ESOMAR-certified research intelligence firm, Future Market Insights’ recent study on cancer tissue diagnostics market presents a healthy growth outlook through 2021. According to the report, the market was valued at US$ 4345 Mn. It is driven by the increasing investment in cancer research activities to discover high precision biomarkers. Against this backdrop, the rising cases of cancers have been fuelling the demand for cancer tissue diagnostic. The market is forecast to exhibit a CAGR of nearly 8.5% through 2031.
Growing cases of lung, liver, and breast cancer are fuelling the demand in the cancer tissue diagnostic market. Technological advancements in cancer biomarkers aimed at enabling early detection of disease are expected to improve the demand. As per the World Health Organization (WHO), in 2020, an estimated 1,806,590 new cases of cancer were recorded in United States, among which around 40% of cancer cases could be prevented with the early diagnosis in order to get proper treatment. Hence, bolstering the growth.
In 2020, National Cancer Institute stated that there were an estimated 16.9 million cancer survivors in United States, which is estimated to increase to 22.2 million by 2030, with the help of advanced technology used in cancer tissue diagnostic solutions, stimulating the growth of market.
“With the global cancer cases burden increasing, research and development on advanced technologies is rising, creating revenue pool for the market across key regions,” says the FMI analyst.
- Immunohistochemical (IHC) test to remain the most lucrative segment through 2031
- In situ hybridization test to emerge as the potential segment through 2021 and beyond
- US to hold the largest market share owing to the rising cancer cases and advancement in diagnostic technologies
- Germany is spearheading Western Europe cancer tissue diagnostic market growth backed by highly developed manufacturing hubs
- China concentrating on providing highly advanced medical care attracting suppliers in cancer tissue diagnostic industry, thus widening growth scope
- Rising cases of lung, breast, colon and prostate cancers has considerably improved the demand for cancer tissue diagnostics
- High precision and accuracy of cancer tissue diagnostic tools to drive the market growth
- Drug discovery and FDA support for biomarker development to create new expansion prospects for key players
- High cost of diagnostic imaging system and lack of skilled professionals restraining market growth
- Risk of radiation and time-consuming tests to create a challenge for the market demand
- Stringent regulatory guidelines and high hospital budgets posing a challenge to the key players
Prominent players featured in FMI’s cancer tissue diagnostics market include 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. and PerkinElmer Inc. among others.
Majority of these players are emphasizing on developing highly advanced techniques and mergers to generate new proceedings. In February 2021, Abingdon Health, a leading international developer and manufacturer of high quality and effective rapid tests, has signed a collaboration and co-marketing agreement with Abcam plc to establish a strategic collaboration to enable them to identify and maximize opportunities for rapid test development and manufacturing services.
Likewise, in 2019, Thermofisher Scientific collaborated with Owlstone Medical to advance the identification of novel biomarkers for an early disease detection enabled though discovery using non-invasive breath biopsy.
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More Insights on FMI’s Cancer Tissue Diagnostics Market
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016-2020 and forecast from 2021-2031. The global cancer tissue diagnostics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on cancer tissue diagnostics market on basis of test type (immunohistocehmical test, and in situ hybridization test) across North America, Europe, East Asia, South Asia, Oceania and Middle East & Africa.