Accueil Biotechnology Rising Utility of Biomarkers in Tumor Profiling is Driving the Growth of the Market

Rising Utility of Biomarkers in Tumor Profiling is Driving the Growth of the Market

Cancer/Tumor Profiling Market

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.

Europe held the second largest share of 27.7% in the global cancer/tumor profiling market in 2016. The growth in the European market for cancer/tumor profiling is mainly led by growing aging population, increasing prevalence of chronic pain, and neurological disorders and R&D infrastructure. By 2023, the European market for cancer/tumor profiling is expected to cross $23.0 billion dollar, growing at a CAGR of 18.5% between 2017-2023. Among all the European countries, Germany held the largest share in the European cancer/tumor profiling industry and is expected to register a CAGR of 19.3% in the forecast period.

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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.

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.

Source: P&S Intelligence


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