Report: Cancer In Vitro Diagnostic Market Reaches $5.6 Billion
NEW YORK, Sept. 28, 2015 /PRNewswire/ -- The in vitro diagnostic (IVD) market for cancer is estimated to have been approximately $5.6 billion in 2014, and is projected to grow to $8.3 billion by 2019, according to healthcare research firm Kalorama Information. The firm says demographics, new biomarkers, and new therapy technologies are among the factors driving cancer testing. The finding was made in Kalorama Information's latest report, The World Market for Cancer Diagnostics, 6th Edition.
The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=87829&productid=9292184.
"Cancer diagnostics has been a major segment of the overall diagnostic market for several years," said Bruce Carlson, Publisher of Kalorama Information. "The quest for early detection funds a growing market. It is a highly competitive area with hundreds of companies."
The cancer diagnostics market has evolved from the time when available tests include pathology tests such as stains and immunohistochemistry, and also tumor marker immunoassays. Today, diagnostic companies are developing and marketing IVD tests based on a number of technologies and novel biomarkers. This has become a large market, and is expected to continue to grow for many years. Many factors are fueling growth of the cancer diagnostics market. These include:
- Demographic factors – aging of the population
- People are living longer with cancer
- Increasing number of biomarkers being identified and validated
- Growing number of targeted cancer therapies being developed and commercialized
- Advances in technology, improving our ability to analyze the increasing number of biomarkers
- Advances in bioinformatics
Kalorama says the field of cancer diagnostics includes traditional technologies, some of which have been used for decades. In addition many new technologies developed for other applications are now being applied in this field. These include mass spectrometry and next generation DNA sequencing. Advances have also been developed that make liquid biopsies possible – the analysis of circulating tumor cells (CLCs) or circulating tumor DNA (ctDNA). Many tests performed using newer technologies are currently being done primarily as laboratory developed tests (LDTs), but at least some companies plan to eventually develop IVD test kits based on their laboratory assays.
In addition, companion diagnostics and personalized medicine (or precision medicine) has become an important segment of the overall cancer diagnostics market. Liquid biopsies are making it possible to obtain tumor DNA for testing without the need for an invasive tissue biopsy. Next generation sequencing, mass spectrometry, arrays and other multiplexing technology, and other advances are improving our ability to analyze tumor cells, tissues, DNA, and proteins. Meanwhile, this large and growing market has attracted a lot of attention, and companies entering the market. This has become a highly competitive market Cancer Diagnostics contains market sizing and forecasts for immunoassays, rapid, molecular oncology tests, IHC, tissue function, tissue microarrays, flow cytometry and other segments. The World Market for Cancer Diagnostics, 6th Edition can be found at http://www.kaloramainformation.com/redirect.asp?progid=87829&productid=9292184.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
Contact:
Bruce Carlson
(212) 807-2622
[email protected]
www.KaloramaInformation.com
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SOURCE Kalorama Information
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