Cancer/Tumor Profiling Market Worth 61.87 Billion USD by 2021

Friday 9 December 2016, Amsterdam

The report, now available on ASDReports, "Cancer/Tumor Profiling Market by Application (Diagnostic, Personalized Medicine, Research), Technique (Genomics, Proteomics, Metabolomics, Epigenetics),Technology (Next-generation Sequencing, qPCR, In-situ Hybridization, Microarray)- Forecast to 2021", provides a detailed overview of major drivers, restraints, challenges, opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue.

The global Cancer/Tumor Profiling market is poised to reach USD 61.87 Billion by 2021 from USD 25.82 Billion in 2016, at a CAGR of 19.1% from 2016 to 2021.

Major factors fueling market growth are increasing number of cancer cases across the globe, the increasing utility of biomarkers, and availability of funding for cancer research. On the other hand high capital investments and low benefit ratio for biomarkers used in cancer/tumor profiling are expected to limit Cancer/Tumor Profiling market growth to a certain extent. Factors such as the increasing demand for personalized medicine and point-of-care diagnostic tests in cancer/tumor profiling are expected to offer a wide range of growth opportunities for players in the cancer/tumor profiling market.

The global Cancer/Tumor Profiling market is segmented on the basis of technology, technique, application, and region. On the basis of applications, the cancer/tumor profiling market is broadly segmented into personalized medicine, biomarker discovery, diagnostics, prognostics, and research applications. The personalized medicine segment is expected to account for the largest share of the global cancer/tumor profiling application market in 2016. Advantages such as reduced probability to adverse drug reactions, better prediction of cancer, and better targeted therapy for the treatment of cancer are contributing to the large share of the personalized medicine segment in the cancer/tumor profiling market.

Furthermore, based on technique, the cancer/tumor profiling market is segmented into genomics, proteomics, epigenetics, and metabolomics. The genomics segment is expected to account for the largest share of the cancer/tumor profiling technique market in 2016. Factors such as increasing investments, grants, and funds by governments; growing research in the field of genomics; and rising application of genomic sequencing in diagnostics are contributing to the growth of this segment.

Based on technology, the global cancer/tumor profiling market is broadly divided into next-generation sequencing, quantitative PCR, in situ hybridization, immunohistochemistry, and microarray. The next-generation sequencing segment is expected to account for the largest share of the cancer/tumor profiling technology market in 2016. Factors such as reduction in sequencing costs, technology advancements in sequencing platforms, research laboratories and academicians promoting the use of NGS, and increasing awareness on NGS products and services are contributing to the growth of this segment.

North America (comprising the U.S. and Canada) is expected to account for the largest share of the global Cancer/Tumor Profiling market in 2016, followed by Europe. Increasing research funding and presence of a large number of market players and research institutes are propelling the growth of the North American cancer/tumor profiling market. The Asia-Pacific region is expected to grow at the highest CAGR in the forecast period. In recent years, the Asia-Pacific market for cancer/tumor profiling has witnessed significant growth due to the rising incidence of cancer, increasing demand for better healthcare services in developing economies such as India and China, rising number of contract research organizations (CROs), and increasing focus of international players on emerging markets.

The Cancer/Tumor Profiling market is dominated by established players such as Illumina Inc. (U.S.), QIAGEN N.V. (Netherlands), NeoGenomics Laboratories (U.S.), HTG Molecular Diagnostic (U.S.), and Genomic Health Inc. (U.S.).