Cancer is caused when abnormal cells divide uncontrollably. There are more than hundred types of known cancers. Cancer testing or screening is carried out to detect cancer before the symptoms appear. The cancer testing equipment market generated over $15 billion in revenues in 2017 while the testing services market generated over $98 billion in the same year and the market is anticipated to further grow at a CAGR of 5.49% cumulatively during the forecast period 2018-2023. The respiratory cancer testing system segment which includes throat and lung cancer detection equipment generated about $17 million in terms of value in 2017. In the same year 2017, the biopsy testing equipment market had generated $47.78 billion through sales of equipment as well as services. Since the cost of cancer screening is very high, several alternatives are under research which would fetch the screening tests at a lower cost and would help in early detection of cancer.
What is Cancer?
Cancer is a disease in which the abnormal cells divide uncontrollably and eventually spread to all the parts of the body. This is called secondary tumor or metastasis. These cells also destroy the body tissues. The major causes of cancer include smoking, drinking, unhealthy lifestyle, exposure to radiations and genetic mutations. The symptoms of cancer include profuse sweating, unusual bleeding, unexplained fever, weight loss and abnormal bumps.
Cancer testing or screening plays an important role in detection of various types of cancer before the appearance of symptoms. The main aim of cancer testing is to reduce the number of deaths caused by cancer. Early diagnosis can lead to better treatment and a greater lifespan. The treatment of cancer depends on the area affected as well as the percentage of tumor present. The various treatment methods include chemotherapy, gene therapy, hormonal therapy and transplantation.
This report incorporates an in-depth assessment of Cancer testing market by type, technique, treatment, stages, gender and end user industries geography.
Market Research and Market Trends in Cancer Testing Ecosystem
- ‘Liquid biopsy’ is one of the latest technology emerging in the market which would help in early detection of various cancers by scanning for DNA fragments which are shed by tumor cells. Companies such SRBI healthcare, GRAIL Inc., and others are raising funds for early diagnosis of cancer.
- In the recent years, Next Generation Sequencing (NGS) is being widely used for detection of various types of cancer. NGS allows simultaneous sequencing of targeted genomic areas in multiple samples to detect mutations. The main advantage of this method is the need of low amount of DNA or RNA.
- Swiss startup SOPHiA Genetics has used Artificial Intelligence (AI) that takes raw genome data and studies the molecular profile of person’s cancer to find more personalized treatment options. This technology helps the doctors to understand the cause of cancer and what best treatment can be suggested for the molecular events that are taking place in the body. It is also predicted that AI would be the future of cancer diagnostics.
- Researchers from University of Washington have developed an app that will allow people to screen for pancreatic cancer and other diseases by snapping a selfie. ‘Biliscreen’ uses smartphone camera, computer algorithms and machine learning tools to detect increased bilirubin levels through the sclera of the eye as one of the major symptoms of pancreatic cancer is jaundice.
- Transgenomic’s merged into Precipio Diagnostics to market its liquid biopsy technology for early cancer detection across multiple genetic sequencing platforms.
Who are the Major Players in Cancer testing market?
The companies referred to in the market research report includes Dias Orin S.P.A, Epigenetics Ag, Techlab, Positive Bioscience, Genextropy Inc., M Genomics Ltd, 20/20 GeneSystems, Inc., AB SCIEX, Abbott Laboratories, Abcodia Ltd., Abingdon Health Ltd, Abnova Corporation, ACT Genomics Co., Ltd.
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The report incorporates in-depth assessment the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis so on to gauge the impact forces potential opportunities the market. Apart from this the report also includes a study major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers so on to comprehend the prevailing market dynamics at present its impact during the forecast period 2018-2024.
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Key Takeaways from this Report
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