Breast Cancer Segment is expected to Witness Significant Growth in the Cancer Diagnostics Market

 

Medical scientists have developed a number of diagnostic tools that can determine the presence of cancer in an individual. The most common method of cancer diagnostics involves analyzing blood cells. A blood test measures the levels of different types of blood cells. A blood test can also detect the presence of certain tumors or growths. The doctor examines the results of the test in order to determine if the test is positive or negative, and then makes an evaluation based on this information.

Market Dynamics

Increasing prevalence of cancer is expected to propel growth of the global cancer diagnostics market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. Moreover, approval and launch of advanced cancer detection software solution is also expected to aid in growth of the global cancer diagnostics market. For instance, in December 2018,      iCAD, Inc. announced U.S. FDA clearance for its deep-learning, cancer detection software solution for digital breast tomosynthesis (DBT), ProFound AI.

Increasing investment in cancer research is expected to offer lucrative growth opportunities for players in the global cancer diagnostics market. For instance, in April 2020, the state government of Kansas (U.S) awarded The University of Kansas Cancer Center with an additional US$ 5 million grant for cancer research.

Among type of cancer, breast cancer segment is expected to witness significant growth in the cancer diagnostics market. For instance, according to the American Cancer Society, in 2020, around 276,480 new cases of invasive breast cancer will be diagnosed in women and the disease will lead to around 42,170 deaths, in the U.S.

Among regions, Europe is expected to witness significant growth in the cancer diagnostics market, owing to increasing availability of oncology diagnosis services. For instance, in August 2018, Nuffield Health partnered with GenesisCare, a cancer care provider, to provide oncology diagnosis, care and treatment in the U.K.

Competitive Analysis

Major players operating in the global cancer diagnostics market include, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Siemens AG, Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., Quest Diagnostics

April 2020: QIAGEN N.V. launched therascreen BRAF V600E RGQ PCR Kit (therascreen BRAF V600E Kit) as a companion diagnostic to the BRAF inhibitor, BRAFTOVI (encorafenib), for use in combination with cetuximab for the treatment of adult patients with metastatic colorectal cancer with a BRAF V600E mutation.