Tumor (Cancer) Profiling Market by Technology and Geography - Forecast and Analysis 2020-2024
Global Tumor (Cancer) Profiling Market: About this market
Technavio’s tumor (cancer) profiling market analysis considers sales from immunoassays, next-generation sequencing, polymerase chain reaction, and in-situ hybridization technologies. Our study also finds the sales of tumor (cancer) profiling in Asia, Europe, North America, and ROW. In 2019, the immunoassays segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as precise treatment decisions will play a significant role in the immunoassays segment to maintain its market position. Also, our global tumor (cancer) profiling market report looks at factors such as increasing incidences of cancer, low cost of genetic sequencing, and increasing awareness about tumor profiling. However, high cost of biomarkers development, lack of skilled professionals, and concerns related to variability in accuracy and precision in genomic analysis may hamper the growth of the tumor (cancer) profiling industry over the forecast period.
Global Tumor (Cancer) Profiling Market: Overview
Increasing awareness about tumor profiling
Various government and private organizations and companies are creating awareness about the significance of tumor profiling, its diagnosis and personalized treatment of cancer. They are releasing educational videos and using email campaigns to educate both patients and physicians about the availability of effective and personalized treatment options and the need for genetic testing for timely diagnosis of cancer. Thus, increasing awareness about tumor profiling will lead to the expansion of the global tumor (cancer) profiling market at a CAGR of over 10% during the forecast period.
The growing importance of genomics in therapeutics
The importance of genomics technologies, such as microarray and genome editing in therapeutics, helped shape the future of therapeutics in pharmaceutical industries. Genomic profiling is done through polymerase chain reaction (PCR), ligase chain reaction (LCR), and transcription-mediated technologies. The rising focus of researchers on developing genomic databases, such as GenBank and the European Molecular Biology Laboratory (EMBL), has brought significant changes in the healthcare system by accelerating research progress in personalized medicines, drug development, clinical research, and gene therapies. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global tumor (cancer) profiling market during the forecast period 2020-2024, click here.
With the presence of several major players, the global tumor (cancer) profiling market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading tumor (cancer) profiling manufacturers, that include Abbott Laboratories, Agilent Technologies Inc., Becton, Dickinson and Co., bioMérieux SA, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., QIAGEN NV, Siemens Healthineers AG, and Thermo Fisher Scientific Inc.
Also, the tumor (cancer) profiling market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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