According to the estimates of the market research organization, P&S Intelligence, the market will demonstrate a CAGR of 19.0% from 2017 to 2023 (forecast period). The major factors propelling the progress of the market are the growing requirement for cancer profiling products, on account of the surging funding being provided for cancer research, soaring prevalence of cancer, burgeoning need for next-generation sequencing, and increasing use of biomarkers in tumor profiling across the world.
The growing prevalence of cancer, owing to various factors, such as smoking, changing lifestyles, tobacco consumption, radiation exposure, and eating habits, is one of the major growth drivers of the cancer/tumor profiling market. As per the American Cancer Society, in the U.S., nearly 1,688,780 new cases of cancer were recorded in 2017. Moreover, around 600,920 Americans are predicted to die because of cancer in the coming years, which will propel the mortality rate to 1,650 per day.
Browse detailed report – Cancer/Tumor Profiling Market Size and Revenue Estimation
For the accurate detection of cancer-causing agents, the usage of biomarkers for cancer profiling is soaring rapidly. Depending on technology, the cancer/tumor profiling market is divided into NGS, quantitative polymerase chain reaction (QPCR), IHC, ISH, and microarray categories. Out of these, the NGS category held the largest share in the market in the past. This was because of the fact that the awareness about NGS products has increased sharply over the last few years, on account of the growing use of NGS products in research laboratories and academic institutions.
Hence, the demand for cancer/tumor profiling will soar all over the world in the upcoming years, primarily because of the rising prevalence of cancer and mushrooming geriatric population.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings