The cancer (tumor) profiling market is expected to grow at a CAGR of 19.1% over the next four years. This growth directly reflects the public’s growing preferences for precision medicine, as well as increased global cancer rates and government commitment to developing new diagnostic technologies.
(Park City, UT) August XX, 2017—One of the hottest new trends in cancer diagnostics and treatment is cancer profiling, where genetic mutations within a tumor are identified and used to select effective treatments.(1) The cancer profiling market, valued at $25.82 billion in 2016, is expected to grow at a compound annual growth rate (CAGR) of 19.1% through the year 2021, reaching an estimated value of $61.87 billion.(2) This tremendous growth rate is due to both the public’s interest in personalized medicine and the healthcare industry’s development of better diagnostic testing methods. As the market makes these enormous financial gains, companies such as NuView Life Sciences continue to work towards producing new technologies using biomarkers to identify cancerous tissues.
The factors driving this colossal market growth are varied. First, rates of cancers in populations across the globe are rising—by 2030, it’s expected that 21.6 million new cases of cancer will be diagnosed worldwide annually.(3) Because of the rise in numbers of new cases, it’s expected that national governments will funnel more money into research to create and improve new diagnostic technologies and cancer therapeutics.(4) The use of specific genetic elements will also heavily influence government spending as new technologies perfect the use of specific cellular factors, including certain biomarkers, to accurately identify cancerous tissues.(1,4)
Additionally, public interest in a precision medicine approach to diagnosis and treatment is already significantly impacting this flourishing market, and represents the largest share of forecast growth in cancer profiling.(2) The evolution and implementation of new diagnostic and treatment technologies using an individual’s unique genetic makeup are predicted to enhance the diagnosis of cancer, minimize adverse drug reactions, and allow for new targeted therapies.(2)
The continued evolution of these new technologies, together with increased public interest, is spurring growth opportunities for many companies in the healthcare industry. North America—including the United States and Canada—currently holds the largest share of this thriving market, largely due to the geographical location of key market players and research institutes that are propelling the market forward.(2) However, the Asia-Pacific region is expected to grow at the highest CAGR during this time period as rates of cancer in the region increase and there is more demand for accurate, precision medicine-based diagnostic tests.
Paul Crowe, CEO of NuView Life Sciences, says, “It’s almost unheard of for healthcare diagnostic markets to grow at such a tremendous rate, but it’s easy to understand why such growth is anticipated. The cancer profiling market is a reflection of the global cancer epidemic and our efforts to better diagnose and eradicate cancer. It’s what the public and the healthcare industry want, so that’s where the money is going.”
As governments allocate more funding for research using biomarkers to precisely identify tumors, companies such as NuView Life Sciences are at the forefront of research to develop new diagnostic technologies that make use of cellular markers to unequivocally pinpoint cancerous cells for treatment. The continued focus on precision medicine for cancer diagnostic tests reflects the needs and preferences of healthcare consumers and the industry as a whole.(3)
Crowe says, “With so much money flooding this market for research and development, we can expect to see new ways of diagnosing cancer in the near future. These new technologies will help increase the likelihood of personalized treatments being effective in eliminating cancer in diagnosed patients.”
About NuView Life Sciences:
Founded in 2005, NuView Life Sciences is a biotechnology company located in Park City, Utah, working to improve the way cancer is diagnosed and treated in our modern healthcare system. NuView is focused on creating precision cancer diagnostics and therapeutics to improve patient outcomes while reducing healthcare costs through the development and clinical application of its exclusive peptide analog technology, NV-VPAC1.
Led by a team of industry experts with decades of combined experience in healthcare and medical imaging technologies, NuView is poised to change how we look for and respond to cancer. To learn more about NuView Life Sciences, please visit http://nuviewinfo.com.
Sources:
- Cancer (Tumor) Profiling Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2014 to 2020. Grand View Research. http://www.grandviewresearch.com/industry-analysis/cancer-tumor-profiling
- Cancer/Tumor Profiling Market worth 61.87 Billion USD by 2021. http://www.marketsandmarkets.com/PressReleases/cancer-tumor-profiling.asp
- Rising Global Cancer Epidemic. American Cancer Society. https://www.cancer.org/research/infographics-gallery/rising-global-cancer-epidemic.html
- Global Cancer/Tumor Profiling Market to witness 19% CAGR during 2017 – 2023. P&S Market Research. https://www.psmarketresearch.com/press-release/cancer-profiling-market
