The National Cancer Institute (NCI), which is a part of National Institutes of Health (NIH) in the US estimated 1,685,210 new cases of cancer in the country in 2016. In the same year, NCI also projected 595,690 deaths due to carcinogenic ailments. Cancer research activities have surged rapidly over the past few years, which has led to more product approvals for cancer diagnostic and treatment purposes. A recent study conducted by Future Market Insights (FMI) reveals that the global cancer tissue diagnostics market, which is currently valued at over US$ 4345 Mn, will expand at a healthy CAGR of 8.3% during the forecast period (2016-2026). During these ten years of the forecast, the global demand for cancer tissue diagnostics is expected to grow by leaps and bounds as diagnostic technologies will continue to get more efficient and credible.
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FMI’s report titled “Cancer Tissue Diagnostics Market: Global Industry Analysis and Opportunity Assessment 2016–2026” also cites that North America represents the most lucrative market for cancer tissue diagnostics, followed by Europe and APAC. In 2016, North America accounted for more than 36% share of the global market. The cancer tissue diagnostics market in this region is expected to reach a valuation of US$ 4,017.7 Mn towards the end of 2026. This growth is primarily attributed to factors such as the constantly extending list of cancer biomarkers and the presence of advance healthcare infrastructures in the region. Meanwhile, Asia Pacific excluding Japan (APEJ) is also anticipated to witness a strong growth of its market over the next couple of years. By 2026-end, the region’s market is expected to reach US$ 1,107.7 Mn in terms of revenue.
The report further projects that in situ hybridization will continue to be the leading cancer tissue diagnostics type. In terms of revenue, in situ hybridization tests are projected to account for the largest share of the market during the assessment period. Cases of breast cancer have been quite high amongst all the cancers type of late. Hence, procedures for breast cancer diagnostics are expected to remain relatively higher than for other cancer types in 2017 and beyond.
Key Factors Boosting the Global Cancer Tissue Diagnostics Market Include:
- Inclusion of cancer screening tests in national cancer screening programs in various countries.
- Havier discretionary funding for cancer research that is resulting in the development of more efficient diagnostic procedures.
- Arrival of revolutionary second and third -generation diagnostics platforms that are quickly gaining popularity in the market.
- Novelty in imaging techniques and availability of affordable diagnostics.
Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Ventana Medical Systems, Inc, Bio Rad Laboratories Inc., Enzo Life Sciences, Inc., Abcam plc., BioGenex, Cell Signaling Technology, Inc., Agilent Technologies, Inc., PerkinElmer Inc. are some of the prominent companies operating in the global market for cancer tissue diagnostics. Many of these market players are implementing merger and acquisition strategies to increase their market presence. Furthermore, cancer diagnostic assay kits developers, instrument manufacturers and technology license providers are also partnering with each other in order to increase their consumer base.