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Cancer Diagnostics Market Expected to Expand at a Steady CAGR through 2025

Cancer Diagnostics Market Expected to Expand at a Steady CAGR through 2025

Cancer is characterized by the growth of abnormal cells that divide uncontrollably and have the ability to infiltrate and destroy normal body tissue. Cancer is triggered by both external factors such as tobacco, chemicals, alcohol, infectious organisms, sun exposure and internal factors such as hormones, inherited gene mutations, immune conditions and abrupt mutations. Cancer can start almost anywhere in the human body and has the ability to spread all over the body. Cancers are majorly solid tumors (tissue masses) and blood cancers (leukemia). There are more than 100 types of cancers such as lung cancer, colorectal, breast, blood cancers, etc. Cancer is the second-leading cause of death in the United States. But survival rates have improved for many types of cancer due to continuous development of screening and treatment procedures. The most common cancer diagnostic methods are biopsy, sentinel node biopsy, endoscopy, blood tests, bone marrow aspiration, Pap test, sputum and bronchial washing analysis, imaging studies, genetic analysis, etc. The diagnosis of cancer involves collection of patient samples such as a cell or tissue or cells’ proteins, DNA, and RNA followed by detection of specific cancer.

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Cancer Diagnostics Market: Drivers and Restraints

Cancer diagnostics market is witnessing high growth due to increasing prevalence and incidences of several types of cancers. Major drivers for the global cancer diagnostic market are technologically advanced and increasing point-of-care diagnostics, cost-effective treatment modalities, and personalized medicine. Additionally, increasing persistence to provide best-in-class healthcare services with high accuracy and efficiency towards patient is expected to fuel the global cancer diagnostics market across the globe. However, lack of adequate reimbursement policies for novel technologies and stringent regulatory procedures particularly for United States are the major factors that can hamper the global cancer diagnostics growth over the forecast period.

Cancer Diagnostics Market: Segmentation

The global cancer diagnostics market has been classified on the basis of product, application, end use and geography.

Based on product type, the global cancer diagnostics market is segmented into the following:

  • Platform-based
  • Instrument-based
  • Tumor Biomarkers

Based on application type, the global cancer diagnostics market is segmented into the following:

  • Liver Cancer
  • Blood Cancer
  • Colorectal Cancer
  • Kidney Cancer
  • Breast Cancer
  • Ovarian Cancer
  • Lung Cancer
  • Prostate Cancer
  • Pancreatic Cancer
  • Other Cancers

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Based on end use type, the global cancer diagnostics market is segmented into the following:

  • Hospitals
  • Diagnostic centers
  • Clinics
  • Home care

Cancer Diagnostics Market: Overview

North America was the key region in global cancer diagnostics market in terms of revenue in 2014, followed by Europe. The first FDA-cleared assay for breast cancer diagnosis was In Vitro Diagnostic Multivariate Index Assays (IVDMIA). The “MammaPrint” and “BluePrint” assays for breast cancer diagnosis and a microarray-based gene expression assay “ColoPrint” for predicting the recurrence of stage II and III colon cancer, has recognized the potential of cancer/tumor profiling in diagnostics and prognosis. This scenario is anticipated to revolutionize the cancer diagnostics companies and boost growth in global cancer diagnostics market in the coming five to 10 years.  By product type, genomic biomarkers are dominating as compared to other product types in global cancer diagnostics market. For instance, GUARDANT360 blood test, next generation sequencing test ‘Cologuard’, Cobas HPV Test, and myRisk Hereditary Cancer multigene molecular diagnostic test are few examples of genomic biomarkers. By end use, hospitals and diagnostic centres segments held 50% share in the global cancer diagnostic market and the trend is forecast to continue through 2025. The altering regulatory consequences among the high growth countries of Asia Pacific is attracting the leading companies in the global cancer diagnostics market.

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Cancer Diagnostics Market: Key Players

Key players of cancer diagnostics market are M Genomics Ltd., Abbott Laboratories,  Agena Bioscience Inc., Alere Inc., Astra Biotech GmbH, bioMérieux SA, BioMosaics, Biotype Diagnostic GmbH, Cancer Genetics, Inc., CDx Diagnostics, Celerus Diagnostics, Inc., Cube Dx GmbH, Dako A/S (an gilent company), EntroGen, Inc., Epigenomics AG, Exact Sciences Corporation, GE Healthcare, Genalyte, Inc., GeneCentric Diagnostics, Inc., GeneDx,., Genomic Vision, Genoptix (a Novartis company),  Hologic, Inc., Illumina, Inc., Inform Genomics, Inc., Mayo Medical Laboratories and Mayo Clinic, MBL International Corporation, NanoIVD, Inc., NanoString Technologies, Inc., NewGene Ltd., OncoPlex Diagnostics (OncoPlexDx), Oncospire Genomics, Oxford Cancer Biomarkers Ltd., Oxford Gene Technology, PrognosDx Health, Inc., Provista Diagnostics, Inc., QuantuMDx Group, Quest Diagnostics, Rheonix, Inc., Rosetta Genomics Ltd., Siemens Healthcare Diagnostics, Thermo Fisher Scientific, Inc., Transgenomic, Inc., TrimGen Corporation, TrovaGene, Inc., Ventana Medical Systems, Inc. Getting regulatory approvals for in vitro cancer diagnostics in Europe is easy as compared to United States. So preferably most of the cancer diagnostic companies are launching their new innovative products in Europe and consequently applying for FDA in the United States.

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