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(Health-NewsWire.Net, March 30, 2020 ) Market Overview
• The Global Cancer diagnostic Market is expected to grow at a CAGR of 9.60% during the forecasting period (2019-2026).
• Cancer diagnostic market involves tests and procedures that confirm the presence of disease and identify the correct tumor type, location, extent, and stage which will help a physician to give the appropriate treatment. Biopsy, imaging tests, nuclear medicine scans, tumor biomarker tests are some of the diagnostic tests used for detection the early stage of cancer.
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Market Dynamics
• The cancer diagnostics market growth is driven by the rising number of cancer cases and an increasing geriatric population. For instance, according to the World Health Organization (WHO), cancer accounts for 13% of deaths globally every year. Moreover, a 70% increase in cancer incidences is anticipated over the next couple of decades and the global geriatric population, as they are more prone to cancer, is anticipated to nearly double from 12% to 22%, from 2015 to 2022.
The incidence of all cancer types worldwide is anticipated to increase at a CAGR of 2.5% during 2015-2030. The mortality rate of cancers is likely to increase at a higher rate compared to the incidence rate during 2015-2030, at a CAGR of 2.6%.
• In addition, the rise in the emergence of new technologies such as biomarkers and point of care testing is also driving the growth of the cancer diagnostics market globally. For instance, In July 2019, Paragon Biosciences LLC launched Qlarity Imaging to advance FDA-cleared artificial intelligence (AI) breast cancer diagnosis system.
• However, the high cost of diagnostic systems, stringent regulatory framework, and prolonged-time of approvals for product launching are some of the factors hindering the growth of the cancer diagnostics market globally. Diagnostic imaging systems such as MRI system, X-ray, Ultrasound, Computed Tomography (CT) system, and Single Photon Emission Computed Tomography (SPECT) are highly expensive machines. Further, the room which hosts these machines cost even more and adds to the overall cost of the system. Due to the cost of the machine, cancer diagnostic imaging is a costly business for patients. According to NerdWallet Health, the average cost of an MRI in the U.S. was $2,611. Diagnostic Imaging Cost has increased in recent years. The medical imaging costs increased an average of 7.8% per year; imaging costs increased by 8.3% per year. Stringent tax policies, which allow only philanthropic and public healthcare institutions to purchase medical devices without paying tax, heighten device prices and further dissuade small clinics and private hospitals from procuring imaging diagnostic equipment.
Market Segmentation
• Based on the type of diagnostic, the diagnostic imaging system segment is estimated to account for the largest market share during the forecast period (2019-2026). The most commonly used screening test for cancer is diagnostic imaging tests. The different kinds of imaging techniques for cancer detection are MRI Scan, PET scan, CT scan, SPECT Scan, Mammography, and others. The imaging segment is growing due to rising awareness about the early detection of cancer, the increasing incidence of various types of cancer, and growing government initiatives and support. Mammography is one of the most widely used techniques for the diagnosis of breast cancer. Owing to rising cases of breast cancer, governments, and other healthcare organizations are taking initiatives to provide women, between the ages above 45, access to mammography screening globally. According to the American Cancer Society, in the US in 2019, there will be an estimated 268,600 new cases of invasive breast cancer diagnosed in women; 2,670 cases diagnosed in men; and an additional 62,930 cases of in situ breast lesions (ductal carcinoma in situ [DCIS] or lobular carcinoma in situ [LCIS]) diagnosed in women. From 2006 to 2015, invasive female breast cancer incidence rates increased slightly, by 0.4% per year. Manufacturers are introducing new diagnostic technology to detect breast cancer. For instance, in April 2019, Roche launched a new VENTANA HER2 Dual ISH DNA Probe Cocktail assay for the detection of the HER2 biomarker in breast and gastric cancer. HER2 - human epidermal growth factor receptor 2 - is an important biomarker found in breast and gastric cancers.
