Global cancer profiling market size was valued at $25.8 billion in 2016, and is projected to grow at 19.0% CAGR between 2017-2023, to reach $87.1 billion by 2023. The market is bifurcated on the basis of technology including, NGS, IHC, QPCR hybridization ISH and micro-array. NGS is expected to witness the fastest growth in the future, as it can rapidly sequence whole genomes and zoom in to sequence target regions. Various factors increasing the demand for the cancer profiling market include, rising utility of bio-markers in tumor profiling, increasing number of new cancer cases, expanding demand for next generation sequencing for cancer profiling, and rise in the availability of funding for cancer research.
The players in the cancer profiling market players have immense opportunities to grow due to increasing use of point-of-care diagnostic tests and rising demand for personalized medicine. OncoGenesis, has developed a CerMark cervical cancer screen, that can characterize cervical cancers and quantify these biomarkers in relatively non-invasive cervical cytology. These novel biomarkers are embedded in the CerMark cervical cancer screen and the system can be used both in the laboratory research and point-of-care applications. The device includes a pipeline of diagnostic tests and a portable hardware device. The development of such diagnostic kits creates opportunities for the players to invest in cancer profiling market.
Taking into an account of geographical landscape, North America was the largest revenue contributor in the cancer profiling market, in 2016 due to increasing research and funding for cancer, rising technological adoption for treatment of cancer and presence of leading players in the region. According to the American Cancer Society, around 13% of the total cases of cancer, diagnosed in 2017 in adults and elderly population worldwide, is estimated to be a rare kind of cancer.
