At 6.2% CAGR, Cancer Tissue Diagnostics Market to Hit US$ 3,419.61 Mn by 2027

The report highlights the trends prevalent in the global cancer tissue diagnostics market and the factors driving the market along with those that act as deterrents to its growth.

The global cancer tissue diagnostics market is US$ 2,025.41 Mn in 2018 and is predicted to grow at a CAGR of 6.2% during the forecast period 2019 – 2027, to reach US$ 3,419.61 Mn by 2027.

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The market for cancer tissue diagnostics is expected to grow, owing to factors such as growing cancer prevalence across the globe, new product launches & FDA approvals and growing investments for tissue diagnostics are boosting the market over the years. In addition, the emerging markets in developing countries are likely to have a positive impact on the growth of the market in the forecast period.

The major players operating in the cancer tissue diagnostics market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., Abbott, Enzo Life Sciences, Inc., Agilent Technologies, Inc., Cancer Genetics Inc., Merck KGaA (Sigma-Aldrich Co. LLC), Danaher Corporation, and Abcam plc.

The market has witnessed various organic as well as inorganic developments during recent years in the Cancer Tissue Diagnostics market. For instance, during June 2019, Agilent Technologies Inc. received the FDA approval for PD-L1 IHC 22C3 pharmDx assay. The assay is approved to identifying patients with head and neck squamous cell carcinoma (HNSCC) for treatment with KEYTRUDA (pembrolizumab), anti-PD-1 therapy manufactured by Merck.

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Global cancer tissue diagnostics market, based on the test type, was segmented as, immunohistochemical tests and in situ hybridization tests. In 2018, the immunohistochemical tests segment held a largest market share 57.65% of the cancer tissue diagnostics market, by test type. This segment is also expected to dominate the market in 2027 owing to the low cost of the procedure. Higher acceptance of the method for diagnosis purpose. Moreover, the technique is easily accessible, and growth in number of products based on the technology. Additionally, the rising prevalence of cancer is a major factor for the growth of the diagnostic tests. The segment is also anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.

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