Press release
Cancer/Tumor Profiling Market Expected to Reach $82,447 Million by 2023
Cancer/Tumor Profiling Market
๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ :
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.
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The genomics segment dominated the global cancer/tumor profiling market accounting for two-fifths share of the global market in 2016.
The biomarker discovery segment is the largest application of global market in 2016, and is expected to grow at a CAGR of 17.4% during the forecast period.
U.S. dominated the North America cancer/tumor profiling market, accounting for the maximum share of the global market in 2016.
Asia-Pacific is exhibited to grow at a significant CAGR of 19.3% during the forecast period.
India was the fastest growing country in the Asia-Pacific cancer/tumor profiling market in 2016, registering a CAGR of 20.8%, and is anticipated to continue this trend during the forecast period.
The in-situ hybridization segment is expected to grow at the highest rate, registering a CAGR of 19.8% from 2017to 2023.
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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.
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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