Global Cancer Diagnostics Market to Exhibit 7.6% CAGR; Rising Investment in R&D Activities to Help Market Pick Pace
The vendor landscape of the global market for cancer diagnostics features a large number of established companies operating amid an intensely competitive environment, observes Transparency Market Research in a recent report. With the view of gaining a larger hold on the market, companies are diverting their funds and resources towards untapped market in emerging economies. Focus on strategic collaboration has also massively picked pace as companies look into opportunities that dealers with established distribution channels promise in emerging markets. Emphasis on the development of new, technologically advanced products has also increased in a bid to gain a clear competitive benefit over peers.
Some of the leading companies in the market are F. Hoffmann-La Roche Ltd., Eli Lilly and Co., Ambry Genetics, GlaxoSmithKline Plc, bioMerieux, Genoptix Inc., Novartis, Pfizer, Abbott Laboratories, and AstraZeneca.
According to the report, the global cancer diagnostics market is likely to expand at a 7.6% CAGR from 2014 to 2020. In 2013, the market was worth US$100.9 bn and is projected to rise to a valuation of US$168.6 bn by the end of 2020. Based on the broad categories of cancer diagnostics technologies, the segment of imaging is likely to remain the most popular owing to high accuracy and easy availability across the globe. Geographically, the market in North America is presently the leading revenue contributor to the global market. However, the market is Asia Pacific is quickly gaining pace and is likely to emerge as the one with the most promising growth opportunities over the report’s forecast period.
Increased Funds Diverted Towards R&D Activities and Focus on Improvement of Diagnostics and Therapeutic Infrastructure to Drive Market Globally
The crucial role of diagnostics in deciding the variety and pace of treatment that shall be prescribed is one of the key factors driving the global cancer diagnostics market, especially in a time when cancer has become one of the leading causes of deaths and one of the most common chronic diseases globally. With cancer-related deaths and incidence rates of cancer rising at an alarming pace globally, healthcare authorities and governments across the globe are realizing the urgent need for establishing effective diagnostics and treatment facilities. The consecutive rise in funds and encouraging medical reimbursement facilities in a number of countries are driving the global cancer diagnostics market.
Medical institutions and research bodies are investing increased funds in the development of advanced techniques and improving the existing ones to cater to the needs of patients. The advent of breakthrough techniques for cancer detection such as transcriptomics, genomics, metabolomics, and proteomics and the easy availability of advanced therapeutic technologies in emerging economies are also likely to drive the market.
Dearth of Skilled Human Resources and Need for High Initial Capital Investment to Hinder Market Growth
The growth of the market for global cancer diagnostics is extensively dependent on research and development activities and development of innovative products. In spite of the advent of advanced techniques, the market is likely to face challenges such as low cost benefit ratio of biomarkers and high initial capital investments. The shortage of helium and expensive systems for diagnostic imaging are further expected to hinder the growth of the market to a certain degree. The market is also likely to be negatively affected by the dearth of experience and skilled workforce and risks of exposure to high radiation.
This analysis of the market is based on a recent market research report by Transparency Market Research, titled “Cancer Diagnostics Market (Application - Blood Cancer, Breast Cancer, Colorectal Cancer (CRC), Kidney Cancer, Liver Cancer, Lung Cancer, Ovarian Cancer, Pancreatic Cancer, Prostate Cancer; Method - Tumor Biomarker Tests (Prostate Specific Antigen Tests, Circulating Tumor Cells (CTC) Tests, Alpha-Fetoprotein (AFP) Tests, CA 19-9 Tests, CA 125 Tests, EGFR Mutation Tests, HER2 Tests, Carcinoembryonic Antigen (CEA) Tests, BRCA Tests, KRAS Mutation Tests, and Anaplastic Lymphoma Kinase (ALK) Tests), Imaging (Magnetic Resonance Imaging (MRI) Scan, Positron Emission Tomography (PET) Scan, Computed Tomography (CT) Scan, and Mammography), Endoscopy (Colonoscopy, Sigmoidoscopy, Bronchoscopy, and Colposcopy), Biopsy (Bone Marrow Biopsy, Needle Biopsy, Endoscopic Biopsy)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
For the study, the market has been segmented as follows:
- Tumor Biomarker Tests
- North America
- Asia Pacific
- Rest of the World
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