Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Precision Cancer Diagnostic Test Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Precision Cancer Diagnostic Test Market is forecast to surpass US$ 12.09 billion in 2024, with strong revenue growth through to 2034.
Increasing Adoption of Liquid Biopsies Propels Market Growth
The increasing adoption of liquid biopsies in cancer diagnosis has significantly intensified market competitiveness, with companies actively entering this domain viewed as key drivers of clinical advancements. LabCorp's introduction of a novel blood test in June 2023 for detecting cancer-related biomarkers exemplifies this trend, potentially expediting effective treatments.
Liquid biopsy, particularly valuable for those unable to undergo tissue biopsies, is gaining traction, notably in diagnosing advanced and metastatic cancer cases. Breakthroughs, such as the detection of cancer in diverse bodily fluids through liquid biopsy in March 2022, highlight the technology's expanding applications. The ongoing development of non-invasive liquid biopsies focusing on circulating tumor DNA and other markers holds promise for transforming cancer diagnostics by enabling real-time monitoring and early detection. Industry efforts to integrate liquid biopsy with advanced AI technologies, as seen in collaborations like GC Genome Corporation with KAIST, underscore the commitment to enhancing DNA mutation analysis.
Noteworthy company initiatives, including Qiagen's acquisition of Verogen and BillionToOne's precise liquid biopsy device launch, highlights the industry's focus on growth, technological advancements, and product innovation, driving market expansion.
Challenges Posed by High Cost of Precision Cancer Diagnostic Test
Precision cancer diagnostic tests utilize advanced technologies, such as next-generation sequencing (NGS) or mass spectrometry, which can be associated with high costs, posing challenges for accessibility, especially in resource-constrained regions.
The elevated expenses linked to precision cancer diagnostics may act as a hindrance to market growth, restricting patient access to these advanced diagnostic tools. Despite the significant advantages offered by precision cancer diagnostics, including more accurate diagnoses and personalized treatment plans, the financial implications associated with these tests presents a formidable challenge for both healthcare systems and patients. For example, the FoundationOne CDx, priced at approximately US$5,800.0 per biopsy, delivers valuable information for treatment decisions but can impose a substantial financial burden on patients and healthcare systems.
Guardant360, a liquid biopsy test by Guardant Health analyzing circulating tumor DNA, comes with a cost ranging from US$5,000 to US$6,500 per biopsy. While liquid biopsies are less invasive than tissue biopsies, their pricing remains a concern, potentially limiting access for certain patients, particularly those lacking comprehensive insurance coverage, and leading to potential delays in diagnosis and treatment decisions.
Key Market Dynamics
Market Driving Factors
- Advancements in Genomic Research
- High Demand for Personalized Healthcare
- Rising Prevalence of Cancer
Market Restraining Factors
- Regulatory Hurdles
- High Cost of Precision Cancer Diagnostic Tests
Market Opportunities
- Integration of AI and Machine Learning for Cancer Diagnosis
- Rising Adoption of Liquid Biopsies
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising precision cancer diagnostic test prices and recent developments.
Segments Covered in the Report
Product & Services Outlook
- Products
- Services
Test Type
- Cancer Imaging
- Computed Tomography
- Magnetic Resonance Imaging
- Digital & Analog Mammography
- Positron Emission Tomography
- Digital Breast Tomosynthesis
- Molecular Breast Imaging
- Others
- Molecular Cancer Testing
- Polymerase Chain Reaction (PCR)
- Next-Generation Sequencing (NGS)
- Liquid Biopsies
- Immunohistochemistry (IHC)
- Fluorescence In Situ Hybridization (FISH)
- Others
- Tumour Marker Immunoassays
- POC Colon Cancer Tests
- Others
Biopsy Method
- Liquid Biopsy
- Tissue Biopsy
Application
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Pancreatic Cancer
- Other Cancers
End-user
- Diagnostic Laboratories
- Hospitals
- Cancer Centers and Clinics
- Research Institutions
The report also includes profiles for the following leading companies, with a focus on this segment of these companies' operations:
- Abbott
- Agilent Technologies, Inc.
- Bayer AG
- bioMerieux SA
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Myriad Genetics, Inc.
- QIAGEN N.V.
- Siemens Healthineers
- Thermo Fisher Scientific
The report provides you with the following knowledge:
- Revenue forecasts to 2034 for Precision Cancer Diagnostic Test Market, 2024 to 2034 Market, with forecasts for product, test type, application, biopsy method, and end-user, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for five regional and 18 key national markets - See forecasts for the Precision Cancer Diagnostic Test Market, 2024 to 2034 market in North America, Europe, Asia Pacific, Latin America, and MEA. Also includes forecast for the market in the U.S., Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 10 of the major companies involved in the Precision Cancer Diagnostic Test Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/oa59ni
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