The Global Market For Cancer Profiling Technologies To Grow To Nearly $54.8 Billion By 2018
Wellesley, Mass (PRWEB) January 13, 2014
According to a new technical market research report, Cancer Profiling and Pathways: Technologies and Global Markets, from BCC Research (http://www.bccresearch.com), the global market for cancer profiling technologies was valued at more than $26.1 billion in 2012 and is expected to reach $30 billion in 2013. BCC Research projects the market to grow to nearly $54.8 billion by 2018, and register a five-year compound annual growth rate of 12.8% from 2013 to 2018.
The global healthcare industry is seeing new developments, improved point-of-care diagnostics, cost-effective treatment modalities, and advances in personalized medicine, which not only offer efficient early diagnosis, but also allows for the treatment of cancer conditions in order to reduce the healthcare cost and disease burden. Cancer/tumor profiling is one such technology with the potential to revolutionize cancer diagnostics and therapeutics in the healthcare industry.
Effective administration of targeted therapeutics and monitoring of cancer require frequent profiling of a patient’s tumor mutations. Today, profiling of cancer is becoming important for cancer diagnosis, clinical trials, and therapeutic and research and development efforts. As newer and efficacious targeted therapies are developed and approved, profiling of tumors will become essential for therapy, patient selection, and monitoring.
Understanding the multivariate nature of cancer and drug response also depends on molecular profiling at epigenetic, genetic, and protein levels. Biomarkers, as defined by the National Institutes of Health, are “characteristics that are objectively measured and evaluated as an indicator of normal biologic processes, pathogenic processes, or pharmacologic responses to a therapeutic intervention.” A biomarker has to be reliable, measurable, specific, and predicative. The diagnostics, biomarker discovery and prognosis applications offer vast opportunities for key players in this market.
The global market for cancer/tumor profiling is expected to grow, backed by technological advancements, and increasing investments. The demand for safe and cost-effective drugs for the treatment of cancer (which can be fulfilled by cancer/tumor profiling therapeutics), is helping to spur this growth. However, the market will also experience improvements in biomarker discovery and prognosis areas during the forecast period. In addition, the use of proteomics in biomarker testing and identification has in turn boosted the services for the biomarkers. Strategic collaborations among companies are also increasing biomarker applications in the field of diagnosis and drug discovery.
North America is the largest hub for cancer/tumor profiling market, accounting for the largest share, followed by Europe and Asia. North America and Europe are expected to grow at a steady pace. However, the Asia-Pacific market and a few countries from the Rest of World (ROW) region are expected to witness a boost in demand and are poised to register maximum growth over the next five years, owing to high incidence of cancers, affected population and the increased purchasing power of patients.
This report from BCC Research is an exhaustive study on the cancer profiling and pathways, giving crucial statistics and analysis on the market structure, market size, key technologies, and segments, important trends in technology development, next-generation technologies, major opportunities and market shares of key players and innovative drugs. This report will prove crucial for scientists and biotechnology and life sciences research institutions, as well as firms or investors seeking investments in this market.