Pharmaceutical and Diagnostic Segment Expected to Realize the Fastest Growth in The Global Cancer & Tumor Profiling Market
Global
cancer/tumor profiling market is likely to grow significantly, during the
forecast period, due to increasing prevalence of cancer, growing government
funding for research activities and increasing usage of biomarkers. The market
is further expected to gain revenue, owing to increased focus on personalized
medicine, availability of tailored medical treatment to suit individual
characteristics, needs and preferences of patients and rising compliance for
cancer/tumor profiling in the emerging economies. Lack of skilled professionals
and high cost associated with the profiling of cancer/tumor are the key factors
restraining the global market growth.
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Geographically,
North America has been the largest market for cancer/tumor profiling, with the
U.S. being the largest contributor to the regional market. Increasing
government funding for research has been driving the growth of the North
American market. In Europe, Germany has been the largest contributor to the
cancer/tumor profiling market, followed by the U.K. and France. Asia-Pacific
market is expected to grow at the highest CAGR, during 2017 - 2023, owing to
increasing prevalence of cancer and increasing demand for better cancer
diagnosis and treatment from emerging economies.
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Some
of the key players in the global cancer/tumor profiling market include
Illumina, Inc., Caris Life Sciences, Qiagen N.V., Helomics Corporation, Oxford
Gene Technology, Neogenomics Laboratories, Inc., HTG Molecular Diagnostics,
Inc., Ribomed Biotechnologies, Inc., Genomic Health Inc. and Nanostring
Technologies, Inc.
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