Selbyville, Delaware, Nov. 22, 2021 (GLOBE NEWSWIRE) --
The cancer diagnostics market size is anticipated to record a valuation of USD 207.9 billion by 2027, according to the most recent study by Global Market Insights Inc. Recent developments in the market are powered by surging demand for advanced cancer care and rising investments in technological enhancement. The industry growth is further being driven by an upsurge in the adoption of collaborative strategies such as acquisitions, mergers, and partnerships by major cancer diagnostics companies for consolidating their position in the market.
To cite an instance, in April 2021, BioCartis Group NV inked a partnership agreement with SkylineDx for the development of the Merlin Assay, Skyline’s novel proprietary test, on BioCartis’ easy-to-use and rapid molecular diagnostics platform dubbed Idylla.
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This growth is attributed to the soaring incidences of cancer cases at the global level. As per data from the World Health Organization’s GLOBOCAN (Global Cancer Observatory), the year 2020 recorded nearly 19.3 million new cases of cancer alongside 10 million fatalities due to the same. This resulted in an increase in the demand for numerous cancer diagnostics tests across different parts of the world.
Here are some of the pivotal trends that are potentially set to drive cancer diagnostics market expansion over the forthcoming years:
Mounting endometrial cancer cases
Endometrial cancer arises from endometrium which is the lining of the womb or uterus. The year 2020 recorded around 6,000,000 new cases of endometrial cancer at the global level.
This resulted in an upsurge in the adoption of endometrial cancer diagnostics across various regions. In light of these factors, the endometrial cancer segment in the cancer diagnostics market recorded around USD 5.3 billion in 2020 and is expected to register substantial growth over the forecast period.
Surging deployment of biopsy procedures
The globally rising cases of pancreas, liver, and breast cancer have been instrumental in escalating the demand for biopsy procedures. The segment accounted for nearly 6% of the overall market revenue and is estimated to foresee considerable expansion in the coming years.
This rise is on account of the usage of high precision instruments during skin biopsy and growing demand for a range of procedures such as image-guided biopsy, core needle biopsy, vacuum-assisted biopsy, and fine-needle aspiration.
Increasing diagnostics demand in the APAC
The Asia Pacific is characterized by surging prevalence of cancer and increasing focus of regional governments towards cancer eradication.
The region is home to around 59.5% of the global population and in 2020, nearly one-half of all cases of cancer were recorded to occur in the APAC countries. Owing to these aspects, the Asia Pacific cancer diagnostics market is anticipated to expand at a considerable rate through the analysis period.
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Increasing establishment of cancer research institutes
Cancer research institutes segment recorded around 6.7% of the cancer diagnostics market share in 2020 and is set to record substantial gains through 2027. These institutes are focused on performing cancer research supporting pharmaceutical and biopharmaceutical companies for the development of novel detection tests.
Citing an instance, the National Cancer Institute financed the University of Washington Cancer Research Institute for the identification of new technologies, blood-based biomarkers, noninvasive tests, and novel biomarkers.
In a nutshell, the soaring usage of biopsy techniques for the purpose of cancer diagnostics is anticipated to impel industry outlook over the coming years.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
