Cancer/Tumor Profiling Market Boosting the Growth Worldwide: Market Dynamics and Trends, Efficiencies Forecast 2023
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –:The demand for cancer profiling methods has witnessed significant growth over the years with seamlessly integrating next-generation sequencing (NGS) and in-situ hybridization for cancer profiling. In addition, cancer profiling for the detection of molecular & genetic level of cancers, and use of personalized and targeted approaches for treatment have propelled the market growth.
Cancer/Tumor Profiling Market by Technology, Technique, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023,” 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.
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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.
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.
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.
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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.
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