, inc., Foundation Medicine, F. Hoffmann-la Roche Ltd, Genscript Biotech Corporation, Tempus Labs, Histogene X, Hologic, Inc., Boreal Genomics Inc, Perthera, Agendia and Omniseqamong others.
The report analyses the global Cancer/Tumor Profiling market based on Technology, Technique, application, cancer type and geography. The cancer/tumor profiling market by technology is categorised into next-generation sequencing (NGS), immunoassays, next-generation sequencing, polymerase chain reaction, mass spectrometry, in-situ hybridization, microarrays etc. The major techniques of cancer/tumor profiling includes genomics, proteomics, epigenetics, metabolomics. The major techniques if cancer/tumor profiling includes genomics, proteomics, epigenetics, metabolomics. Cancer/tumor profiling market finds application in personalized medicine, diagnostics, biomarker discovery, prognostics and research applications etc Based on cancer type, the cancer/tumor profiling market has been segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. The cancer/tumor profiling market is studied for the key regions including North America, Europe, Asia Pacific, and Rest of the World.
Why to buy this report:
- The report offers changing market dynamics in the Cancer/Tumor Profiling market, presenting historical, current, and projected market size in terms of value (USD Million)
- The research study provides an in-depth analysis of the industry value chain focusing on the peer and parent markets of Cancer/Tumor Profiling market
- It presents a comprehensive assessment of geographical regions exhibiting promising growth, potential and niche segments, and a neutral perspective on the Cancer/Tumor Profiling market performance
- The report also offers strategic recommendations in key business segments based on the market estimations and competitive landscape, mapping the key common trends of Cancer/Tumor Profiling market
