Cancer is one of the leading causes of death across the globe. The World Health Organization (WHO) states that the number of new cases is anticipated to increase by nearly 70% over the next two decades. The increasing prevalence of different types of cancer is paving way for continuous development in the field of hospital cancer diagnostics. A new research report by Transparency Market Research (TMR), titled “Hospital Cancer Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” presents a detailed description of the various critical parameters of the market. These parameters include its dynamics, regional segmentation, and competitive landscape.
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The increasing initiatives taken by governments and eminent health organizations to spread awareness regarding cancer are playing an instrumental role in the growth of the global hospital cancer diagnostics market. Other than these initiatives, measures taken to offer best-in-class healthcare services with high efficiency and accuracy to patients is also providing a fillip to the market. One such measure is the partnerships between public and private healthcare sector to improve the infrastructure of diagnostic imaging centers. Moreover, the introduction of personalized medicines and launch of new flow cytometry reagents for diagnostics and drug discovery are augmenting the market. Furthermore, the green light given by the FDA for the development of biomarker is providing a significant boost to the growth of the market.
However, the high cost of diagnostic imaging systems is adversely affecting the rate of adoption in emerging markets. Complicating matters is the lack of insurance coverage for novel technologies for hospital cancer diagnostics. Moreover, the high capital requirements for the production of biomarkers and low benefit-cost ratio associated with them are hampering the growth prospects of the market. The shortage of skilled and experienced personnel and presence of stringent regulations are also limiting the market from realizing its full potential. Nevertheless, the availability of miniaturized and technologically advanced diagnostic devices and the growing popularity of companion diagnostics are likely to augur well for the growth of the market.
Some of the most common types of cancer are lung cancer, liver cancer, breast cancer, bladder cancer, leukemia, skin cancer, oral cancer, stomach cancer, prostate cancer, ovarian cancer, uterine cancer, colon and rectal cancer, and lymphoma. The most prevalent forms of cancer are lung and liver cancer, accounting for nearly 1.6 mn and 750 thousand deaths respectively every year. Geographically, North America and Europe will collectively command a large share in the market owing to the presence of favorable policies encouraging cancer diagnosis. Asia Pacific is likely to rise at a promising pace due to the rising prevalence of cancer and improving healthcare infrastructure in emerging economies.
Some of the key players in the global hospital cancer diagnostics market are Abbott, Applied Genetic Technologies Corporation, Becton Dickinson and Company, Beckman Coulter/Danaher Corporation, Bio-Rad Laboratories Inc., Dako, bioMerieux SA, Cepheid, Inc., Myriad Genetics Inc., diaDexus Inc., Hologic Corporation, QIAGEN N.V., F. Hoffmann-La Roche Ltd., Ortho Clinical Diagnostics, Sequenom, Inc., Thermo Fisher Scientific Corporation, and GE Healthcare.
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