Based on the application, the liver cancer diagnosis market is growing at a significant growth rate during the forecast period. According to the American Cancer Society, an estimated 42,030 new cases of liver cancer (including intrahepatic bile duct cancers) will be diagnosed in the US during 2019. Liver cancer is the most rapidly increasing cancer in both men and women, with incidence rates more than tripling since 1980; from 2006 to 2015, the rate increased by about 3% per year. An estimated 31,780 liver cancer deaths will occur in 2019. Thus, early diagnosis of cancer is necessary to prevent mortality and hence, with rising prevalence of liver-lung cancer, the demand for cancer diagnostics is estimated to boost the growth of the market during the forecast period (2019-2026).
Geographical Analysis
• North America is dominating the cancer diagnostics market in 2018 and estimated to hold the largest market size over the forecast period (2019-2026) owing to the high incidence of cancer cases and rising technological advancements to diagnose cancer at an early stage. According to a recent study by American Cancer Society epidemiologists, at least 42% of newly diagnosed cancers in the US – about 729,000 cases in 2018 – are potentially avoidable, including 19% that are caused by smoking and 18% that are caused by a combination of excess body weight, physical inactivity, excess alcohol consumption, and poor nutrition. About 1.7 million new cancer cases are expected to be diagnosed in 2018. Cancer usually develops in older people; 87% of all cancers in the United States are diagnosed in people 50 years of age or older. Certain behaviors also increase risk, such as smoking, eating an unhealthy diet, or not being physically active. In the US, approximately 40 out of 100 men and 38 out of 100 women will develop cancer during their lifetime.
Market players are involved in partnerships and agreements to enhance the market growth in cancer diagnostics. For instance, In June 2019, Roche and GE Healthcare launched NAVIFY Tumor Board 2.0, the first collaboration product from their partnership. The product incorporates medical image viewing and storage capabilities with other patient data in a comprehensive form.
Competitive Landscape
• The cancer diagnostics market is highly fragmented, with the presence of many local and international players. Some of the major players in the Cancer Diagnostics market are Abbott Laboratories, Thermo Fisher Scientific, Inc., Agilent Technologies Inc., Qiagen, F. Hoffmann-La Roche Ltd, bioMérieux SA, Biocare Medical, LLC, Danaher Corporation, Illumina Inc., and GE Healthcare.
The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the Cancer Diagnostics market globally. For instance,
On July 24th, 2019, Freenome, a South San Francisco company nabs $160 million funding to launch its pivotal trial for its blood-based colorectal cancer test.
In March 2019, NeoGenomics Laboratories Inc. launched “Ventana PD-L1 (SP142) Assay” testing for tumor tissue testing in patients with a triple-negative subtype of breast cancer.
In April 2019, BioGenex launched two new antibodies for the diagnosis of cancer. The new antibodies against PMS2 (clone EP51) and CK5 (clone EP24), are rabbit polyclonal immunohistochemistry (IHC) grade antibodies and are offered together with BioGenex pre-treatment reagents, detection systems and validated protocols for crisp and intense staining.
In April 2019, Halifax signed an exclusive agreement with Genecast to make Immunoscore® available in China.
In January 2019, GENOMIC medicine company Lucence Diagnostics introduced a new blood test to detect cancer and plans to launch a clinical study for a different blood test that can detect multiple cancers early. The new blood test, LiquidHALLMARK, detects 14 types of cancers, 50 genetic mutations, and two viruses. Lucence said that it is the world’s first blood test that simultaneously detects both cancer-causing genetic mutations and viruses with 99.9% accuracy.
In November 2018, Belgian molecular diagnostics company, Biocartis Group entered into an agreement with AstraZeneca to obtain faster lung cancer molecular diagnostic biomarker results in Europe.
In June 2017, Agilent Technologies Inc. and Agendia Inc. have entered into an agreement to expand their relationship to include the development of an RNA-Seq kit version of Agendia’s currently marketed MammaPrint and BluePrint tests.
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