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Cervical Cancer Diagnostic Tests Market to Reach US$8.9 bn by 2020
“Strategic acquisitions are on the growth charts of top players in the global cervical cancer diagnostic tests market,” points out a TMR analyst. A case in point is Abbott Laboratories. In June 2014, Abbott Laboratories announced a factual agreement to acquire a Veropharm, which is a leading Russia-based pharmaceutical company. This acquisition would allow Abbott Laboratories to obtain Veropharm’s large portfolio of medicines, which are targeted towards its current pharmaceutical therapeutic areas.
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Focus on product differentiation is another key growth model that leading players in this market are adopting to gain competitive advantage. Top players are also seeking approval for the commercialization of existing assays in the bid to enhance their offerings.
Lack of Knowledge about Women’s Diseases in Developing Countries Hampers Market Growth
A TMR analyst says, “Increasing rate of prevalence of cervical cancer is expected to fuel the growth of the global cervical cancer diagnostic tests market.” According to the data presented by the American Cancer Society, cervical cancer accounts for a large number of cancer deaths in women in the U.S. However, as per several studies carried out by the Centers for Disease Control and Prevention, new cases of cervical cancer and deaths due to cervical cancer have dropped significantly over the last couple of years.
High incidence of human papillomavirus (HPV) is likely to fuel the market’s growth in the coming years. An increasing awareness about cervical cancer screening is assisting in accelerating the growth of this market.
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“Lack of proper primary healthcare infrastructure and outdated facilities in most developing countries pose major challenges to the growth of the global cervical cancer diagnostic tests market,” says a TMR analyst. Due to the lack of primary healthcare facilities in developing nations such as Brazil, India, and China, patients seek treatment from hospitals, which are considerably high in cost. As such, many patients evade screening to avoid high hospitalization costs.
Lack of awareness about women’s diseases in most of the developing regions is a reason for high female mortality in these regions. The majority of women in these regions do not have knowledge about cervical cancer and the regular screening that should be undertaken for its early detection.
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Pap Test Type Accounts for Significant Market Share
The global cervical cancer diagnostic tests market is expected to reach a valuation of US$8.9 bn by 2020, says the study.
By test type, Pap test held more than 45% of the market in 2013. The growth of this segment is mainly attributed to the rising awareness about cancer diagnosis and the high efficacy of the investigation at relatively low costs. HPV testing is expected to register a significant growth rate between 2014 and 2020, adds the study. Asia Pacific is expected to emerge as a significant market for cervical cancer diagnostic tests due to the easy penetration of service providers, rising disposable incomes, and an increasing knowledge about women’s diseases.
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