Cancer diagnostics have been shown to reduce cancer deaths. Thus there is a demand for precision – a concerted effort to develop tests that can monitor cancer survivors to detect cancer recurrence at an early stage.
New York, New York (PRWEB) May 17, 2013
Driven by the need to use several tests at a time to detect, classify and decide on treatment for cancer, the world market in vitro diagnostic testing used in oncology reached $4.8 billion in 2012 and should grow at 9% annually for the next few years, according to Kalorama Information. The healthcare market research firm published its fifth complete study of the cancer testing industry, “The World Market for Cancer Diagnostics, 5th Edition”, and the finding was made in that report. The report found that the growing incidence of cancer and the need to perform multiple tests per patient drives revenue for manufacturers of cancer testing products.
“An array of complimentary tests are used in cancer testing, which is a driver of the market,” said Shara Rosen. “Cancer is a highly complex disease and no single test or test segment is specific enough to provide a highly accurate assessment of a patient's disease status.”
According to the report, the market for cancer diagnostics is extremely fragmented and includes techniques from urinalysis to gene biochips. Specialized cancer immunoassays, histology/cytology analyses and molecular tests provide therapy decision-making information that is tailored to the unique tumor, and Kalorama sees this as the basis of precision and personalized medicine. Precision medicine is advancing quickly as methods for genotyping of cells extracted from biopsied tissue are gaining acceptance to individualize patient treatment.
Kalorama notes that almost every kind of IVD test, including: general chemistry tests, hormone, receptor, enzyme and protein markers, genetic makeup and even exposure to viral infections such as human papilloma virus are part of the study’s market analysis. According to the report, the death rate from cancer is declining due to improvements in diagnostics and therapeutics.
“Cancer diagnostics have been shown to reduce cancer deaths,” said Rosen. “Thus there is a demand for precision – a concerted effort to develop tests that can monitor cancer survivors to detect cancer recurrence at an early stage. “
The report sees tests for cell free DNA and circulating tumor cells playing a major role in this effort.
Competition is fierce in the industry. All of the top IVD companies are represented. Kalorama’s report details more than 200 companies that are involved in cancer testing, from top tier IVD giants such as Abbott, Novartis and Roche, device giants such as Becton Dickinson and Siemens, to molecular-focused companies such as Gen-Probe, Bio-Rad. Then there are legions of specialist cancer testing companies. The report contains market sizes and forecasts for a wide array of technology segments. Kalorama’s report also discusses trends and provides analyst conclusions about the market. The report can be purchased at Kalorama Information at http://www.kaloramainformation.com/Cancer-Diagnostics-Edition-7560357/
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. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.