Global Cancer/Tumor Profiling Market – Analysis and Forecast (2018-2024)

There are various types of cancer, colorectal cancer, breast cancer, melanoma cancer, lung cancer, prostate cancer, and others cancer. Mounting occurrence of breast cancer, boosting research emphasis on breast cancer and increasing alertness about breast cancer diagnosis are some of the factors responsible for the growth of the breast cancer segment. Of all the types, the breast cancer segment account foremost share in the cancer/tumor profiling market.

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The cancer/tumor profiling market is subdivided by application into clinical application and research application. Research application is expected to grow at fastest rate in the market due to the outcome of therapeutic interferences & drug-induced toxicity and progressively companies are concentrating on the usage of biomarkers as biological indicators for the improvement of diseases.

The low advantage percentage of biomarkers, imprecise governing and compensation scenario, and excessive assets investment are the major challenges for the growth of cancer/tumor profiling market. Moreover, lack of skilled professionals and lack of infrastructure are also hindering the growth of the cancer/tumor profiling market.

Geographically, North America is the largest cancer/tumor profiling market as in the region the number of cancer cases is increasing. For instance, according to GLOBOCAN in the U.S. approximately 1.6 million new cancer cases were diagnosed and there were 0.6 million cancer deaths in 2012. Increasing research and funding for cancer, mounting technological adoption for treatment of cancer and presence of major leading players in the region are also up surging growth of the North American cancer/tumor profiling market.

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Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base and mounting occurrence of cancer. In addition, escalating number of contract research organizations (CROs), boosting requirement for improved healthcare services in developing economies and mounting emphasis of international players on emerging markets are also creating a positive impact on the cancer/tumor profiling market growth in the region.

In April 2018, Bristol-Myers Squibb Company collaborated with Illumina, Inc. to employ Illumina’s next-generation sequencing technology in Bristol-Myers Squibb’s oncology portfolio for development and commercialize in-vitro diagnostic assays. Illumina, Inc., Genomic Health Inc., Qiagen N.V., Oxford Gene Technology, Caris Life Sciences, Neogenomics Laboratories, Inc., HTG Molecular Diagnostics, Inc., Helomics Corporation, Nanostring Technologies, Inc. and Ribomed Biotechnologies, Inc. are the key players offering cancer/tumor profiling.

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