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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