A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global cancer tissue diagnostics market. Presenting exclusive insights into the market from 2016 to 2026, the report projects that the market will witness notable growth during the forecast period. Tissue diagnostics is a vital phase in the treatment of cancer, since early detection helps in determining the necessary procedure to cure it, and helps in reducing the mortality rates of cancer. On the back of this facet, medical professionals, health care institutions, and government authorities launching novel diagnostics and treatment facilities. The growth of the market is predominantly attributed to the increasing prevalence of cancer, the introduction of new products and FDA approvals, and increased spending on tissue diagnostics. Moreover, technological advancements are enhancing the efficiency of treatments, thereby offering substantial revenue opportunities for cancer tissue diagnostics. The growing investments and better reimbursement policies are also complementing the growth of the cancer tissue diagnostics market.
Growing Investments to Empower Cancer Tissue Diagnostics Market
Cancer is one of the leading causes of death across the globe and highly impacts the quality of life. According to the World Health Organization (WHO), nearly 9.6 million deaths across the globe were attributed to cancer, while more than 1.7 million new cases were expected to be diagnosed by the National Cancer Institute in the U.S. in the same year. Likewise, according to Cancer Research UK, cancer caused more than 160,00 deaths in the UK, in the year 2016. These exploding numbers propel the need for early detection and effective cancer treatments across the globe, and cancer tissue diagnostics is gaining prominence on this premise. Moreover, the number of biomarkers utilized for early cancer detection from blood or plasma samples is burgeoning year-on-year and is anticipated to increase the demand for tissue diagnostics. Backed by awareness, the investments on cancer tissue diagnostics are also mushrooming. For example, Aiforia Technologies invested €5, with an objective to develop artificial intelligence (AI) based systems for tissue diagnostics. Likewise, OncoStem Diagnostics invested US$ 6 million for research and development activities to develop tests for the brain, colon, and oral cancer. Such investments in cancer tissue diagnostics have led to the emergence of effective technologies in the tissue diagnostic field. One such emergence is the WebMicroscope launched by Fimmic, which is a tissue diagnostic commercial platform that enables image analysis by implementing deep learning. The technological advancements will continue to boost the market revenue of cancer tissue diagnostics through the forecast period.
Europe and Asia Pacific to Bestow Lucrative Growth Opportunities
North America leads the regional landscape of cancer diagnostics, backed by advanced healthcare infrastructure and high spending on new technologies. Along similar lines, Europe is recording substantial growth, owing to technological advancements in the healthcare landscape. The high prevalence of cancer in the Asia Pacific region is propelling the demand for cancer tissue diagnostics in the region. According to the National Institute of Cancer Prevention and Research (NICPR), India recorded 784,821 cancer-related deaths in the year 2018. This is increasing the need for cancer diagnostics, and will continue to channel sales through the forecast period.