A leading market report in the U.S. studies the global cancer/tumor profiling market with a considerable forecast to 2018. The report analyzes the overall market including its major restraints, market drivers, and adoption potential of cancer/tumor profiling in various geographies of the world. According to the report, the global cancer/tumor profiling market is growing at a CAGR of more than 18% and the market is expected to reach a value of US$35 billion by 2018. The market was valued at approximately US$14 billion in 2013.
Cancer/Tumor Profiling Market – Overview
Cancer profiling is an extremely promising market poised for significant growth in the healthcare industry. The market is expected to grow rapidly expanding into a range of application areas such as prognosis and biomarker discovery.
The global market for cancer/tumor profiling has witnessed an exemplary shift skewed towards point of care diagnostics, whereby, the cancer diagnosis is conducted in different ways via medical imaging and screening tests. Now-a-days the profiling of cancer/tumor is performed in specific methods to gain exacting knowledge of patient’s genomic alterations and cancer profile information. These factors are vital as they help physicians’ advice their patients with appropriate therapy techniques. Due to such technological advancements in the healthcare industry and huge investments and funds to back cancer treatment devices, the global cancer/tumor profiling market is expected to witness massive growth in the near future.
Cancer/tumor profiling is an effective technology that has the exact potential to revolutionize therapeutics and cancer diagnostics in the healthcare industry. Introduction to personalized medicines and growing demand for cost-effective treatment modalities are key factors expected to instill high growth and increase the market share of cancer profiling in the coming years.
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Cancer/Tumor Profiling Market – By Application Analysis
The application segment of the tumor profiling market is sub-divided into diagnostics, personalized medicines, prognosis, biomarker discovery, and research purposes. However, besides the mentioned primary differentiations, the tumor profiling market can also be segmented based on different segments such as, epigenetics, genomics, proteomics, and metabolomics market.
Among all the aforementioned application segments, the personalized medicines segment is expected to witness the highest growth rate in the forecast 2013 – 2019. Personalized medicines to conduct early diagnose, disease prognosis and other research applications have been a promising approach in the global cancer profiling market. Its ability to treat cancer conditions and reduce healthcare expenditure effectively has been a remarkable achievement in the history of cancer treatment over the years. Hence, by far, personalized medicines segment has been the largest revenue sector across the world. The market for the same is expected to rapidly grow over the forecast period.
Additionally, many novel tools and services have been proposed by various biotech companies in the market for tumor profiling. These tools and services serve the cancer screening and diagnostics, and also provide development in the cancer therapeutics field.
Rapid growth witnessed in all the cancer/tumor profiling applications, especially the personalized medicines sector is all due to intense research and development activities in genomics and proteomics segments. Nevertheless, extensive research in the field of metabolomics and epigenetics will further fuel immense growth into the cancer/tumor profiling market.
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Future Trends and Growth in Various Geographies
Rising cases of cancer and an increase in demand for targeted therapy will be some additional factors expected to incur high growth into this market. Demand for cost-effective treatment, increasing awareness of cancer/tumor profiling market, high investments in healthcare facilities, and demand for safer medicines are rapidly growing in developing economies of the world, particularly the Asia-Pacific regions. Such demand is expected to register healthier growth rate over the next five or six years.
Till date, North America has remained the largest market for all the application segments due to the presence of dominant cancer profiling industry leaders. This region is followed by Europe and Asia.
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