Healthcare Reforms in the US Predicted to Drive the Solid Tumor Testing Market in the Region Until 2020, Says Technavio

LONDON--()--According to the latest research report released by Technavio, the solid tumor testing market in the US is expected to reach close to USD 12.71 billion by 2020.

This report titled ‘Solid Tumor Testing Market in the US 2016-2020', provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for its various market segments based on cancer types, including breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and others.

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“Previously, as regular patient monitoring was not covered under insurance, it severely hampered development of effective patient therapy in the US. However, with the implementation of healthcare reforms in the US, the number of citizens covered through insurance has witnessed a manifold increase. The US government’s introduction of novel reimbursement policies have therefore made sample testing affordable and accessible to its citizens,” said Bharath Palada, one of Technavio’s lead industry analysts for in-vitro diagnostics research.

“According to estimates, in 2015, over 67% of US citizens (aged 18-64 years), were covered under private insurance and close to 17.7% citizens within the same age group were covered under public health insurance. This trend propels the adoption tumor testing and is subsequently driving market growth,” added Bharath.

Some of the other driving forces behind the growth of the solid tumor testing market in the US are as follows:

  • High demand for personalized medicines
  • Changes in healthcare system
  • Rise in demand for POC testing

High demand for personalized medicines

Proteins and genes control various functions of the human body. Any defect in a particular protein or gene structure results in disorders. Development of personalized drugs depends on the identification and study of protein and gene expressions. Also, many pharmaceutical companies have major plans to shift to personalized medicines as it involves patient management through analysis of patient blood or tissue sample. These personalized medicines are regulated and labeled along with a specific diagnostic test, referred to as companion diagnostic. For example, Herceptin is a personalized medicine for the treatment of breast cancer, which is labeled along with Her2 test (HER2 FISH and HER2 immunohistochemistry [IHC]). This tailored approach facilitates better therapeutic outcomes, owing to specific screening and selection of the patient population. This factor boosts the demand for personalized medicines and is anticipated to drive the adoption of solid tumor testing during the forecast period.

Changes in healthcare system

The healthcare reform act of 2010 was aimed to provide quality healthcare at an affordable cost to all citizens. Since its inception, there has been an increase in the number of citizens covered by insurance in the US. According to the Congressional Budget Office, by 2015, almost 19 million US citizens will be covered by insurance as a result of patient protection and affordable care act (PPACA). This act has introduced preventive services for women such as screening for cervical cancer and breast cancer to be covered by health plans. Changes in the US healthcare system and improved healthcare coverage will thus increase accessibility to affordable screening tests for patients in the US during the forecast period.

Rise in demand for POC testing

To formulate an effective treatment, diagnostic products are required to provide accurate results within a short period. Early diagnosis also helps prevent severe or fatal complications in cases of cancer. Point-of-care (POC) cancer testing has a broader role apart from testing and diagnosis of cancer.

It helps manage patient care and screen circulating tumor cells in cancer patients. For example, OncAlert Oral Cancer rapid POC test developed by Vigilant Biosciences is a cost-effective qualitative risk assessment solution for frontline screening of oral cancer. Early diagnosis achieved through effective POC testing methods will therefore help reduce the recovery time and healthcare expenditure for significantly.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research report released by Technavio, the solid tumor testing market in the US is expected to reach close to USD 12.71 billion by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com