Cancer Diagnostics Market | Key Players Shifting their Focus from Developing Drugs to Diagnostic Devices
With the tremendous rise in the prevalence of cancer across the world, the global market for cancer diagnostics is witnessing a remarkable surge in its size. The technological advancements in devices used in the diagnosis of cancer are also supporting the growth of this market, significantly. One of the main causes of deaths, globally, is cancer. Therefore, medical and healthcare professionals are concentrating on the development of efficient diagnostic and treatment solutions to control the prevalence rate. Since, the early diagnosis increases the success ratio of treatment regimens, medical and healthcare agencies and device vendors through several awareness programs are encouraging routine checkups for cancer diagnosis, worldwide. This, in turn, is likely to boost the global market substantially in the years to come.
The global market for cancer diagnostics is led by imaging devices, in terms of products. Thanks to the advent of imaging modalities, such as magnetic resonance imaging (MRI) and computed tomography (CT) scan, this product segment is expected to remain on the top over the next few years. Among the types of tests, laboratory and genetic tests have been leading the global market and is projected to continue doing so in the years to come. North America, among regional markets, has acquired the dominant position, thanks to the presence of a well-established medical and healthcare infrastructure. Researchers anticipate this scenario to remain the same over the forthcoming years. Asia Pacific and Europe, among other regional markets, are also projected to witness high growth in the near future, thanks to the presence of lucrative growth opportunities.
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Global Cancer Diagnostics Market: Overview
Cancer, caused by environmental factors causing gene mutations and affecting cell regulatory proteins, is one of the diseases that is resulting in the highest expenditure for treatment. Growing incidences of cancer is fueling the market for cancer diagnostics at an exponential rate. Advancements in technology coupled with growing government funding, and initiatives for research and development have resulted in the positive growth of the global cancer diagnostics market. As per the World Health Organization, the number of deaths reported due to cancer was 8.2 mn in 2012. In addition to this, 14 mn new cases are being registered across the globe. All these factors are expected to push the demand for cancer diagnostics.
Cancer can be diagnosed by using diagnostic devices which not only confirms the presence of tumor, but also gives information regarding the rate at which it is growing inside the body. This is boosting the global demand for cancer diagnostic devices.
Global Cancer Diagnostics: Key Trends
The advent of proteomics, genomics, metabolomics, transcriptomics and other such breakthrough detection techniques is expected to fuel the demand for cancer diagnostic devices. Additionally, the breakthrough development in companion diagnostics is also expected to create positive environment for an increase in the demand for cancer diagnostic devices. Some of the other factors anticipated to drive this market is the rise in the awareness level of patients and an increase in the number of screenings, which in turn is leading to an early diagnosis of cancer and increasing the chances of survival. However, there are various factors that are affecting the demand for these devices. Some of them include, the high cost of medical laboratory infrastructure, insufficient reimbursement for innovative technologies, and strict guidelines and procedures implemented by government.
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Global Cancer Diagnostics: Market Potential
Cancer diagnostic devices are being used by pharmaceutical companies for monitoring, administering, and diagnosing the cancer treatment process. Pharmaceutical companies such as Roche are shifting their focus from developing drugs to diagnostic devices. Roche’s cobas EGFR mutation test helps in the diagnosis of neck and head cancers.
Scientific advancements have made possible complex and customized approach to cancer in molecular diagnostics. Abbott Molecular is one of the key players in oncology molecular diagnostics and has developed Vysis FISH assays, which offers features such as processing flexibility, reduced inventory management, and simplified workflow. All these factors help to reduce operating costs. Such developments are helping the growth and progress of the global cancer diagnostics market.
Global Cancer Diagnostics Market: Regional Outlook
In terms of geography, North America, followed by Europe is leading in the cancer diagnostics market. The adoption rate of preventive diagnostic techniques is high, fueled by increasing government efforts to create awareness about cancer. Other factors pushing the demand for cancer diagnostic devices in the region include, growing prevalence of breast, lung, and prostate cancer in these regions.
As per the report, Asia Pacific is also expected to witness a positive growth in the forecast period with developed nations such as Australia and Japan as well as developing nations such as China, Thailand, Singapore, and India creating opportunities of growth for the cancer diagnostics market.
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Global Cancer Diagnostics Market: Competitive Landscape
Some of the key vendors operating in the global cancer diagnostics market are: Abbott Laboratories, AstraZeneca, Ambry Genetics, Eli Lilly and Co., bioMerieux, Roche, GlaxoSmithKline plc, Pfizer, and Novartis.
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