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Cancer/Tumor Profiling Market to Reach $87.1 Billion by 2023

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Cancer/Tumor Profiling Market to Reach $87.1 Billion by 2023

January 12
20:09 2018

Cancer/Tumor Profiling Market
The cancer/tumor profiling market size is projected to reach $87.1 billion by 2023, growing at a CAGR of 19.0% during 2017-2023. P&S Market Research

The market is growing mainly due to the increasing number of new cancer cases, rising utility of biomarkers in tumor profiling, rising availability of funding for cancer research and increasing demand for next generation sequencing for cancer profiling.

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The cancer/tumor profiling market in terms of technology has been segmented into next generation sequencing (NGS), quantitative polymerase chain reaction (QPCR), immunohistochemistry (IHC), in-situ hybridization (ISH), and microarray, based on technology. NGS held the largest share in the cancer/tumor profiling industry, standing at 33.1%, in 2016. This leading position of NGS is mainly characterized by increased awareness about NGS products due to rising promotional activities for these products among the research laboratories and academic institutes. The NGS category is also expected to grow at the highest CAGR during the forecast period.

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The players in the market are developing different biomarkers based on what is to be detected in a patient. For instance, Caris Life Sciences, develops several biomarkers that are based on IHC, that detects the level of protein expression, translocations and fusions, ISH, amplifications, detects gene deletions, NGS, rapidly examines and more broadly detects DNA mutations, copy number variations and gene fusions across the genome, and fragment analysis, that detects changes in RNA or DNA to indicate the absence or presence of genetic marker. Due to this precise detection using biomarkers for the cancer-causing agent, there is an increase in the use of biomarkers for cancer profiling and thereby driving the growth of the cancer/tumor profiling market.

Europe held the second largest share of 27.7% in the global cancer/tumor profiling market in 2016. The growth in the European market for cancer/tumor profiling is mainly led by growing aging population, increasing prevalence of chronic pain, and neurological disorders and R&D infrastructure. By 2023, the European market for cancer/tumor profiling is expected to cross $23.0 billion dollar, growing at a CAGR of 18.5% between 2017-2023. Among all the European countries, Germany held the largest share in the European cancer/tumor profiling industry and is expected to register a CAGR of 19.3% in the forecast period.

The key players in the cancer/tumor profiling market are collaborating with other firms to expand their market share. In September 2017, Indivumed, GmbH and Helomics Corp. entered into a partnership to analyze human cancer biospecimens and annotated clinical data from consenting patients around the world.

Some of the other key players operating in the cancer/tumor profiling market include Illumina, Inc., NeoGenomics Inc., Caris Life Sciences, Inc., Oxford Gene Technology, HTG Molecular Diagnostics, Inc., RiboMed Biotechnologies, Inc., QIAGEN N.V. and NanoString Technologies, Inc.

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