Uncontrolled growth and proliferation of cells leads to nonmalignant and cancerous tumors. Classification of these tumors is done with help of gene expression cancer profiling. Every growing cell of cancer has unique pattern and a combination of proteins and genes. Profiling of these patterns help the healthcare industry to perform better diagnosis and staging the prognosis. One of the most commonly used techniques is molecular biology; cancer or tumor profiling is a promising market across the globe. Global cancer profiling market is growing at a rapid rate, which is a positive sign for the components of this industry. Increasing area of application, innovative techniques and occurrences of cancer are driving the global industry at an impressive rate.
General Segmentation in Cancer Profiling Industry
Tumor profiling market is segmented on the basis of different types of applications, technologies, technological applications and geographical locations. Based on geography, the industry is segmented into North America, Asia Pacific, Europe and rest of the world. Based on technology, the industry is segmented into quantitative PCR, next generation sequencing, microarray, immunohistochemistry, and FISH/CISH. Based on their applications, cancer profiling techniques are further divided into four segments, namely, metabolomics, proteomics, genomics and epigenetics. Basic applications of cancer profiling technologies include in the fields of diagnostics, personalized medicines, prognosis, biomark discovery and cancer research.
Key Takeaways and Forecasting
Cancer profiling market is dominated by personalized medicines segment. Applications in tumor profiling industry are driven by technological advancements. Advanced technologies help the market to concentrate on specific types of cancer, which is gaining stronghold on global healthcare industry. Detailed analysis of the segments of the industry suggests that the global industry is expected to grow at an impressive compound annual growth rate. Researchers suggest that the global industry is anticipated to grow at a CAGR of 18.50% from 2013 to 2018. This rate will take the market to reach past $35.03 billion by 2018. As of 2013, the market is valued at $14.99 billion.
Increasing importance of innovations in research techniques, increasing investments from different health organizations and governments and collaborative efforts on domestic and international levels are creating waves in the tumor profiling market. rising number of cancer cases is the strong reason for increasing number of cancer profiling tests. Apart from that, precaution and requirement for cost effective cancer treatments is also pushing the market ahead. Increasing demand in the segments of early diagnosis, research applications and disease prognosis are also driving the industry.
North America is currently the leading segment, which is followed by Europe. Asia Pacific is expected to become the most promising geographical region in the years to come. Increasing awareness and investments will drive the market.