Cancer/Tumor Profiling Market Key Manufacturers, Development Trends And Competitive Analysis 2019

With more than 14 million new cases and over 8.2 million deaths (U.S. National Cancer Institute) directly related to complications led by the disease, cancer has become one of the leading socioeconomic burdens and most prevalent cause of deaths across the globe. The WHO states that the disease will lead to the death of over 11.5 million people by 2030 across the globe. The alarmingly rising prevalence of the disease has driven vast research and development activities in the field of cancer diagnosis and treatment in the past few years.

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The field of cancer diagnosis has significantly evolved and a number of ways, including medical imaging and screening tests, are being increasingly used for diagnosing the onset or the growth of the tumor tissue. In present times, tumor profiling is also increasingly undertaken to allow the physician a better understanding of the patient’s genomic alterations and cancer profile to decide on a suitable course of therapy. Cancer/tumor profiling is also undertaken to rule out a therapy that is unlikely to provide successful outcomes, thus reducing the time, energy, and money spent in the trial and error approach.

The global market for cancer/tumor profiling is expected to witness expansion at a significant pace in the next few years, chiefly owing to the rising funds being directed towards activities aimed at improving the overall course of diagnosis and treatment of the disease and vast technological advancements recently observed in the field of tumor profiling. The market is also driven by the rising adoption of point of care diagnostics and the resultant rise in demand for personalized medicines.

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The continuously rising socioeconomic burden of cancer and the pressure on the healthcare industry to present effective methods of tackling and managing the condition are also driving the market for cancer/tumor profiling. However, the added expenditure that profiling procedures require could hinder their adoption to a certain extent, limiting the scope of these procedures to high-income regions. Nevertheless, rising government intervention and pouring funds from public and private institutions towards the diagnosis and treatment of cancer are expected to allow the market achieve promising growth avenues.

Some of the leading vendors operating in the global market for cancer/tumor profiling are Caris Life Sciences, Genomic Health, Inc., Life Technologies Corporation, Boreal Genomics, Inc., Ribomed Biotechnologies, Oxford Gene Technology Ltd., Illumina, Inc., Oncopath Laboratory, Precision Therapeutics, Inc., Neogenomics Laboratories, Precision Therapeutics, Inc., and Nanostring Technologies.

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