Cancer Testing Market in the US 2015-2019
Covering: Market size and forecast of the cancer testing market in the US and segmentation by technique, including genetic testing and conventional testing. The report discusses the major drivers influencing market growth and the challenges faced by the vendors and the market as a whole. The top vendors evaluated in the report are Abbott Diagnostics, Agilent Technologies, Beckman Coulter, and Roche Diagnostics.
Market outlook of the cancer testing market in the US
The market in the US is experiencing a lot of transformation in healthcare coverage, which have led to increased accessibility to healthcare, and thereby facilitating early diagnosis, preventive medicine, and personalized medicine. The increase in genetic testing for cancer by end-user segments such as hospitals, diagnostic laboratories, and academics and research institutes are expected to propel the growth of the market.
Technavio predicts the cancer diagnostics market in the US to grow at a steady rate, posting a CAGR of over 9% during the forecast period.
Changes in healthcare system is one of the major drivers influencing the market growth. The number of the US citizens covered under healthcare insurance has increased tremendously and today about 19 million citizens in the US have insurance coverage. Also, big companies provide healthcare insurance policies to their employees, which will support the growth of the market.
Segmentation of the cancer testing market in the US by technique
The year 2014 saw the dominance of conventional testing segment, accounting for a market share of more than 76% and this segment is predicted to remain at the top through 2019.
Both genetic testing and conventional testing techniques are used for testing various types of cancer, including breast cancer, colorectal cancer, prostate cancer, and others.
Competitive landscape and key vendors
The cancer testing market in the US marks the existence of many small and medium sized vendors offering a diversified product portfolio. Large corporations are acquiring small and medium-sized manufacturers to enhance their product portfolio, which is adding to the competition.
Top vendors in this market are -
Other prominent vendors included in this report are Affymetrix, Bio-Rad Laboratories, Cardinal Health, Cytyc, Fujirebio Diagnostics, Johnson & Johnson, Pathway Genomics, QIAGEN, Quest Diagnostics, Quidel, and Rosetta Genomics.
Growth drivers, challenges, and upcoming trends: Cancer testing
Technavios market research analysts highlight the use of mass spectrometer, an extremely sophisticated instrumentation technology, which provide accurate results with infinitesimal amounts of material and does not even require specially purified samples.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the cancer testing market in the US. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2019
What are the key factors driving the cancer testing market in the US
What are the key market trends impacting the growth of the cancer testing market in the US
What are the challenges to market growth
Who are the key vendors in the cancer testing market in the US
What are the market opportunities and threats faced by the vendors in the cancer testing market in the US
What are the key outcomes of the five forces analysis of the cancer testing market in the US
Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report Cancer Testing Market in the US 2015-2019
Technavio recognizes the following companies as the key players in the Cancer Testing Market in the US: Abbott Diagnostics, Agilent Technologies, Beckman Coulter and Roche Diagnostics
Other Prominent Vendors in the market are: Affymetrix, Bio-Rad Laboratories, Cardinal Health, Cytyc, Fujirebio Diagnostics, Johnson & Johnson, Pathway Genomics, QIAGEN, Quest Diagnostics, Quidel, and Rosetta Genomics.
Commenting on the report, an analyst from Technavios team said: Use of bench-top mass spectrometers is one of the major trends for the market since this technology helps in detection of diseases in small quantities of samples. This technology has revolutionized the field of proteomics, genomics, and lipidomics by increasing the throughput for sample analysis. Another trend witnessed by the market is ready-to-use reagents.
According to the report, changes in the healthcare system are a prime driver for the market growth during the forecast period. The number of US citizens covered under healthcare insurance has increased and today 19 million citizens in the US have insurance coverage. Also, insurance policies are provided by large companies to their employees. This is expected to fuel market growth. Increase in demand for personalized medicines, increase in molecular testing, and increase in demand for POC testing are the other major drivers that are expected to fuel market growth.
Further, the report states that there are certain challenges that are expected to limit the market growth during the forecast period. One such challenge is regulatory and reimbursement issues faced by the vendors since the government's introduction of medical device excise tax and cuts in bundled payments restricts usage by customers.
Abbott Diagnostics, Agilent Technologies, Beckman Coulter, Roche Diagnostics, Affymetrix, Bio-Rad Laboratories, Cardinal Health, Cytyc, Fujirebio Diagnostics, Johnson & Johnson, Pathway Genomics, QIAGEN, Quest Diagnostics, Quidel, Rosetta Genomics.
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