Cancer Tissue Diagnostics Market projected to reach a market valuation of US$ 5.3 Billion by the year 2022 | FMI
By 2022, the cancer tissue diagnostics market is projected to be worth US$ 5.3 billion, growing at a moderate CAGR of 6.6% between 2022 and 2032. By 2032’s end, the market for cancer tissue diagnostics is projected to be worth around US$10.04 billion.
FMI’s report titled “Cancer Tissue Diagnostics Market: Global Industry Analysis and Opportunity Assessment 2016–2026 ” also cites that North America represents the most lucrative market for cancer tissue diagnostics, followed by Europe and APAC. In 2016, North America accounted for more than 36% share of the global market. The cancer tissue diagnostics market in this region is expected to reach a valuation of US$ 4,017.7 Mn towards the end of 2026.
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This growth is primarily attributed to factors such as the constantly extending list of cancer biomarkers and the presence of advance healthcare infrastructures in the region. Meanwhile, Asia Pacific excluding Japan (APEJ) is also anticipated to witness a strong growth of its market over the next couple of years. By 2026-end, the region’s market is expected to reach US$ 1,107.7 Mn in terms of revenue.
The report further projects that in situ hybridization will continue to be the leading cancer tissue diagnostics type. In terms of revenue, in situ hybridization tests are projected to account for the largest share of the market during the assessment period. Cases of breast cancer have been quite high amongst all the cancers type of late. Hence, procedures for breast cancer diagnostics are expected to remain relatively higher than for other cancer types in 2017 and beyond.
Key Factors Boosting the Global Cancer Tissue Diagnostics Market Include:
- Inclusion of cancer screening tests in national cancer screening programs in various countries.
- Havier discretionary funding for cancer research that is resulting in the development of more efficient diagnostic procedures.
- Arrival of revolutionary second and third -generation diagnostics platforms that are quickly gaining popularity in the market.
- Novelty in imaging techniques and availability of affordable diagnostics.
Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Ventana Medical Systems, Inc, Bio Rad Laboratories Inc., Enzo Life Sciences, Inc., Abcam plc., BioGenex, Cell Signaling Technology, Inc., Agilent Technologies, Inc., PerkinElmer Inc. are some of the prominent companies operating in the global market for cancer tissue diagnostics.
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Many of these market players are implementing merger and acquisition strategies to increase their market presence. Furthermore, cancer diagnostic assay kits developers, instrument manufacturers and technology license providers are also partnering with each other in order to increase their consumer base.
Cancer Tissue Diagnostics Market – Segmentation by Category
- Immunohistochemical (IHC) Test
- Breast Cancer
- Stomach (Gastric) Cancer
- Colorectal Cancer
- Prostate Cancer
- In Situ Hybridization (ISH) Test
- Breast cancer
- Non-Small Cell Lung Cancer (NSCLC)
- Bladder Cancer
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