PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388767
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388767
Advanced cancer diagnostics utilizes cutting-edge techniques and technologies to accurately identify and diagnose cancer. These diagnostics are crucial in improving patient outcomes, tailoring treatments to individual needs, and optimizing cancer management. The field of advanced cancer treatment has seen significant progress, with the introduction of innovative therapies like immunotherapy and targeted treatments. Additionally, traditional treatment methods such as chemotherapy, radiation, and surgery have also been enhanced. For example, Next-generation sequencing (NGS) and other genomic profiling techniques enable the analysis of a cancer patient's DNA, RNA, and protein profiles, facilitating the identification of specific genetic mutations that inform treatment decisions and prognosis.
The incidence of cancer has been increasing globally due to a multitude of factors such as changes in lifestyle, environmental factors, and an aging population. With the rise in cancer cases, there is a growing need for advanced diagnostic techniques. The World Health Organization reports that cancer is a leading cause of death worldwide, responsible for almost 10 million deaths in 2020, which is approximately one in six deaths. Based on population growth and aging projections, the global burden of cancer is expected to increase by over 60% by 2040, with a predicted 29.4 million new cases in that year compared to 18.1 million in 2018. Additionally, the market growth opportunity is expected to be propelled by R&D investment and technological advancement. Nevertheless, the lack of awareness in emerging economies poses a limitation to the growth of the market.
The Global Advanced Cancer Diagnostics Market is segmented on the basis of Type, Application, End-User, and Region.
The market is divided into six categories based on Type: Next-generation sequencing, Lab-on-a-chip, Cellular analysis, Real-time PCR (RT_PCR), Multiplexed arrays, and High-density microarrays. Next-generation sequencing dominates the market. The surge in Next-generation sequencing is propelled by the rising occurrence of cancer, the requirement for enhanced accuracy in diagnostics, and the advancement of therapies with specific targets.
The market is divided into twelve categories based on application: Breast, Cervical, Colorectal, Prostate, Lung, Skin, Blood, Liver, Kidney, Ovarian, Pancreatic cancer, and Others. The market is largely influenced by the breast cancer segment, which is propelled by various factors including rising cases of breast cancer, advancements in technology, and a heightened recognition of the significance of early detection.
The market is divided into three categories based on End-users: Hospitals, Ambulatory surgical centers, Diagnostic Laboratories, and Others. Hospitals dominate the market, due to the rising incidence of cancer, increased demand for advanced diagnostic tools, and the growing emphasis on early and precise cancer detection and management.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The market growth in North America is projected to be dominated by the rapid influx of funding and investments from both governmental and private entities toward cancer diagnosis. Various initiatives have been launched by governments in North America, including the United States and Canada, to support cancer research and diagnostics. Additionally, pharmaceutical companies, diagnostic companies, and venture capital firms are making significant investments in cancer diagnostics and related technologies. These investments are aimed at supporting the development of innovative diagnostic tools and therapies. According to a 2021 study conducted by the International Cancer Research Partnership (ICR Partners), research investment has increased to USD 8.511 billion in 2018. It is important to note that the ICR Partners represent only a small proportion of global cancer funding bodies. Another study identified 4693 organizations that provide cancer research funding, with nearly half classified as not-for-profit organizations and only 12% classified as governmental organizations. Europe and Asia Pacific are expected to drive the growth of the market in the forecast period.
The advanced cancer diagnostics market is characterized by its dynamic nature, driven by continuous technological advancements and evolving healthcare needs. To maintain a competitive position in this rapidly evolving market, companies must prioritize innovation, strategic partnerships, and global expansion. Leading companies in this industry are introducing advanced tests and diagnostics to meet the growing demand for improved diagnostic solutions. Manufacturers specializing in blood cancer diagnostics are focusing on Type launches and implementing new diagnostic methods to optimize their testing processes. Additionally, they are embracing the latest technologies and innovations, ensuring compliance with standard policies to expedite the approval process. The early detection space is populated by numerous key players, ranging from large corporations like Grail, Guardant, and Exact Sciences to promising startups such as Freenome and Singlera. These companies have garnered significant interest and funding due to their groundbreaking announcements and achievements. Notably, their contributions include large-scale studies, versatile machine learning/AI algorithms, pan-cancer detection tests, and substantial funding ranging from hundreds of dollars. Each of these firms possesses unique competitive advantages that set them apart in the market.
On 29 June 2022 - The BenchMark ULTRA PLUS structure, Roche's latest sophisticated tissue staining platform, was launched. The system provides rapid and reliable test findings, allowing doctors to make prompt choices about a patient's treatment path.
The scope of this report covers the market by its major segments, which include as follows: