global cancer diagnostics market is expected to grow at a CAGR of 11.8% during the forecast period 2017-2023

Market Research Future published a Half Cooked research report on “Global Cancer Diagnostics Market Research Report - Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Cancer Diagnostics Market-Overview

Cancer is a life threatening disease, creating economic burden on the population. Therefore, there is need to determine new diagnostic tools and techniques. Increasing prevalence of cancer such as lung cancer, breast cancer, liver cancer, and others will boost the market during the forecast period. Moreover, rising healthcare expenditures, increasing awareness for the disease, and investments in the R&D for treatment procedures is fuelling the market.

However, high cost of treatment and related side effects along with low healthcare expenditures in the developing economies is expected restrain the market during the forecasted period.

According to the Centres for Disease Control and Prevention (CDC), U.S. health care spending in 2015, reached USD 3.2 trillion or USD 9,990 per person which accounted for 17.8% of the total GDP. Moreover, the presence of the global market leaders like Pfizer Inc. and Bristol-Myers Squibb Company within the region fuels the market growth during the forecast period.

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According to the American Cancer Society, in 2017, it is estimate that around 161,360 new cases of prostate cancer will get diagnosed and around 26,730 death occurs owing to prostate cancer in United States.

According to report published by breast cancer information and awareness, in 2017, around 252,710 new cases of invasive breast cancer are expected to be diagnosed in women, along with 63,410 new cases of non-invasive breast cancer.

According to Cancer research UK, in 2014, new cases of cancer are 356,860, including 579 cases of bone cancer.

Key Players in the Cancer Diagnostics Market:

Cancer Diagnostics, Inc. (US), Myriad Genetics (Switzerland), Cancer Genetics Inc. (US), Inspirata (U.S), Genomic Health, Inc. (U.S), Paradigm Diagnostics, Inc.(U.S), MEDITE Cancer Diagnostics, Inc. (U.S), MDxHealth (U.S), Biotheranostics (U.S), Pacific Edge (New Zealand), Ventana Medical Systems, Inc. (U.S.), BioMark Diagnostics Inc. (Canada), 20/20 GeneSystems Inc. (U.S.), Provista Diagnostics, Inc. (U.S.), Armune BioScience (U.S.), Arquer Diagnostics Ltd, Oncimmune Limited (UK), MetaCell (Czech Republic), Progenics Pharmaceuticals, Inc. (U.S.), and others.

Key developments:

Strategic approaches adopted help the major players to sustain their growth in the market and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players. In January, 2015, Roche and Qualcomm Incorporated entered into a strategic collaboration to improve remote monitoring and management of chronic disease patients.

Most of the cancer is hard to catch, even if we are aware of the symptoms to search for. This leads to a late diagnosis and makes treatment more difficult. Thus, companies are more into merger and acquisition activity in order to introduce better diagnosis procedure. The key players are also engaged in research and development activities to development new devices for cancer diagnosis.

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Ventana Medical Systems, Inc.:

Ventana Medical Systems, Inc. is a member of Roche Group offers tissue-based diagnostic solutions for patients worldwide.

November, 2017: Roche launched “DISCOVERY Teal HRP kit1”, the newest addition to the collection of modular-based detection kits used to identify and profile biomarkers and cell populations in tissue-based research. This launch has helped the company to expand its product portfolio, and thus achieve leadership in cancer diagnostics.
April, 2017: Roche announced the global launch of the anti-p504s (SP116) Rabbit Monoclonal Primary Antibody2 for prostate cancer diagnosis. This launch will help the company to strengthen its position in in-vitro cancer diagnostics.
May, 2016: Roche announced the launch of the DISCOVERY Yellow Kit1, the newest addition to the collection of VENTANA modular-based detection kits to aid in the identification and profiling of cancer biomarkers and tumor cell populations.
Progenics Pharmaceuticals, Inc.:

Progenics Pharmaceuticals, Inc., 2015, acquired Exini Diagnostics AB in order to support its imaging and therapeutic agents with sophisticated analytical tools and other technologies to help patients and physicians understand, target and treat prostate cancer.
North Americas Cancer Diagnostic Market

North America dominates the Americas cancer diagnostics market. North America is further segmented into the U.S. and Canada. The U.S. holds the major share of the market owing to a well-developed economy and the government support for research & development. South America is still a developing region in terms of the infrastructure and technology.

As per the American cancer society, in 2017, it is estimated that around 53,670 people are likely to diagnose with cancer diagnostics. This includes 27,970 men and 25,700 women. About 43,090 people are expected to die owe to cancer diagnostics that includes 22,300 men and 20,790 women.

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