Identifying cancer at its earliest stage makes it treatable. Different types of cancer diagnostic tests are being used to detect various types of cancer. Among all these tests, Biopsy is the most preferred cancer diagnostic test. Biopsy, being the largest segment, is anticipated to grow at CAGR of 7.4%, indicates the report by Future Market Insights (FMI). Among all the biopsy tests, tissue biopsies and solid tumour biopsies are the preferred test to obtain an accurate diagnosis. At the same time, being non-invasive in nature, liquid biopsy test is gaining popularity.
Diagnostic companies to invest in high dollar molecular diagnostic tests
Major diagnostic companies use instruments in diagnostic and research laboratories by the means of rental contracts and exchanging long-term contracts, to buy the test reagents. For example, leading players such as Abbott and Roche Diagnostics, license their cancer test products to the partners who distribute products or use it to develop reagent kits for the instruments.
New regulatory policies are leading towards the change of approach in cancer diagnostics. Automation of laboratory testing has replaced traditional methods with high-volume models. Major companies are also adopting inorganic growth method to sustain the competition, as changing competition is becoming a new trend in global cancer diagnostics market.
Biopsy test to be largely adopted in North America cancer diagnostics market
A biopsy is expected to be the most popular test type for cancer diagnostics in North America. Technical advancements in bone marrow biopsy have helped to diagnose other complications such as lymphoma, lymph and vascular systems cancer. Western Europe is also expected to show the growth in biopsy test type.
New developments are taking place in fine needle aspiration tools which are used for diagnosing different types of cancer such as head and neck cancer, advanced breast cancer and lung cancer. This has also increased tissue biopsy demand. Moreover, lung cancers are usually diagnosed at the last stage, here the only test that can confirm the presence of cancer is the fine needle aspiration biopsy.
The industry for cancer diagnostics is at its growth phase with technology being upgraded and the unveiling of novel blood tests for cancer detection. Companies are also actively participating in mergers and acquisitions to increase the brand share in the market and strengthen the product portfolio. The worldwide cancer statistics by Cancer Research UK indicates that 23.6 million new cases of cancer will come up each year by 2030.