Cancer/tumor profiling is a method used to categorize tumors more precisely. It helps in identification of genomic alteration and provides more accurate and specific information about clinical outcomes of cancer. It aids in analysis at molecular level, which helps physician to achieve appropriate therapeutic decisions. The global cancer/tumor profiling market is growing at significant rate, due to escalating number of cancer cases and rising efficacy of biomarkers in tumor profiling. Different technologies contributed to the cancer/tumor profiling market size. The market has witnessed high demand for immunoassays over the last few years due to technological improvements and cost-effectiveness.

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The initiation and implementation of point-of-care diagnostic tests, boosting awareness of cancer by many private and public organizations, increasing demand for next generation sequencing for cancer profiling and improvement of personalized medicine are also facilitating the growth for the cancer/tumor profiling market.

The low advantage percentage of biomarkers, imprecise governing and compensation scenario, and excessive assets investment are the major challenges for the growth of cancer/tumor profiling market. Moreover, lack of skilled professionals and lack of infrastructure are also hindering the growth of the cancer/tumor profiling market.

Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base and mounting occurrence of cancer. In addition, escalating number of contract research organizations (CROs), boosting requirement for improved healthcare services in developing economies and mounting emphasis of international players on emerging markets are also creating a positive impact on the cancer/tumor profiling market growth in the region.

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Key players in the market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In April 2018, Bristol-Myers Squibb Company collaborated with Illumina, Inc. to employ Illumina’s next-generation sequencing technology in Bristol-Myers Squibb’s oncology portfolio for development and commercialize in-vitro diagnostic assays. Illumina, Inc., Genomic Health Inc., Qiagen N.V., Oxford Gene Technology, Caris Life Sciences, Neogenomics Laboratories, Inc., HTG Molecular Diagnostics, Inc., Helomics Corporation, Nanostring Technologies, Inc. and Ribomed Biotechnologies, Inc. are the key players offering cancer/tumor profiling.

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