Cancer Profiling Market size is projected to experience significant growth from 2017 to 2024.
Rising prevalence of cancer worldwide and huge funding available for oncology research are the major factors driving global cancer profiling market growth. In addition, the increase in the utility of biomarkers and high demand for the point-of-care diagnostic testing will fuel the demand for the oncology profiling over the coming years. The obtainability of custom-made medical treatment that will suit specific physiognomies, preferences, and requirements of patients coupled with intensifying compliance for the tumor profiling in developing economies should propel the industry.
According to the International Agency for Research on Cancer (IARC), the global burden for cancer by 2030, is projected to reach 21.7 million new cases. As per American Cancer Society, by end of 2017 there will be 1,688,780 new cases of cancer identified in the U.S. High capital investment and rising demand for the personalized medicine are other major factors boosting the industry size. The forthcoming disease burden will possibly remain higher since adoption of western lifestyle, including inactiveness, poor diet, smoking, etc. High associated cost with profiling and dearth of trained specialists can limit the business growth during the forecast years.
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Personalized medicine reduces possibility of adverse side effects and additional healthcare expenses. Moreover, capability to take health decisions regarding disease prediction and prevention as well as prior disease intervention is being possible because of personalized medicines. Genomics will witness lucrative growth due to its wide-ranging clinical, diagnostics and research applications.
Increasing government funding and grants along with investments are the determinants to fuel the cancer profiling market growth during the forecast timeframe. Moreover, the increased adoption of the genomics in R&D and research studies offers immense growth opportunities. Next-generation sequencing (NGS) accounted for largest share in cancer profiling technology in 2016. Associated advantages include recognition of transmutation, advanced genome with reduction in cost, high speed and sensitivity.
Several initiatives undertaken to prevent the breast and colorectal cancers should fuel U.S. cancer profiling market growth. For instance, the Molecular Profiling Breast Cancer (MPBC) is altering medical training and improving management of breast oncology in the U.S. Moreover, the colorectal cancer is the second major cause of death in U.S. and there is necessity to profile and detect tumors at initial stages in order to provide appropriate treatment.
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China will foresee lucrative growth over the coming years due to rising demand for the better healthcare service coupled with increasing occurrence of tumor. Furthermore, growing number of the contract research organizations (CROs) and major international players focusing on developing economies to expand their business will drive regional share.
Some of the industry players are Genomic Health, Illumina, NeoGenomics Laboratories, QIAGEN, HTG Molecular Diagnostic, Caris Life Sciences, Ribomed Biotechnologies, Oxford Gene Technology, Nanostring Technologies, and Helomics. The industry players focus on strategic mergers, alliances, and advanced technology launches for business growth as their main strategies. For instance, in May 2017, the Genomic Health announced favorable draft local coverage determination (LCD) in Medicare coverage for the usage of the Oncotype DX Genomic Prostate Score in the patients that are at intermediate risk of prostate tumor.