Cancer Diagnostics Device: Key market research findings
- Growing need for cost-cutting in drug discovery and development
- Rising investments in research activities
- Leading players in the market include Abbott Diagnostics, Agilent Technologies, BD, bioMérieux, Qiagen, and Roche Diagnostics
Technavio’s market research analysts predict the global cancer diagnostics device market to grow at a CAGR of around 18% between 2016 and 2020. Of late, this market is witnessing increased adoption of genomics and proteomics which has helped physicians to comprehend the different expression stages of cancer and offer specific quantities of a drug for the respective treatment. Genomics and proteomics have allowed effective management of drug development processes and have increased the focus towards the manufacture of advanced cancer diagnostic devices. APAC is will be the fastest-growing region in the market, registering a CAGR of around 18% by 2020. Continuous investments in cancer diagnostic research for drug discovery processes will contribute to the market’s growth in this region during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors in the market are making huge investments in the research activities to develop novel diagnostic devices for cancer diagnosis and treatment. One of the latest advances is the development of nanoparticle-based cancer theranostics using gold nanoparticles. This approach involves the combination of a therapeutic and a diagnostic agent with gold nanoparticles which helps in the effective monitoring of the target tumor and provides a better understanding of the effect of cancer drugs on the tumor,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research
The molecular diagnostics segment accounts for the largest share of the cancer diagnostic devices market by revenue and is anticipated to grow at an effective CAGR of more than 18% by the end of 2020. The market has significant growth potential in emerging markets due to increased susceptibility of older people to different cancer types. The increased adoption of automated systems and diagnostic devices will boost market growth during the forecast period.
This market is highly fragmented due to the presence of several established large and small suppliers, most of whom are major developers of diagnostic products in areas such as oncology, cardiac diseases, and respirators. The competition in the market will intensify during the forecast period as vendors adopt strategies like M&A to develop new technologies. Product approval and launch will also help to increase the volume of available diagnostic devices in the market. In addition, the vendors also work on differentiating their products based on quality, the accuracy of results, and other value added services as it will help them to gain a competitive edge over their peers.
A more detailed analysis is available in the Technavio report, Global Cancer Diagnostics Device Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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