CHICAGO, June 25, 2019 /PRNewswire/ -- According to the new market research report "Cancer/Tumor Profiling Market by Technology (Immunoassay, NGS, PCR, In Situ Hybridization), Cancer Type (Breast, Lung, Colorectal), Biomarker Type (Genomic Biomarkers, Protein Biomarkers), Application (Diagnostics, Prognostics) - Global Forecast to 2024", published by MarketsandMarkets™, the Cancer/Tumor Profiling Market is projected to reach USD 12.4 billion by 2024 from USD 7.5 billion in 2019, at a CAGR of 10.5%.
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Growth in this market is driven by the increasing incidences of cancer across the globe and the growing use of biomarkers in tumor profiling. Also, the increase in cancer research & funding initiatives and technological advancements in profiling technologies are propelling market growth.
By technology, immunoassays are expected to account for the largest share of Cancer/Tumor Profiling Market
Based on technology, Cancer/Tumor Profiling Market has been segmented into immunoassays, in-situ hybridization, next-generation sequencing (NGS), polymerase chain reaction (PCR), mass spectrometry, microarrays, and other technologies. The immunoassays segment accounted for the largest market share in 2018. This can be attributed to the fact that these assays are used as a gold standard to conduct tumor profiling on a large scale as they help measure the presence and concentration of analytes in a sample. These tests are used for cancer diagnosis, prognosis, and treatment decisions.
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The use of profiling techniques is increasing with the rising incidence of breast cancer
Based on cancer type, Cancer/Tumor Profiling Market has been segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and other cancers. In 2018, the breast cancer segment accounted for the largest share of Cancer/Tumor Profiling Market. The high prevalence of breast cancer across the globe is the primary factor contributing to the large share of this segment. Cancer requires the use of different profiling techniques for early diagnosis and screening.
Genetic biomarkers are being used widely for novel biomarker discovery
Based on biomarker type, Cancer/Tumor Profiling Market is segmented into genetic biomarkers, protein biomarkers, and other biomarkers. In 2018, genetic biomarkers accounted for the largest share of Cancer/Tumor Profiling Market. The large share of this segment can be attributed to the high adoption of these biomarkers during cancer diagnosis & prognosis and in the biomarker discovery process.
Increasing research for cancers is propelling the use of cancer/tumor profiling technologies
Based on applications, Cancer/Tumor Profiling Market is segmented into research and clinical applications. The research applications segment accounted for the largest share of Cancer/Tumor Profiling Market in 2018. The large share of this segment is attributed to the increasing focus on biomarker discovery for drug development along with the rapidly growing field of personalized medicine. Additionally, the growing funding for cancer research is propelling the growth of the market.
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North America to dominate Cancer/Tumor Profiling Market during the forecast period
In 2018, North America dominated global Cancer/Tumor Profiling Market, followed by Europe. Increasing investments for the discovery & development of biomarkers, growing demand for personalized therapeutics, rising adoption of advanced omics technologies for cancer research, and the increasing use of biomarkers for drug development with regard to the rising incidences of cancer are the factors propelling the growth of the market in the region. The presence of a large number of global players in this region is another key factor contributing to the large share of this market segment.
Prominent players in Cancer/Tumor Profiling Market are Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), HTG Molecular Diagnostics, Inc. (US), Genomic Health Inc. (US), Caris Life Sciences (US), Helomics Corporation (US), NanoString Technologies, Inc. (US), Sysmex Corporation (Japan), RiboMed Biotechnologies, Inc. (US), Guardant Health, Inc. (US), and Foundation Medicine (US).
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