Cancer/Tumor Profiling Market to Grow at 19% CAGR
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NEW YORK, July 11, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Cancer/Tumor Profiling Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Technology (NGS, QPCR, IHC, ISH, Microarray), by Technique (Genomics, Proteomics, Epigenetics, Metabolomics), by Application (Personalized Medicine, Diagnostics, Biomarker Discovery, Prognostics, and Others),” published by P&S Market Research, the global cancer/tumor profiling market is expected to grow at a CAGR of 19.0%, during 2017-2023.
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As per the findings of various researches, next-generation sequencing is the most preferred technology, globally, in the cancer/tumor profiling market. Genomics has been the largest contributor to the global market, in terms of revenue, among the various techniques for cancer/tumor profiling. Genomics involves sequencing and analysis of an organism’s genome, which helps in identifying genes associated with the disease. Based on application, personalized medicine has been the largest segment of the global cancer/tumor profiling market, followed by diagnostics, biomarker discovery, prognostics and others.
Geographically, North America has been the largest market for cancer/tumor profiling, with the U.S. being the largest contributor to the regional market. Increasing government funding for research has been driving the growth of the North American market. In Europe, Germany has been the largest contributor to the cancer/tumor profiling market, followed by the U.K. and France. Asia-Pacific market is expected to grow at the highest CAGR, during 2017-2023, owing to increasing prevalence of cancer and increasing demand for better cancer diagnosis and treatment from emerging economies.
The rapidly increasing burden of cancer has been leading to increase in demand for cancer/tumor profiling, which further compels government organizations and healthcare providers to provide facilities for effective disease diagnosis and treatment. According to WHO, in 2012, approximately 324,000 new cases of lung cancer were diagnosed in North America and the number is likely to reach approximately 541,000 by 2030. Also, as reported by IARC, a total of 645,000 new cancer cases (excluding non-melanoma skin cancer) were reported in 2012, across the globe, and around 456,000 deaths occurred due to the same.
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Some of the key players in the global cancer/tumor profiling market include Illumina, Inc., Caris Life Sciences, Qiagen N.V., Helomics Corporation, Oxford Gene Technology, Neogenomics Laboratories, Inc., HTG Molecular Diagnostics, Inc., Ribomed Biotechnologies, Inc., Genomic Health Inc. and Nanostring Technologies, Inc.
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