In a recently published report, Cancer/Tumor Profiling Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cancer/Tumor Profiling Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Cancer/Tumor Profiling Market is valued approximately USD 5.9 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 10.7 % over the forecast period 2019-2026. Growing focus for the development of personalized medicine, growing utility of biomarkers in tumor profiling and increasing R&D investments in cancer are some major trends that are responsible for the wide adoption of Cancer/Tumor Profiling globally.
Global Cancer/Tumor Profiling market is majorly driven by increasing prevalence of cancer globally. The World Cancer Research Fund International (WCRFI) estimates that, nearly 2 million new cases of breast cancer are being detected every year and breast cancer is considered as the most common form of cancer in women globally. American Cancer Research Society (ACRS) anticipates by 2030, incident rate of breast cancer is expected to reach over 9.9million cases with over 5.5million annual deaths, primarily due to aging population. Incident rates of breast cancer are highest (46% in 2016) amongst women aged between 45-65 years across the globe. ACRS studies reveals that, with aging population prevalence rate of breast cancer amongst elderly women aged 55 years and above is bound to increase.
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Breast cancer represents 12% of all new cases of cancer amongst women in 2016, according to WCRFI. Europe leads the world with highest number (25% in 2016) of new breast cancer cases in the world followed by North America and Asia Pacific according to National Cancer Institute (NCI), USA. Belgium, Denmark, France, Netherlands, Bahamas and USA are countries with highest rates of breast cancer in the world according to WCRFI survey in 2016. Global economic burden due to breast cancer stood at $5.7billion in 2016 according to ACRS. However, ACRS estimates, the economic burden on breast cancer is anticipated to reach over $8 billion by 2026. Increasing number of breast cancer cases would supplement global cancer/tumor profiling market for the forecasted period. However, lack of skilled professionals is a major factor that impede the growth of the Cancer/Tumor Profiling market over the forecast period.
On the basis of segmentation, the Cancer/Tumor Profiling market is segmented into technology, cancer type and application. The technology segment of global Cancer/Tumor Profiling market is classified into immunoassays, hybridization, next generation sequencing, mass spectrometry and other technologies of which immunoassays accounted for the largest market share owing to its cost-effectiveness, high sensitivity as well as technological advancements in this technology would propel the growth of the immunoassays. Based on the cancer type segment, the cancer/tumor profiling is bifurcated into breast cancer, lung cancer, prostate cancer, colorectal cancer, melanoma cancer and other cancer of which breast cancer segment holds the leading position owing to the increased awareness about breast cancer diagnosis, rising prevalence of breast cancer. The application segment includes clinical application and research application.
The regional analysis of Cancer/Tumor Profiling Market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America have occupied major share in the global Cancer/Tumor Profiling market. The major reasons for the dominance of North America are rising prevalence of cancer along with the high rate of adoption in this region. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to rising number of contract research organizations (CROs), growing demand for better healthcare services and increasing incidences of cancer.
The leading market players mainly include-
Illumina, Inc.
Qiagen N.V.
Neogenomics Laboratories, Inc.
HTG Molecular Diagnostics, Inc.
Genomic Health Inc.
Caris Life Sciences
Helomics Corporation
Nanostring Technologies, Inc.
Oxford Gene Technology
Ribomed Biotechnologies, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Technology:
Immunoassays
Hybridization
Next Generation Sequencing
Mass Spectrometry
Other Technologies
By Cancer Type:
Breast Cancer
Lung Cancer
Prostate Cancer
Colorectal Cancer
Melanoma Cancer
Others Cancer
By Application:
Clinical Application
Research Application
By Regions:
North America
U.S.
Canada
Europe
UK
Germany
ROE
Asia Pacific
China
India
Japan
ROAPEC
LAMEA
Brazil
Mexico
ROW
Middle East & Africa
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Cancer/Tumor Profiling Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
THE REPORT ANSWERS QUESTIONS SUCH AS:
- What is the market size in Global?
- What are the factors that affect the growth of Market over the forecast period?
- What is the competitive position of Market?
- Which are the best product areas to be invested in over the forecast period of that Market?
- What are the opportunities of that Market ?
WHAT ARE THE KEY SEGMENTS IN THE MARKET?
• By product type
• By End User/Applications
• By Technology
• By Region
WHICH MARKET DYNAMICS AFFECTS THE BUSINESS?
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Key Topic Covered in this Report
• Market Growth Opportunities
• Leading Market Players
• Market Size and Growth Rate
• Market Growth Drivers
• Company Market Share
• Market Trends and Technological
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