Cancer Diagnostics Market: Increase in Incidence of Cancer and Cancer Awareness Programs by Governments to Drive Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: According to Transparency Market Research’s latest report on the global cancer diagnostics market for the historical period 2017–2018 and forecast period 2019–2027, Increasing trend for preventive diagnosis due to escalating prevalence continues, early diagnosis enables better clinical and economical outcomes for patients are projected to drive the global cancer diagnostics market during the forecast period
According to the report, the global cancer diagnostics market was valued at US$ 146.2 Bn in 2018 and is anticipated to expand at a CAGR of 8.8% from 2019 to 2027
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Increasing trend for preventive diagnosis due to escalating prevalence continues and early diagnosis enables better clinical and economical outcomes for patients: Key Drivers
Cancer has a major impact on society across the world. It is one of the leading causes of death across the globe and is more prevalent in developed and emerging markets. According to American Cancer Society data, over 1.7 million new cancer cases are expected to be diagnosed in 2019 in the U.S. According to information published in the European Journal of Cancer, an estimated 3.9 million new cases of cancer and 1.9 million deaths due to the disease were reported in Europe in 2018.
The alarming rate of escalating cancer prevalence compels the healthcare providers to rethink of goals of treating cancer and also focus on prevention. This would require cancer diagnostics that are not only specific and sensitive, but also capable of detecting cancer in early stages. As the prevalence of different types of cancer grows globally, it is expected to drive the global cancer diagnostics market.
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The high cost of treatment for any kind of cancer is a key driver for increasing market for diagnostic tests and procedures. Cancer is a chronic disease and usually incurs expensive treatment along with debilitating pain, disability and in some cases death. An early detection by use of most modern diagnostics enables quick medical decision making and consequent treatment. This ensures that the cancer does not prevail until it becomes very difficult to treat. Therefore, cancer diagnostics have significant role in reduction of treatment costs, lowering of hospitalization stay, and prevention of unavoidable interventions. Early diagnosis does not necessarily mean cost saving in the treatment of disease. It allows early treatment which results into improved quality of life and ‘quality adjusted life years’ (QALY) gained. The life years gained suffices the justification of even costlier cancer diagnostics and thus provides even better outlook for the Cancer Diagnostics Market
Novel Diagnostic Biomarkers Continue To Create New Revenue Stream Boost Market Growth
The increased knowledge about specific cancer biomarkers is providing great market opportunity to treat cancer patients through improvement in the detection. The technological advancements in the field of biotechnology have enabled the identification of potential cancer biomarkers and some of these biomarkers have been commercialized.
In February 2020, Biocare Medical launched of seven novel IVD immunohistochemistry antibody markers for clinical diagnostics and research applications.
In May 2020, BioGenex introduced three new primary immunohistochemistry (IHC) antibodies for cancer diagnosis. The new launch includes: CD8A, CD56, CD163
In 2014, Guardant Health introduced GUARDANT360 blood test that sequences patient’s cancer in real-time through genetic profiling of trace fragments of tumor DNA (cell-free DNA).
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Lack of Sensitivity and Specificity to Hamper Market
The success of any test to be used for screening, diagnostics or monitoring of a cancer is dependent on the specificity and sensitivity demonstrated by the test. The cancer diagnostics have to be specific to screen patients without cancer and sensitive enough to detect presence of even smallest tumor in the body. Presently, more than 1 million prostate biopsies are carried out in the U.S. and most of them are unnecessary or repeat biopsies only to ensure that a patient with cancer is not missed. It is a result of PSA test, not so specific test, being used for screening for prostate cancer. PSA test is being recommended for annual cancer screening by the American Cancer Society and the American Urologic Association. However, on the other hand, the National Cancer Institute, the American College of Physicians, and the U.S. Preventive Services Tasks Force do not recommend PSA test due of lack of evidence about specificity and its usefulness in reducing morbidity or mortality. Similarly, there is need for specific and sensitive biomarkers for detection of each cancer types that can be used for screening on wider population.
Therefore, the growth of cancer diagnostics market is expected to be negatively affected unless specific and highly sensitive diagnostic tests are introduced in the market.
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Global Cancer Diagnostics Market: Competitive Landscape
This report profiles major players in the global cancer diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global cancer diagnostics market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global cancer diagnostics market are
- Ambry Genetics
- AstraZeneca plc
- bioMeriux SA
- Eli Lilly and Company
- Genoptix, Inc.
- GlaxoSmithKline plc
- F. Hoffmann-La Roche Ltd
- Pfizer, Inc.
- among others
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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