iCrowd Newswire – Jul 14, 2020
The global cancer tissue diagnostics market is US$ 2,025.41 Mn in 2018 and is predicted to grow at a CAGR of 6.2% during the forecast period 2019 – 2027, to reach US$ 3,419.61 Mn by 2027.
Europe is the second largest geographic market and is expected to be the second most significant revenue contributor in forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced cancer tissue diagnostics in order to increase the efficiency of treatments in the region. The growth is driven by factors such as prevalence of cancer in the countries, increased mortality rates as well as growth strategies adopted by the market players in the European countries.
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The major players operating in the cancer tissue diagnostics market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., Abbott, Enzo Life Sciences, Inc., Agilent Technologies, Inc., Cancer Genetics Inc., Merck KGaA (Sigma-Aldrich Co. LLC), Danaher Corporation, and Abcam plc.
The market has witnessed various organic as well as inorganic developments during recent years in the Cancer Tissue Diagnostics market. For instance, during June 2019, Agilent Technologies Inc. received the FDA approval for PD-L1 IHC 22C3 pharmDx assay. The assay is approved to identifying patients with head and neck squamous cell carcinoma (HNSCC) for treatment with KEYTRUDA (pembrolizumab), anti-PD-1 therapy manufactured by Merck.
The global cancer tissue diagnostics market by test type was led by immunohistochemical tests segment. In 2018, the immunohistochemical tests segment held a largest market share of the cancer tissue diagnostics market, by test type. In addition, the immunohistochemical tests segment is also expected to grow at the fastest rate during the coming years owing to cost effectiveness of the technique. Moreover, the technique is easily accessible, and growth in number of products based on technology. Additionally, the rising prevalence of cancer is a major factor for the growth of the diagnostic tests. The segment is also anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.
For instance, in September 2017, OncoStem Diagnostics, invested USD 6 million towards research and development to develop useful tests for brain, colon and oral cancer, and also to automate these tests. Furthermore, Fimmic, which is now, Aiforia Technologies Oy in 2017 invested €5 million to develop, WebMicroscope AI Cloud for tissue diagnostics. Fimmic’s WebMicroscope launched in early 2017, is a tissue diagnostic commercial platform that enables image analysis through deep learning artificial intelligence (AI). In 2019, the company launched AIforia cloud platform, which accelerates image processing and provides automated pathology image analysis. Thus the growing investments for cancer tissue diagnostics have led to the advent of breakthrough techniques, expecting to fuel the growth of the market.
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Furthermore, Asia Pacific region is also facing the problem of the growing prevalence of cancer. The top 15 countries with Cancer prevalence are Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India, total deaths due to cancer were 784,821. These statistics determine an increase in the demand for advanced cancer diagnostics in various regions across the globe. Hence, driving the growth of the cancer tissue diagnostics market during the forecast period.
Tissue diagnostics is very crucial in cancer treatment. Cancer tissue diagnostics play a significant role in determining the treatment pace and procedure. Early detection can help in reducing the mortality rates of cancer; hence, medical professionals, market players as well as government authorities implementing new diagnostics and treatment facilities. Thus the rise in investments and better reimbursement policies favor the growth of the cancer tissue diagnostics market.
There have been limited developments made in the cancer tissue diagnostics market during recent years. However, growth strategies such as approvals, collaborations, and partnerships have been witnessed in the market of cancer tissue diagnostics. For instance, in June 2019, Agilent Technologies Inc. received the U.S. Food and Drug Administration (FDA) approval for its PD-L1 IHC 22C3 pharmDx assay. The assay is approved to aim in identifying patients with head and neck squamous cell carcinoma (HNSCC) for treatment with KEYTRUDA (pembrolizumab), anti-PD-1 therapy manufactured by Merck. Also, during November 2018, Leica Biosystems, launched the latest PD-L1 antibody for use on their fully automated BOND IHC and ISH staining platform.
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Keywords: Cancer Tissue Diagnostics Market, Cancer Tissue Diagnostics, Tissue Diagnostics