Over Five Billion Precision Cancer Tests Will Be Performed in The Next Five Years: New Study
NEW YORK, Nov. 15, 2018
NEW YORK, Nov. 15, 2018 /PRNewswire-PRWeb/ -- 5.1 billion precision cancer diagnostic test procedures will be performed globally between 2018 and 2023. That's according to a new report from Kalorama Information. Both in vitro diagnostic tests and imaging tests used to directly detect malignancies in patient samples or in patients themselves are gaining traction. The healthcare market research publisher, part of Arlington, VA-based BioInformatics Inc., noted that precision tests finding use in cancer staging as well as in the selection, monitoring, and assessment of prescribed oncological therapies.
"Advances in imaging and molecular technologies, demand for new tests with enhanced tumor specificity and sensitivity. modernization of healthcare systems in emerging nations systems bodes well for this category," said Bruce Carlson, Publisher of Kalorama Information. "As does the continued awareness and focus on prevention."
That will lead to a precision cancer testing market nearing 20 billion dollars by 2023, according to Kalorama Information's Report, The World Market for Precision Cancer Diagnostic Tests (https://www.kaloramainformation.com/Precision-Cancer-Diagnostic-Tests-12004743/). That report also forecasts markets for each type of testing. As part of its study Kalorama examined cancer imaging and types of cancer testing including in situ hybridization, blood-based molecular cancer tests, HPV genotyping, mass spectrometry (MS) tests, next-generation sequencing tests, circulating tumor cell (CTC) tests, pharmacodiagnostic tests, microarray tests, histology/cytology cancer tests, Pap tests, immunohistochemistry tests, flow cytometry tests, tumor marker immunoassays and point of care colorectal cancer tests.
There were about 18 million cancer cases diagnosed around the world in 2018. The number of new cancer cases per year is expected to reach more than 23 million by 2030. The most common cancers are breast cancer, lung cancer and colorectal cancer.
Among other findings in the report: molecular reagents and instruments will lead revenue growth due to technology advances. The expected volume of liquid biopsies, increased usage of in situ hybridization, and the continued innovations in mass spectrometry bring new, high value-added applications in cancer detection, staging, and therapy monitoring. And trends promoting early cancer detection will create rapid growth opportunities for point of care (POC) colon cancer tests, especially stool-based DNA assays sold in developed countries.
"The intersection of direct-to-consumer advertising and cancer diagnostics is new, but it has improved the point-of-care category from a nominal revenue stream to a significant one," Carlson said.
There are dozens of such trends revealed in the new market research study. The World Market for Precision Cancer Diagnostics contains specific procedure volume expectations, market opportunity estimates and opportunity forecasts for each specific type of in vitro diagnostics or imaging test. The report also profiles competitors and details the likely interplay of various testing modalities in the future.
For more information about Kalorama Information's report, visit Kalorama Information's website at https://www.kaloramainformation.com/Precision-Cancer-Diagnostic-Tests-12004743/
About Kalorama Information
Kalorama Information, a division of BioInformatics Inc., supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website.
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