Global non invasive cancer diagnostics and technologies market is expected to witness lucrative growth in coming seven years owing to rising demand for minimally invasive therapeutics for treating cancer. Furthermore, rising prevalence of cancer as a consequence of unhealthy lifestyle and growing geriatric population base is a critical factor fostering growth of this market. Moreover, completion of human genomic project (HGP) will assist the commercial viability non invasive cancer diagnostics and technologies, hence impacting the market growth positively. Rising cognizance in people about the benefits of early diagnosis and treatment of cancer has led to significant number of people undergoing diagnosis.
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The market is bifurcated in, therapeutics and technology. On the basis of technology the market is divided into blood cancer, breast cancer, solid tumors and lung cancer. Breast cancer was the largest segment in 2014 as a result of rising incidences of the breast cancer. Moreover, governments as well as non government organizations (NGO) initiatives to create awareness are further boosting the market growth. Segmentation on the basis of technology comprises clinical chemistry, immunoassay and molecular diagnosis. Molecular diagnosis was leading segment in 2014 owing to presences of high population base suffering from genetic disorders and cancer. Also, molecular diagnostics is expected to the fastest growing segment over the coming seven years. Proteomics and genomics are subjected to undergo a good deal of technological advancement like personalization in genomic therapy and diagnosis, therefore, these advancements will help to maintain the high growth rate of this segment.
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Regionally, the market is divided into North America, Europe, Latin America and MEA. In 2014 North America dominated the market owing to factors such as increasing awareness of people about cancer, which led to precautionary testing of cancer. Moreover, reimbursement policies are allowing people to undergo high cost therapies and diagnosis of cancer, therefore boosting the region’s growth. Asia Pacific is expected to witness remarkable growth over the forecast period as result of improving healthcare infrastructure and high unmet medical needs of the population residing in this region. Furthermore, conducive business environment in Asia Pacific region is attracting multinational companies to invest in this region.
The key market players in the global non invasive cancer diagnostics and technologies market include Quest Diagnostics, Digene Corporation, Incorporated Cancer Genetics Inc., AVIVA Biosciences, A&G Pharmaceutical, Precision Therapeutics, Gen-Probe Incorporated, BIOVIEW Inc. and LabCorp.
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