The global cancer diagnostics market has been witnessing significant growth over the last couple of years due to the rising number of cancer incidences across the globe. The global cancer diagnostics market is likely to expand at an exponential rate owing to the favorable government regulations and increasing funding for cancer research projects. For the treatment and early detection of any kind of cancer, it is important to develop new cancer screening techniques. Treatments such as tumor biomarker tests, biopsy, endoscopy, and imaging collectively comprise the global market for cancer diagnostics.
According to a report published by Transparency Market Research, 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$1, 00,994.5 mn and is projected to touch a valuation of US$1,68,649.3 mn by the end of 2020.
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How will innovation turn out to be the backbone of the cancer diagnostics market?
Cancer diagnostics is really important for detecting cancer in the early stages and efficiently treating it. Thus, medical institutions and research bodies are investing in the development of advanced techniques and improving the existing ones to cater to the needs of patients. The demand for cancer diagnostics is likely to intensify over the next couple of years owing to the advent of breakthrough techniques for cancer detection such as transcriptomics, genomics, metabolomics, and proteomics. Although there have been significant developments in the technology of cancer diagnostics, the goal of achieving a reduced mortality rate has not been completely achieved.
However, researchers are focusing on developing advanced techniques. For instance, recently scientists from the Washington State University have introduced a method to detect cancer through an ELISA plate, a prism, and a smartphone. Scientists of the university declared the technique successful when they detected interleukin-6 with an accuracy of 99%.
What factors will hinder the growth of the global cancer diagnostics market?
The growth of the market for global cancer diagnostics is extensively dependent on the research and development activities and development of innovative products. In spite of the advent of advanced techniques, the market is likely to face challenges from certain factors 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 global cancer diagnostics market. The market will also be negatively affected by the dearth of experience and skilled workforce and risks of exposure to high radiation.
Towards what should vendors turn to gain lucrative opportunities?
Manufacturers of cancer diagnostic equipment can capitalize on the opportunities arising from the untapped market in emerging economies and the development of personalized medicine. Emerging markets are likely to be proved beneficial due to the improvement of healthcare infrastructure in these regions. Likewise, advances in miniature device technology and companion diagnostics are further expected to help manufacturers expand their consumer base.
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