Profiling is the term used to describe the dynamic system analysis while the target application is running. Profilers generally collect data about metrics such as CPU utilization, framerate values, and most importantly data about memory allocations. Especially with Xamarin projects, since we are dealing with multiple platforms, profiling becomes an important part of testing and diagnostics.
There are numerous tools that one can use to profile memory usage on Xamarin projects, Xamarin Profiler being the only one that can be used both for Xamarin.iOS and Xamarin.Android applications.
Xamarin Profiler is the newest addition to the Xamarin Suite. This profiler has the advantage over other platform-specific applications since it can be run either on OS X or Windows targeting Xamarin.Android or Xamarin.iOS applications.