Global Cancer/Tumor Profiling Market: Overview
With more than 14 million new cases and over 8.2 million deaths (U.S. National Cancer Institute) directly related to complications led by the disease, cancer has become one of the leading socioeconomic burdens and most prevalent cause of deaths across the globe. The WHO states that the disease will lead to the death of over 11.5 million people by 2030 across the globe. The alarmingly rising prevalence of the disease has driven vast research and development activities in the field of cancer diagnosis and treatment in the past few years.
The field of cancer diagnosis has significantly evolved and a number of ways, including medical imaging and screening tests, are being increasingly used for diagnosing the onset or the growth of the tumor tissue. In present times, tumor profiling is also increasingly undertaken to allow the physician a better understanding of the patient’s genomic alterations and cancer profile to decide on a suitable course of therapy. Cancer/tumor profiling is also undertaken to rule out a therapy that is unlikely to provide successful outcomes, thus reducing the time, energy, and money spent in the trial and error approach.
Global Cancer/Tumor Profiling Market: Drivers and Restraints
The global market for cancer/tumor profiling is expected to witness expansion at a significant pace in the next few years, chiefly owing to the rising funds being directed towards activities aimed at improving the overall course of diagnosis and treatment of the disease and vast technological advancements recently observed in the field of tumor profiling. The market is also driven by the rising adoption of point of care diagnostics and the resultant rise in demand for personalized medicines.
The continuously rising socioeconomic burden of cancer and the pressure on the healthcare industry to present effective methods of tackling and managing the condition are also driving the market for cancer/tumor profiling. However, the added expenditure that profiling procedures require could hinder their adoption to a certain extent, limiting the scope of these procedures to high-income regions. Nevertheless, rising government intervention and pouring funds from public and private institutions towards the diagnosis and treatment of cancer are expected to allow the market achieve promising growth avenues.
Global Cancer/Tumor Profiling Market: Geographical and Competitive Landscape
It is estimated that over 60% of the world’s new cancer cases occur in regions such as Asia, Africa, and South and Central America; 70% of the world’s deaths due to cancer also occur in these regions. Pointing to a huge patient pool and potential consumers, these regions could be the leading contributors to the growth and development of the global cancer/tumor profiling market. It is, however, developed regions with high disposable incomes such as North America and Europe that presently lead the market.
Apart from the rising pool of cancer patients in these regions, the market for cancer/tumor profiling also thrives owing to technologically advanced healthcare infrastructures, availability of advanced research and development facilities, and the presence of a vast number of technology providers. Over the report’s forecast period as well, these regions will continue to remain the leading contributors of revenue to the global market. The market in developing economies across promising regional markets such as South and Central America and Asia Pacific will expand owing to rising purchasing powers of the population and promising development of healthcare infrastructures.
Some of the leading vendors operating in the global market for cancer/tumor profiling are Caris Life Sciences, Genomic Health, Inc., Life Technologies Corporation, Boreal Genomics, Inc., Ribomed Biotechnologies, Oxford Gene Technology Ltd., Illumina, Inc., Oncopath Laboratory, Precision Therapeutics, Inc., Neogenomics Laboratories, Precision Therapeutics, Inc., and Nanostring Technologies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.