The global cancer tissue diagnostics market is poised to grow from close to US$ 4,350 Mn in 2016 to nearly US$ 9,650 Mn by 2026 end. This represents a CAGR of 8.3% over the forecast period. The global market for cancer tissue diagnostics represents incremental opportunity of about US$ 5,300 Mn between 2016 and 2026.
Global Cancer Tissue Diagnostics Market Attractiveness Analysis by Region, 2016 – 2026
North America dominated the global cancer tissue diagnostics market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. North America accounted for 36.5% value share in 2016 and is projected to account for more than 40% share by 2026 end. In terms of value, APEJ is expected to register a CAGR of 8.0% during the forecast period. Despite a low value CAGR of 5.7%, the MEA cancer tissue diagnostics market is projected to grow 1.9X over 2016–2026.
Constantly growing list of cancer biomarkers boosting the cancer tissue diagnostics market
Sheer number of biomarkers that can be utilised for early cancer detection from blood or plasma samples are constantly increasing, which is expected to bring new cancer biomarker tests in the market in the near future. For instance, researchers at the University of Sheffield have recently identified over 700 new blood biomarkers that can be used for early cancer detection. As per OECD statistics, the global biomarkers market for companion diagnostics was valued at about US$ 8.4 Bn in 2016. The growth in companion diagnostics is indicative of acceptance of biomarkers in healthcare systems and may offer attractive incentives for biomarkers business development.
Advanced diagnostics at reduced costs aiding the global cancer tissue diagnostics market
After the completion of the human genome project in 2003, cost of assembling one genome has reduced tremendously and also cut down the time of analysis with development of highly advanced sequencing equipment. For instance, in January 2014, Illumina Inc. launched HighSeq X Ten Sequencer, which cut down the cost of genome sequencing to as low as US$ 1,000 including reagents cost and sample preparation equipment depreciation cost. Further advancements may continue to push down the cost for less than the cost of an X-ray, which would enhance the accessibility of this technology and thus drive the growth of the market. This also facilitates the use of highly advanced technologies by smaller research and clinical laboratories that possess less technical expertise and low resources.
Enormous R&D investment poses a threat to the expansion of the cancer tissue diagnostics market
Development of all high end instruments such as PET, MRI, SPECT equipment as well as next-generation sequencing platforms, analytical instruments used for laboratory analysis of cancer specimen etc. need huge investments of time and money, which is expected to be the prime factor impacting the cancer tissue diagnostics market. Also, all big pharmaceutical companies are entering into the diagnostics business and are thus cutting down the growth prospects of diagnostic giants such as Roche, Danaher etc. If at all a company develops innovative diagnostic testing, they still have to invest in expensive clinical utility studies, and there is no guarantee that the product will get coverage.
Meeting the needs of hospital laboratories presents a significant opportunity for the growth of the global cancer tissue diagnostics market
Due to healthcare cost containment in majority of mature markets, hospital based laboratories are facing pressure to supply more services at reduced costs. Healthcare facilities are facing increased aging population and rising prevalence of chronic diseases. By 2018, almost 10% of the global population will be 65 and above. Also global healthcare spending is expected to witness 5.2% growth every year till 2018. This imposes cost management pressure on diagnostic labs. Thus, several laboratories have started adapting informatics solutions, which helps them to increase overall productivity with existing resources. In line with this, manufacturers of diagnostic tests can grab the opportunity to provide complementary services and support. For instance, Abbott laboratories recently launched AlinIQ support and services to help their laboratory partners manage operations to maximise throughput and capacity.
Future Market Insights in its latest report titled ‘Cancer Tissue Diagnostics Market: Global Industry Analysis & Opportunity Assessment, 2016 – 2026’ gives a comprehensive assessment of the global cancer tissue diagnostics market. The report starts with an executive summary that gives a concise overview of the cancer tissue diagnostics market along with key market numbers and most important segment and regions. Also, important trends, drivers and restraints governing the cancer tissue diagnostics market are given so that the report audiences get an overview of the market dynamics operating in this market. In addition, a list of key market players operating in the cancer tissue diagnostics market is given, which are dealt individually in the competitive landscape section. In the executive summary, there is also a section devoted to the global cancer tissue diagnostics market revenue share by region for the year 2015.
A section of the report is devoted to explaining the market definitions of the cancer tissue diagnostics market by various types of cancer treatment detection. Different cancer types considered in the scope of the global cancer tissue diagnostics market report include breast cancer, lung cancer, colorectal cancer, melanoma, blood cancers (Hodgkin & non-Hodgkin lymphoma, leukemia, myeloma etc.), prostate cancer, ovarian cancer, stomach cancer and liver cancer. The diagnostic tests considered in the report include screening tests and confirmatory tests for all the cancer types mentioned above. However, the report excludes cancer diagnostic tests performed to diagnose the relapse of cancer. The next section of the report covers the market taxonomy of the cancer tissue diagnostics market.
By Test Type
Immunohistochemistry (IHC) Test
In Situ Hybridisation Test
After the market taxonomy, there is a section of the report devoted to the cancer tissue diagnostics market analysis scenario. This section contains an overview of the cancer tissue diagnostics market and also gives the global cancer tissue diagnostics market value analysis and forecast from the year 2015 till the year 2026 with values given in US$ Mn. The year-on-year growth and the absolute dollar opportunity is also stated in this section of the report. Subsequent to this section, there is a section of the report totally devoted to studying in detail the market dynamics operating in the global cancer tissue diagnostics market. These market dynamics are in the form of macroeconomic indicators, supply side drivers, demand side drivers, restraints, opportunities and trends. This is an important section of the report as it gives the report audience a clear and a comprehensive picture regarding the direction where the market is heading, what are the main opportunities in the market, which factors are encouraging the expansion of the market and which factors are hampering the growth of the market.
After this section, regional epidemiology data is given for all the seven regions as mentioned in the market taxonomy. A section of the report states the cancer tissue diagnostics regulatory and reimbursement scenario. An important section of the report covers the Porter’s analysis which examines the supplier power, buyer power, entry threats and threat of substitutes and also analyses the degree of competition in the global cancer tissue diagnostics market. The report goes on to list the cancer tissue diagnostics market analysis and forecast by test type and by region. These important sections of the report list the Basis Point Share analysis, year-on-year growth analysis, absolute dollar opportunity and market attractiveness analysis.
In addition to the above mentioned sections, there is an entire section of the report devoted to study the competition landscape of the global cancer tissue diagnostics market. This type of information is important for both established players and new entrants in the cancer tissue diagnostics market in order to identify their main source of competition and study such companies deeply in order to assess their strong points. Each of the important players operating in the global cancer tissue diagnostics market is discussed individually and key information regarding these selected companies is given. The information includes insights on company details, company overview, business overview, etc. Key financial information and revenue, operating and net margins of these companies is also presented in the competition landscape. Last but not the least, a SWOT analysis of all the companies is presented in the competition landscape that discusses the strengths, weaknesses, opportunities and threats that the companies are facing in the cancer tissue diagnostics market. In addition, key developments related to the companies and their strategic overview is also given to provide readers a deep insight regarding the direction where important companies in the cancer tissue diagnostics market are headed.
Overall market size has been analysed through historical data, primary responses, and public domain data. Revenue of companies in the global cancer tissue diagnostics market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and end-use application industries’ growth have been considered to forecast the market size over the forecast period. Historical data, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated using the triangulation method and is extensively scrutinised using advanced tools to garner quantitative and qualitative insights into the global cancer tissue diagnostics market.