Cancer Tumor Profiling Market Trends, Analysis, Growth and Future Scope
The cancer/tumor profiling market size is projected to reach $87.1 billion by 2023, growing at a CAGR of 19.0% during 2017-2023. The market is growing mainly due to the increasing number of new cancer cases, rising utility of biomarkers in tumor profiling, rising availability of funding for cancer research and increasing demand for next generation sequencing for cancer profiling.
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The players in the market are developing different biomarkers based on what is to be detected in a patient. For instance, Caris Life Sciences, develops several biomarkers that are based on IHC, that detects the level of protein expression, translocations and fusions, ISH, amplifications, detects gene deletions, NGS, rapidly examines and more broadly detects DNA mutations, copy number variations and gene fusions across the genome, and fragment analysis, that detects changes in RNA or DNA to indicate the absence or presence of genetic marker. Due to this precise detection using biomarkers for the cancer-causing agent, there is an increase in the use of biomarkers for cancer profiling and thereby driving the growth of the cancer/tumor profiling market.
The key players in the cancer/tumor profiling market are collaborating with other firms to expand their market share. In September 2017, Indivumed, GmbH and Helomics Corp. entered into a partnership to analyze human cancer biospecimens and annotated clinical data from consenting patients around the world.
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Some of the other key players operating in the cancer/tumor profiling market include Illumina, Inc., NeoGenomics Inc., Caris Life Sciences, Inc., Oxford Gene Technology, HTG Molecular Diagnostics, Inc., RiboMed Biotechnologies, Inc., QIAGEN N.V. and NanoString Technologies, Inc.
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