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(Health-NewsWire.Net, October 12, 2021 )
Market Overview
Cancer is an uncontrolled proliferation of cells, leading to tumor formation, which can interfere with the digestive, nervous, and circulatory systems. Tumor cell releases hormones that alter body functions. Tumors that stay in one location and show limited growth are considered benign cancer.
Simultaneously, the cancerous cell that flows throughout the body part, using lymph, blood, and destroying the healthy tissue, is called malignant cancer. In-vitro cancer diagnostics is a technique in which the reagents and medical devices are employed to examine specimens such as body fluids, tissues, stool, urine, and blood.
These specimens are derived from the human body to diagnose and detect infections, conditions, and diseases. These tests can be performed in point-of-care units, hospital-based laboratories, and stand-alone laboratories. Researchers and doctors are being impelled to focus on personalized medicines from the conventional diagnostic methods owing to the continuous innovations in the technology and design of in-vitro cancer diagnostics products.
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Market Dynamics
The global In-vitro Cancer Diagnostic market growth is driven by the growing incidence of chronic and infectious diseases, increasing aging population, increasing demand for preventive medicines and companion diagnostics, and favorable government initiatives are among the key factors driving the market growth.
Increasing usage of Point-Of-Care (POC) and Technological advancements in IVD tools, is expected to drive market growth.
Increasing usage and demand for POC devices are driving the market growth. Additionally, the introduction of advanced technologies, such as biochips and nano-technology and the miniaturization of microfluidic tools, increases the demand for POC devices.
These advanced techniques accounted for easy access to point-of-care diagnostics tests and quick, accurate test results, increasing the demand for the In-vitro cancer diagnostics market. For instance, On April 11, 2019, to fight against cancer, Sophia genetics announced the CE-IVD marking of its solid tumors solution (STS), which is used to detect different types of solid tumors such as lung, colorectal, skin, and brain cancers.
Market Segmentation:
By Product Type
Reagents
Instruments
Others
By Technique Type
Molecular Diagnostics
Clinical chemistry
Point-Of-Care
Others
By End-user
Hospital associated labs
Cancer research institutes
Diagnostic imaging centers
Others
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Market Analysis
North America is expected to be the most leading regional market for in vitro cancer diagnostics during the forecast period, owing to its well-penetrated healthcare system and higher healthcare awareness among patients, change in technology, and rebounding American Economy.
Furthermore, other factors such as easy availability of devices, rise in awareness related to the use of these products, and the presence of many geriatric populations suffering from various chronic diseases also contribute to the growth of the market. Moreover, the presence of many key players in North America is another major factor that drives the in vitro diagnostics market growth.
The Asia-Pacific region is expected to be the fastest-growing region in the global neurodiagnostic Direct marketing initiatives by the manufacturers to consumers. It plays a crucial role in increasing the target audience and raising the market size in this region. Also, novel product launches by key players are contributing to the growth of the market.
Competitive Landscape
The Global In-vitro Cancer Diagnostics Market is quite competitive with some key competitors like Abbott Laboratories, Becton, Dickinson and Company, bioMerieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche AG, Siemens AG, QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific, Inc.
The growth of these companies is attributed to product launch, acquisition of independent companies, and investments in multiple sectors. For instance, In January 2020, Sysmex launched its novel device, Ipsogen JAK2 DX reagent, a gene testing kit for blood cancer.
This product calculates the mutation quantitatively used in the diagnosis of hematopoietic (blood) tumors. This strategy made the firm expand its product offering, thereby supplementing its product portfolio.
Related Topic's
MRI Systems Market, Ultrasound Simulation Market, Bone Cancer Diagnosis Market, Breast Cancer Screening and Diagnostic Techniques Market, Brazil Diagnostic Imaging Market
DataM Intelligence
Sai Kiran
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pr@datamintelligence.com
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