Cancer is one of the most modernized trends in the healthcare industry. It has shown substantial progress in the last few years being the most commonly found chronic disease which affects, more or less, people of all age groups. The growth of the cancer diagnostics market is attributed majorly to the rapid increase in the oncology population, integration of smart devices with medical devices and advancement of healthcare technologies. The gradual advancement and innovation of new cancer care technologies are contributing to developing a concrete platform for further growth of cancer diagnostics market. With the emergence of advanced technologies such as precision medicine, biomarkers, companion diagnostics, and liquid biopsy into the field of cancer diagnostics, there has been a gradual rise in the overall demand of the newly developed products. Presently, the main focus of government initiatives is mainly towards developing effective solutions, controlling the level of increase in cancer-stricken population, and integrating advanced technologies to fulfil the unmet needs of the patients.
There are high chances that the ageing population currently suffering from cancer is also prone to higher risks of complications from this disease such as heart attacks, weak immune systems, kidney failure, amputation and blindness among others. All these issues can be resolved through effective cancer care solutions by providing education and support to patients with chronic conditions. The demand for cancer diagnostics tests are increasing every year due to its easy availability and effectiveness. The global emerging cancer diagnostics market has been identified as one of the fastest growing industries, owing to the changing dynamics of the legal and regulatory framework and the intense competitive rivalry among a plethora of public companies.
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There is a high prevalence of cancer in low and middle-income countries. This prevalence can be effectively controlled by following simple life measures such as indulging in physical activities, avoiding junk food, avoiding direct sunlight contact, and retaining normal body weight, among others. Governmental regulations and standards play a major role in sustaining the growth and development of the market. The main aim of these regulations is to make diagnostics tests more adaptable and focused towards different types of cancer and also provide modern technologies to the needed people. The patients benefit indirectly through these regulations as it helps them save time and cuts-down the overall cost as the patients receive the required treatment for the disease.
The global emerging cancer diagnostics market is expected to grow at a CAGR of 13.45% from 2016 to 2023 and reach a figure of $6.34 billion by 2023. The advancements in technology, adoption of biomarker tests, and increasing cancer incidence rate are some of the major driving factors for this market. The global emerging cancer diagnostics market has been classified on the basis of test type, application and geography.
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On the basis of the test type, the emerging cancer diagnostics can be segmented in different parts. Among which HER2Test is dominating followed by PSA Tests. There are different types of biomarkers which are used in diagnosis to know the responsible gene for specific cancer type. However, CA Tests, ALK Tests and BRCA Tests are also growing at high rate.
There are many types of cancer, but in this report top 20 cancer type has been mentioned. Out of this five cancer types are dominating for which these tests are being used. These are Lung, breast, Colorectal, Prostate and Blood Cancer. However, Stomach, Oesophagus, Ovarian and Cervical Cancer are showing high incidence rate in future.
Patents and approvals are essential tools for the companies operating in this market as it helps in gaining the confidence and trust of patient. As the industry evolves, the role of consortiums and regulatory bodies becomes pivotal in shaping the future trajectory. These regulations and compliances help in the increasing adoption of tests and their applications among patient. In this report many recent key developments and market trends have been mentioned. Also, a huge list of key players are given in the report. Some of the key players are Roche, Thermo Fisher, Agilent, Quest Diagnostics, and Illumina Inc. among others.
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