In recent years, the steep number of biomarkers that can be used for conducting early cancer detection from plasma and blood sample has grown incessantly, which is turn is projected to result in the introduction of cutting-edge cancer biomarker test modules in upcoming years. For example, researchers at the University of Sheffield have recently discovered more than 700 new blood biomarkers that are likely to be used for early cancer detection soon. The rise in the number of companion diagnostics is suggestive of approvals of biomarkers in the healthcare system and could create lucrative opportunities for companies in biomarkers business. According to the new report published by Future Market Insights, the global market for cancer tissue diagnostics is set to reach a valuation of around US$ 9,650 Mn by 2026 up from US$ 4,350 Mn in 2016. Between 2016 and 2026, this market is expected to register a CAGR of over 8%.
Availability of advanced cost-effective diagnostics is likely to favour the growth of the global market for cancer tissue diagnostics. After the human genome program was completed in 2003, assembling cost of a genome has drastically gone down and has also reduced the time of examination along with the development of cutting-edge sequencing equipment. For example, Illumina Inc unveiled HighSeq X Ten Sequencer in 2014, which has brought down the overall cost of sequencing a genome to a minimum figure of US$ 1,000, which also includes the cost of sample preparation equipment and reagents. In addition, a greater focus on research and development might result in further reduction in cost as well as the introduction of low-cost X-ray. This, in turn, will improve the accessibility of such technologies and hence drive their adoption. Moreover, it also gives an opportunity to smaller clinical and research laboratories to utilise cutting-edge technology as these laboratories usually have low resources and technical expertise.
However, development of advanced equipment such as SPECT, MRI, and PET as well as analytical instruments, and next-generation sequencing systems used for examination of cancer specimen in laboratories requires a massive investment of money and time. This stands as a major challenge for medical companies in the cancer tissue diagnostics market. In addition, a number of new players have entered the market and are making the market fiercely competitive. For a company to develop a novel diagnostic testing, it is bound to invest in costly clinical utility training, and after all that, there is still no assurance that the product will get coverage.
The presence of an established and well-defined healthcare infrastructure makes North America a major market for cancer tissue diagnostics. Many of the leading players in the global market for cancer tissue diagnostics have made key investments in the region, especially in the US. In 2016, North America’s market for cancer tissue diagnostics accounted for more than 36.5% value share and this figure is likely to grow up to 40% by 2026. Meanwhile, there has been a rapid growth of the healthcare sector in Asia Pacific excluding Japan (APEJ). Hence, it is anticipated that the market for cancer tissue diagnostics in the APEJ region will witness an impressive growth over the next couple of years.