According to a new market research study titled ‘Cancer Tissue Diagnostics Market to 2027 – Global Analysis and Forecasts by Test Type.’ The global cancer tissue diagnostics market is expected to reach US$ 3,419.61 Mn in 2027 from US$ 2,025.41 Mn in 2018. The market is estimated to grow with a CAGR of 6.2% from 2019-2027. The report highlights the trends prevalent in the global cancer tissue diagnostics market and the factors driving the market along with those that act as deterrents to its growth.
The report highlights the trends prevalent in the global cancer tissue diagnostics market and the factors driving the market along with those that act as deterrents to its growth. Immunohistochemical tests segment is expected to drive the growth of the global cancer tissue diagnostics market by test type.
Global cancer tissue diagnostics market, based on the test type, was segmented as, immunohistochemical tests and in situ hybridization tests. In 2018, the immunohistochemical tests segment held a largest market share 57.65% of the cancer tissue diagnostics market, by test type. This segment is also expected to dominate the market in 2027 owing to the low cost of the procedure. Higher acceptance of the method for diagnosis purpose. Moreover, the technique is easily accessible, and growth in number of products based on the technology. Additionally, the rising prevalence of cancer is a major factor for the growth of the diagnostic tests. The segment is also anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.
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Personalize medicine is a relatively new approach; however it is expanding the field in the healthcare sector. It enables a medical practitioner to select treatment based on a patient’s genetic profile. This approach not only minimizes harmful side effects but also leads to successful result within a short period. Cancer personalize medicine involves the study of individuals genetic makes up for tumor growth. By studying the patient’s genetic make-up, an oncologist may customize the treatment depending on the patient’s genetic mutations. For instance, Mutations in ALK, KRAS, and EGFR lead to lung cancer. However, identifying the type of mutation in the lung cancer patient provides crucial information for the kind of treatment. Due to these advantages of tailoring the treatment based on individual’s genetic profile, the personalized medicine approach is likely to create many opportunities for the cancer tissue diagnostics market.
The market for cancer tissue diagnostics is expected to grow, owing to factors such as growing cancer prevalence across the globe, new product launches & FDA approvals and growing investments for tissue diagnostics are boosting the market over the years. In addition, the emerging markets in developing countries are likely to have a positive impact on the growth of the market in the forecast period.
The major players operating in the cancer tissue diagnostics market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., Abbott, Enzo Life Sciences, Inc., Agilent Technologies, Inc., Cancer Genetics Inc., Merck KGaA (Sigma-Aldrich Co. LLC), Danaher Corporation, and Abcam plc. The market has witnessed various organic as well as inorganic developments during recent years in the Cancer Tissue Diagnostics market. For instance, during June 2019, Agilent Technologies Inc. received the FDA approval for PD-L1 IHC 22C3 pharmDx assay. The assay is approved to identifying patients with head and neck squamous cell carcinoma (HNSCC) for treatment with KEYTRUDA (pembrolizumab), anti-PD-1 therapy manufactured by Merck.
Organic growth strategies such as product launches have helped companies to improve their position in the cancer tissue diagnostics market. For instance, in July 2018, Abcam launched the new anti-PD-L1 antibody clone MKP1A07310 developed in collaboration with Merck KGaA. The antibody was developed to assess the expression of PD-L1 in tumors from patients who will be benefitted from PD-1/PD-L1 checkpoint immunotherapy.
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Recent Developments in Cancer Tissue Diagnostics Industry:
- In June 2019, Agilent Technologies Inc. received the U.S. Food and Drug Administration (FDA) approval for its PD-L1 IHC 22C3 pharmDx assay. The assay is approved to aim in identifying patients with head and neck squamous cell carcinoma (HNSCC) for treatment with KEYTRUDA (pembrolizumab), anti-PD-1 therapy manufactured by Merck.
- In November 2018, Leica Biosystems, launched the latest PD-L1 antibody for use on their fully automated BOND IHC and ISH staining platform.
- In September 2017, OncoStem Diagnostics, invested USD 6 million towards research and development to develop useful tests for brain, colon and oral cancer, and also to automate these tests. Furthermore, Fimmic, which is now, Aiforia Technologies Oy in 2017 invested €5 million to develop, WebMicroscope AI Cloud for tissue diagnostics. Fimmic’s WebMicroscope launched in early 2017, is a tissue diagnostic commercial platform that enables image analysis through deep learning artificial intelligence (AI).
- In 2019, the company launched AIforia cloud platform, which accelerates image processing and provides automated pathology image analysis. Thus the growing investments for cancer tissue diagnostics have led to the advent of breakthrough techniques, expecting to fuel the growth of the market.
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