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Personalized Medicine Market worth $35.03 Billion by 2018

The global cancer/tumor profiling market is estimated to grow at a CAGR of 18.5%, to reach approximately $35 billion by 2018. Profiling a cancer/tumor is about gaining knowledge about a patient’s cancer/tumor profile and identifying any genomic alterations that can help a physician to guide patients through a systemic therapy with a higher likelihood of success. Cancer profiling helps physicians to rule out therapies that are unlikely to be successful (on an individual basis) thereby minimizing the trial and error process. 

In this report, the cancer/tumor profiling market is broadly segmented across two categories, namely, market by technologies and applications. The market by technology consists of next-generation sequencing, quantitative PCR, immunohistochemistry, FISH/CISH, and microarrays. Based on applications, the market is segmented into major application areas, namely, personalized medicine, diagnostics, biomarker discovery, prognosis, and research applications.

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The cancer/tumor profiling market is driven by the rising number of cancer cases. Technological advancements, to identify the exact cause of the condition, are also driving the growth of this market. Additionally, the increasing demand for safer and cost-effective treatments is further driving this market. The rapid growth of the cancer/tumor profiling market is attributed to its promising applications in personalized cancer therapy; and its extension in early diagnosis, disease prognosis, and research applications will further enhance its market growth. However, lack of awareness about cancer/tumor profiling options and their potential among clinicians might result in missing out on the crucial profile of the cancer condition, resulting in poor selection of treatment and disease prognosis. This factor will have a huge impact on the addressable market for cancer/tumor profiling services.

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 North America is a significant contributor to the market, followed by Europe, due to the presence of technology providers and better R&D facilities. The new markets that are expected to grow at a brisk pace are emerging economics such as China, India, Japan, and other regions of Asia-Pacific and the untapped markets of Europe due to their growing GDP, healthcare costs, and rising demand for safe and cost-effective diagnostics and therapeutics.

Key players in market are Boreal Genomics Inc. (U.S.), Caris Life Sciences (U.S.), Genomic Health Inc. (U.S.), Illumina, Inc. (U.S.), Life Technologies Corporation (U.S.), NeoGenomics Laboratories (U.S.), Oxford Gene Technology Ltd. (U.K.), Precision Therapeutics Inc. (U.S.), bioTheranostics (U.S.), Proteome Sciences PLC (U.K.), Agendia (The Netherlands), Nanostring Technologies (U.S.), Rational Therapeutics (U.S.), Oncopath Laboratories (U.S.), and RiboMed Biotechnologies Inc. (U.S.).

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