Global Cancer/Tumor Profiling Market: Overview
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.
Global Cancer/Tumor Profiling Market: Drivers and Restraints
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.
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.
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Global Cancer/Tumor Profiling Market: Geographical and Competitive Landscape
It is estimated that over 60% of the world’s new cancer cases occur in regions such as Asia, Africa, and South and Central America; 70% of the world’s deaths due to cancer also occur in these regions. Pointing to a huge patient pool and potential consumers, these regions could be the leading contributors to the growth and development of the global cancer/tumor profiling market. It is, however, developed regions with high disposable incomes such as North America and Europe that presently lead the market.
Apart from the rising pool of cancer patients in these regions, the market for cancer/tumor profiling also thrives owing to technologically advanced healthcare infrastructures, availability of advanced research and development facilities, and the presence of a vast number of technology providers. Over the report’s forecast period as well, these regions will continue to remain the leading contributors of revenue to the global market. The market in developing economies across promising regional markets such as South and Central America and Asia Pacific will expand owing to rising purchasing powers of the population and promising development of healthcare infrastructures.
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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.