2014-01-21 12:55:02 - Cancer/Tumor Profiling Market Technologies 2013-2018 - a new market research report on companiesandmarkets.com
The global cancer and tumor profiling market is forecast to be worth US$35Bn by 2018. The global Cancer/Tumor Profiling Market was valued at $13.30 billion in 2012. At the end of 2013, the market is estimated to be $14.99 billion and the sector is forecast to expand at a CAGR of 18.50% from 2013 to 2018.
The global healthcare industry is witnessing a paradigm shift, skewed towards point-of-care diagnostics, cost-effective treatment modalities, and personalized medicine, which not only offers efficient early diagnosis, but also treats cancer conditions in order to reduce the healthcare cost and disease burden. Cancer/Tumor Profiling is one such technology with the exact potential to revolutionize cancer diagnostics and therapeutics in the healthcare industry.
The diagnostics, biomarker discovery, and
prognosis applications offer vast opportunities for key players in this market. The launch of the first and only FDA-cleared IVDMIA breast cancer recurrence assay "MammaPrint", "ColoPrint" - a microarray-based gene expression profile for predicting the recurrence of stage II and III colon cancer patients, "Oncotype Dx" - a test that examines a breast cancer patient´s tumor tissue at a molecular level to give information about a patient´s individual disease, has acknowledged the potential of Cancer/Tumor Profiling in diagnostics and prognosis. This scenario is expected to further revolutionize the industry towards massive growth in the next 5 to 10 years.
The global market for Cancer/Tumor Profiling is expected to grow, backed by technological advancements, huge funds, and investments. The market is witnessing a trend towards the development of personalized medicine and point-of-care diagnostic tests for cancer. Additionally, the demand for safe and cost-effective drugs for the treatment of cancer (which can be fulfilled by Cancer/Tumor Profiling therapeutics), will fuel the market growth. However, the market will also experience improvements in biomarker discovery and prognosis areas during the forecast period.
North America is the largest hub for Cancer/Tumor Profiling Market, accounting for the largest share, followed by Europe and Asia. North America and Europe are expected to grow at a steady pace. However, the Asia-Pacific market and few countries from the ROW region are expected to witness a boost in demand and are poised to register maximum growth over the next five years, owing to high incidence of cancers, affected population, and the increased purchasing power of patients.
The key players in the Cancer/Tumor Profiling Market are Boreal Genomics Inc. (U.S.), Caris Life Sciences (U.S.), Genomic Health Inc. (U.S.), Illumina Inc. (U.S.), Life Technologies Corporation (U.S.), NeoGenomics Laboratories (U.S.), Oxford Gene Technology Ltd. (U.K.), Precision Therapeutics Inc. (U.S.), bioTheranostics (U.S.), Proteome Sciences PLC (U.K.), Agendia (The Netherlands), Nanostring Technologies (U.S.), Rational Therapeutics (U.S.), Oncopath Laboratories (U.S.), and RiboMed Biotechnologies Inc. (U.S.).
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