About the Cancer Diagnostic Devices Market
An increase in any particular internal and external factor can lead to cancer. Currently, the demand for cancer therapy and research in complex molecular tumor diagnostics is high. Researchers are using automated solutions to isolate genetic materials from small tissue samples. The complex genetic analysis of samples using next-generation sequencing technologies helps researchers analyze the individual and relevant pattern of genetic changes in tumor tissues, helping in determining the most effective treatment options. The development of sophisticated technologies such as microarray, next-generation sequencing, mass spectrometry, automated DNA sequencing, fluorescence in-situ hybridization, and comparative genomic hybridization has opened new avenues for cancer biomarkers. These technologies are capable of detecting abnormalities in the gene expression and the genetic structure of cancer cells. In addition, these technologies can analyze changes in the DNA, RNA, and chromosomes from tissue samples of a tumor.
Technavio’s analysts forecast the global cancer diagnostics devices market to grow at a CAGR of 18.07% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global cancer diagnostics devices market for 2016-2020 To calculate the market size, we consider revenue generated from the sales of molecular and companion cancer diagnostic devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cancer Diagnostic Devices Market 2016-2020
Technavio recognizes the following companies as the key players in the global cancer diagnostics devices market: Abbott Diagnostics, Agilent Technologies, BD, bioMérieux, Qiagen, and Roche Diagnostics.
Other Prominent Vendors in the market are: Affymetrix, Ambry Genetics, Annoroad, Aviva Biosciences, Biochain, Bio-Rad, Cancer Genetics, Cepheid, CompanionDx, DiagnoCure, Epic Sciences, Epigenomics, Genomic Health, HalioDX, Hologic, Illumina, Myriad Genetics, Thermo Fisher Scientific, Ventana Medical Systems, and Vysis.
Commenting on the report, an analyst from Technavio’s team said: “A trend which will definitely boost market growth is product approvals and launches. The significant focus on cancer diagnosis has led to the development of novel cancer diagnostic devices in the market. Many of these products have received approval from regulatory agencies such as the FDA and Health Canada. The availability of these advanced tests and associated diagnostic devices has allowed medical facilities to adopt them for cancer diagnosis. For instance, Beckman Coulter's VERIS molecular diagnostic system and VERIS human cytomegalovirus assay received CE mark approval in May 2014.”
According to the report, a key growth driver is the demand for personalized medicines. Proteins and genes control and manage the biochemical functions of the body. Any defect in the structure of a particular protein or gene can lead to specific conditions and disorders. The production of personalized drugs depends on the identification and study of protein and gene expressions. These drugs are customized based on an individual's protein or genetic profiles. Personalized medicines have high demand in oncology therapy since conventional cancer drug therapies fail to achieve desired patient outcomes.
Further, the report states that one challenge that could impact market growth is the high cost of developing companion diagnostics.
Abbott Diagnostics, Agilent Technologies, BD, bioMérieux, Qiagen, Roche Diagnostics, Affymetrix, Ambry Genetics, Annoroad, Aviva Biosciences, Biochain, Bio-Rad, Cancer Genetics, Cepheid, CompanionDx, DiagnoCure, Epic Sciences, Epigenomics, Genomic Health, HalioDX, Hologic, Illumina, Myriad Genetics, Thermo Fisher Scientific, Ventana Medical Systems, Vysis.
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