Moreover, surging demand for NGS technology for tumor profiling will facilitate the cancer/tumor profiling market growth in the forecast period. The market players are developing an ample number of NGS-based cancer profiling kits, as these enable rapid sequencing of genomes and zooming-in at sequence target regions. For example, Illumina Inc., a key market player, announced its Extended RAS panel, the U.S. Food and Drug Administration (USFDA)-approved kit, in June 2017. The kit intends to assist healthcare professionals in identifying patients eligible for the administration of Vectibix (panitumumab) for treatment of metastatic colorectal cancer.
In 2016, North America generated the highest revenue in the cancer/tumor profiling market, due to the exponential rise in research and funding activities, strong presence of market players, and constant technological advancements, in the region. Moreover, high prevalence of cancer is supporting the regional market growth. According to the American Cancer Society, the U.S. will register 1.9 million new cancer cases and 608,570 cancer deaths in 2021. This agency further states that one in three people in the U.S. will be diagnosed with cancer in their lifetime.
Whereas, the Asia-Pacific cancer/tumor profiling market is expected to demonstrate the fastest growth in the forecast period. This can be ascribed to the factors such as escalating healthcare expenditure, rising cases of cancer, and increasing government initiatives for cancer treatment. According to the All India Institute of Medical Science (AIIMS), India registers around 0.7 million new cancer cases every year, and nearly 2.5 million Indians are currently suffering from cancer.