08 June 2022
Visiongain has published a new report entitled the Precision Cancer Diagnostic Test Market Report 2022-2032: Forecasts by Biopsy Method (Tissue Biopsy, Liquid Biopsy), by End-user (Hospitals, Clinics, Research Institutes), by Category (Cancer Imaging, Molecular Cancer Testing, Tumour Marker Immunoassays, POC Colon Cancer Tests, Other), by Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Pancreatic Cancer, Other), by Molecular Cancer Testing (Blood-Based Molecular Cancer Tests, HPV Genotyping, Circulating Tumour Cell (CTC) Tests, Next-Generation Sequencing Tests), by Cancer Imaging Test (Computed Tomography, Magnetic Resonance Imaging, Digital & Analog Mammography, Positron Emission Tomography, Digital Breast Tomosynthesis, Molecular Breast Imaging) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global precision cancer diagnostic test market was valued at US$14,087 million in 2021 and is projected to grow at a CAGR of 15% during the forecast period 2022-2032.
Cancer Sufferers Benefit from Technological Advancements
Precision medicine has revolutionised the world's cancer diagnostic and treatment landscape. Clinicians can now personalise therapeutic interventions to accurately target the molecular modification underlying based on patients' disease thanks to technological advances in categorising patients' genomic, protein expression, metagenomics, and genomic profiles, and also the rapid expansion biological information as well as computational tools to identify them. This may eliminate or delay the need for drugs with poorer tolerability features, which are sometimes more expensive.
Adoption of Precision Oncology is Low Across Asia Pacific Region
The healthcare organisations and development in Asia Pacific are unique in that it includes both developed and emerging markets. Precision oncology adoption is unequal across Asia Pacific due to healthcare problems, such as growing infectious diseases. Precision oncology implementation remains low in most Asia Pacific regions, with the exception of a few established economies which including Australia, Japan, and South Korea due to a lack of knowledge, political scenario, and financial commitment.
How has COVID-19 had a Significant Impact on the Precision Cancer Diagnostic Test Market?
In March 2020, a worldwide embargo on elective clinical activity was implemented to limit COVID-19 transmission, protect patients, and save health-care resources. The COVID-19 epidemic has resulted in a significant reduction in the number of new malignancies diagnosed. The coronavirus disease pandemic of 2019 (COVID-19) disrupted cancer therapy. Its influence on new cancer diagnoses, when delays might harm long-term results, is less well understood.
The limitations had an immediate and expected impact on the care of cancer patients. Development of product such like colposcopy, prostrate examinations, computed tomography (CT), even cystoscopies, which give the ability to diagnose suspected or unexpected malignancy, were also restricted. Because of the moratorium's impact on access to care, new malignancies may have been missed, resulting in poor long-term results. On a national and regional level, the cumulative congestion of procedures and undetected malignancies as a result of the epidemic have still not been assessed.
How will this Report Benefit you?
Visiongain’s 602-page report provides 347 tables and 326 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global precision cancer diagnostic test market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Precision Cancer Diagnostic Test. Get the financial analysis of the overall market and different segments including cancer type, end-user, category, cancer imaging test. Molecular Cancer testing and capture higher market share. We believe that high opportunity remains in this fast-growing precision cancer diagnostic test market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Advanced Technologies such as NGS is Fueling Market Demand
In routine molecular pathology, NGS technology has gradually replaced previous methodologies such as single-gene testing and targeted mutational platforms as the number of druggable gene aberrations and predictive biomarkers in oncology grows. Traditional methods have a high specificity and sensitivity for finding actionable changes that have been proved to benefit from targeted therapies or discovering drug resistance variations. However, every biomarker should always be prespecified, and that each biomarker requires a custom-made test in order to be recognized using these approaches. NGS can simultaneously analyze a wide range of genomic alterations, including as polymorphisms, copy number variations (CNV), transposable elements, and fusions in numerous genes.
Precision Cancer is Finding New Applications
To get a better understanding of cancer pathogenesis and extend therapeutic choices, precision oncology is moving away from standalone genetic analyses and on to a multiomic approach. The ACNS02B3 brain tumour biology study, led either by Children's Oncology Group and including numerous institutions, is an excellent example of molecular profiling that goes beyond genomes. Five distinct tumour molecular subgroups were established in this study, based on IHC, genomics, epigenetic changes, and transcriptome analyses, and then were replicated in patient-derived xenograft models, allowing for in vivo drug sensitivity studies. Over and above specific gene assessments, somatic mutations signatures, Oligonucleotide transcriptomic profiling, immunohistochemistry, and TMB perseverance have almost all proven to be extremely beneficial predictive and prognostic bioindicators of anticancer therapy response, but it remains and see whether they might very well lead to an increase in the number of patients treated.
Where are the Market Opportunities?
Rising Number of FDA Approved Cancer Diagnostic Tests
Regardless of the fact that recent advances in personalized medicine have led to significant improvements in cancer diagnosis and treatment, personalized medicine is indeed a relatively new phenomenon and practise in the field. Sanger sequencing was used to sequence a few genes at a time. The throughput of Sanger sequencing was restricted, and it was unable to identify structural alterations. Early technologies are enabling for targeted therapy were generally single-gene tests, but as we've learned more about tumour molecular biology, patients are now being screened for a larger number of genes.
Artificial intelligence (AI) is Becoming More Widely used in Cancer Diagnosis
In the future, precision medicine might take on new forms, such as with the combination of screening and therapeutic data with developing artificially intelligent or deep learning platforms. Several such connected apps are now in development. Other factors, like as fast genome sequencing, may exacerbate this trend when new information linkages emerge. The capacity to inform decisions and the level of ambiguity in emerging decision support systems may differ. Others may take the form of membership platform services, while others may seek payment directly from payers. These kind of that have become covered by insurance products will be subjected to value appraisal processes for which global systems are unprepared.
The major players operating in the precision cancer diagnostic test market are Abbott Laboratories (Abbott), Agilent Technologies, Inc., AstraZeneca PLC (AstraZeneca), Becton, Dickinson and Firm (BD), Biocept, Inc., Bio-Rad Laboratories Inc., Epigenomics AG, Illumina, Inc. (Illumina), Myriad Genetics, Inc. (Myriad), Quest Diagnostics Incorporated, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• Illumina, Inc. signed a memorandum of understanding with the Jean Perrin Center at the University Hospital of Clermont-Ferrand in France on 3rd February 2022 to compare the therapeutic significance of complete and accurate genomic profiling (CGP) in cancer therapy options in late-stage disease patients to the current standard of care, which includes small panel tests.
• Biocept, Inc. announced a partnership with Quest Diagnostics on 22nd June, 2021, to provide laboratory testing services for their Target SelectorTM Scores high on this dimension molecular diagnostic targeted lung cancer panel to Quest patients. Quest Diagnostics is the leading supplier of diagnostics technology services in the world, including advanced diagnostics.
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