LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cancer diagnostics device market to grow at an impressive CAGR of over 18% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global cancer diagnostics device market for 2016-2020. The report also lists companion diagnostics and molecular diagnostics as the two product segments in the global cancer diagnostic devices market.
Technavio healthcare and life sciences analysts highlight the following four factors that are contributing to the growth of the global cancer diagnostics device market:
- Increasing prevalence of cancer
- Need for cost-cutting in drug discovery and development
- Demand for personalized medicines
- Advances in technology
Increasing prevalence of cancer
There is a worldwide increase in the incidence of cancer. According to WHO, by 2030, the number of new cases of cancer will increase by about 75% worldwide. Unhealthy food habits, physical inactivity, and excessive tobacco and alcohol consumption can cause cancer in the lungs, stomach, kidney, head, neck, and larynx. Exposure to ionizing radiations, chemical mutagens, infectious micro-organisms, and environmental pollutants can also lead to cancers.
In order to offer improved treatment options, medical facilities need sensitive and reliable diagnostics for accurate and early diagnosis of cancer. Molecular and companion diagnostics are popular methods for detecting different cancer types. “The rise in cancer cases will lead to increased demand and use of cancer diagnostic devices, prompting vendors to further develop associated advanced and upgraded versions of products,” says Barath Palada, a lead analyst at Technavio for in-vitro diagnostics.
Need for cost-cutting in drug discovery and development
Pharmaceutical companies have invested approximately USD 1 billion in developing drugs for cancer, cardiovascular diseases, and physiological disorders. This has led to a rise in the prices of these drugs. The adoption of genomics and proteomics has helped physicians understand the different expression stages of a certain disease and offer specific quantities of a drug for treatment. This has resulted in the development of highly specific drugs known as targeted therapeutics. Genomics and proteomics have allowed effective management of drug development processes, helping pharmaceutical companies reduce their expenses by 50%.
This paradigm shift to genomics and proteomics has increased the focus on the development of advanced cancer diagnostic devices. These devices help improve diagnosis, monitoring, and drug administration processes for cancer treatment. They also help pharmaceutical companies develop specific drugs for cancer treatment. For instance, Roche Diagnostics' cobas EGFR mutation test is a specific device used for the diagnosis of head and neck cancer.
Demand for personalized medicines
Proteins and genes control and manage the biochemical functions of the body. Any defect in the structure of a particular protein or gene can lead to specific conditions and disorders. The production of personalized drugs depends on the identification and study of protein and gene expressions. These drugs are customized based on an individual's protein or genetic profiles. Personalized medicines have high demand in oncology therapy since conventional cancer drug therapies fail to achieve the desired patient outcomes.
Most personalized medicines involve the use of biomarkers for detecting diseases, based on their pharmacological or physiological processes, and identifying patient's response to a particular drug. These biomarkers can be hormones, genes, proteins, and other molecular entities. They are used in various clinical studies in proteomics, genomics, transcriptomics, and metabolomics for developing targeted therapeutics. “This focus on the development of personalized medicines has led to the demand for cancer diagnostic devices for accurate and early disease diagnosis and for subsequent monitoring of the course of treatment,” says Barath.
Advances in technology
There were many advances in technology during the post-genomic era. These advances have led to the development of technologies such as DNA sequencing, innovative biomarker discovery and drug delivery methods, in situ hybridization, chips and microarrays, mass spectrometry, next-generation sequencing, and capillary electrophoresis.
These technologies help physicians detect and quantify specific DNA or RNA sequences and proteins for early diagnosis and treatment of diseases, thereby improving clinical outcomes. The use of these technologies in the area of oncology has helped physicians obtain a better understanding of the pathogenesis of cancer. This has led to the development of specific cancer diagnostic devices for disease diagnosis and treatment.
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