Albany, NY -- (SBWIRE) -- 07/08/2014 -- Cancer is a fatal disease characterized by uncontrolled cell division. It is primarily caused by environmental factors that mutate the gene encoding for cell regulation. The resultant cell aberration leads to abnormal cell growth that destroys the surrounding normal tissue and thus spreads the disease to vital organs. Cancer diagnosis is performed in a number of ways that include screening tests and medical imaging. According to WHO, cancer is one of the leading cause of death and is estimated to account for 11.5 million deaths in 2030 worldwide. Cancer diagnosis is performed in a number of ways that include screening tests and medical imaging. Nowadays, profiling of tumor is done to gain knowledge about patient’s cancer profile and genomic alterations that help physicians to guide a patient with most appropriate therapy. Additionally, profiling also helps physicians to remove therapies which are unlikely to be successful and thus reduces the errors and trial process.
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The global cancer profiling market is expected to witness massive growth in near future due to huge funds and investments and technological advancements. Additionally, paradigm shift towards point of care diagnostics, growing demand for personalized medicines and cost effective treatment modalities are some of the major reasons expected to increase the market share of cancer profiling in near future. Moreover, personalized medicines have been a promising approach in early diagnosis, disease prognosis and research applications. Increasing demand for targeted therapy and rising cases of cancer are also expected to fuel the market growth.
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Global cancer/tumor profiling market can be categorized on the basis of technology, application and segment. The technology segment can be further categorized into next-generation sequencing, immunohistochemistry, quantitative PCR, microarray and fluroscence/chromogenic in-situ hybridization. Application segment of the tumor profiling market can be subdivided further into personalized medicines, diagnostics, biomarker discovery, prognosis and research purpose. Furthermore, the market can also be divided on the basis of different segments such as genomics, proteomics, epigenetics and metabolomics market. Of these above mentioned application segments personalized medicines is expected to witness the highest growth rate in near future owing to its ability treat cancer conditions effectively and reduce healthcare expenditure.
Geographically, North America accounts for the largest share of the global cancer profiling market followed by the European region. Rising incidences of patients suffering from cancer each year and favorable government measures that are focused towards proper screening and diagnosing are some of the factors held responsible for leadership position of these region. Additionally, presence of large number of technology providers and availability of better research and development facilities are expected to trigger the growth of cancer profiling market in North America and European markets. However, in the near future Asian region and Latin American region is expected to show healthy growth in the near future due to increased purchasing power of patients, economic developments and rising incidence of cancer. Moreover, rising demand for safe and cost effective diagnostics and therapeutics is another major driver of this market.
Some of the major players operating in cancer profiling market include Boreal Genomics, Inc., Genomic Health, Inc., Caris Life Sciences, Life Technologies Corporation, Illumina, Inc., Oxford Gene Technology Ltd., Neogenomics Laboratories, Precision Therapeutics, Inc. Nanostring Technologies, Ribomed Biotechnologies, Precision Therapeutics, Inc., Oncopath Laboratory and others.
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