Cancer profiling market revenues surpassed US$ 900 million in 2018, according to Fact.MR’s latest study. Growing at a subdued 4% y-o-y, the study foresees absolute opportunity of over US$ 36 million in 2019. Steadily rising opportunities in cancer profiling market can be attributed to,
- Increasing disease burden of cancer worldwide
- Significant economic burden associated with cancer diagnosis and treatment
- Growing R&D investments to develop effective cancer diagnostics
- Increasing importance of precision medicine adoption and reliance of cancer profiling
According to the study, cancer profiling market revenues continue to remain consolidated in North America. Of the estimated new cases, breast cancer accounts for over 15% and colorectal cancer for about 8% new cases. As breast and colorectal cancers are few of the leading causes of death in North America, collectively they register nearly 70% of total regional cancer profiling revenues.
The study estimates that Europe represents the second most significant demand for cancer profiling and accounts for over four fifth of the global revenues. Rising incidences of cancer, EU’s proactive efforts to promote cancer screening and use of best practices to improve the quality are responsible for the significant investments in cancer profiling space in Europe.
Fact.MR finds that APEJ will register significant utilization of cancer profiling in coming years on the back of rising awareness and adoption of improved tools for cancer identification.
Breast Cancer Accounts for Nearly Half the Cancer Profiling Revenues
According to the study, breast cancer is expected to take maximum advantage of cancer profiling as compared to other cancer types. After lung cancer, breast cancer is the second most leading cause of new cancer cases.
Globally, national governments are actively engaged in generating awareness regarding the prevention and diagnosis of breast cancer. As cancer profiling applications remain higher in breast cancer diagnosis, a significant fall in breast cancer mortality shows promising diagnosis and improved treatment.
Colorectal cancer is also categorized among one of the leading causes of new cancer cases and cancer deaths. The study finds that followed by breast cancer, a significant utilization of cancer profiling can be observed in colorectal cancer.
Cancer profiling constitutes utilization of multiple technologies, of which immunohistochemistry (IHC) and Fluorescent In Situ Hybridization (FISH) are the most reliable technologies preferred by oncologists. Fact.MR reveals that FISH systems register leading revenues in the cancer profiling market, followed by IHC. FISH is the most commonly used technique for cancer profiling among researchers and for cancer diagnosis. Lower cost and higher sensitivity of IHC can be attributed to its significant adoption in cancer profiling.
Fact.MR study estimates that hospitals account for a significant share of the cancer profiling market followed by diagnostic centers. Increasing establishments of multi-speciality hospitals with in-house diagnostic centers are driving the growth of cancer profiling market in hospitals. A considerable utilization of cancer profiling is also found in research laboratories and cancer research institutes.
The cancer profiling marketplace is marked by hefty investments oriented at robust biomarker development to expand cancer profiling capabilities. Lengthy clinical trials present another milestone wherein tedious authorization process of FDA engages significant investments of stakeholders.
The Fact.MR report tracks the cancer profiling market for the period 2018-2028. According to the report, the cancer profiling market is projected to grow at 4.7% CAGR through 2028.