Global non invasive cancer diagnostics and technologies market is anticipated to show lucrative growth over the forecast period owing to factor such as rising demand for minimally invasive therapeutics and diagnosis for the treatment of cancer. Moreover, increasing prevalence of cancer because of rising aging population and unhealthy lifestyle is also important factor that is fueling the growth of this market. Commercialization of non invasive cancer diagnostics and technologies is expected to grow owing to completion of human genome project (HGP) which will help in identifying chemical base pairs which make up DNA, hence opening avenues for market players. Rising awareness amongst people about the advantages of early diagnosis and treatment of cancer has led to a hike in number of people undergoing diagnosis. Furthermore, growing research and development in cancer diagnosis and treatment is another factor that is boosting the growth. Advancements in cancer detection technologies like cancer biomarkers and fluorescence in situ hybridization (FISH) technique are also expected to contribute towards the growth of this market.
The global non invasive cancer diagnostics and technologies market is segmented into type and technology. Based on type this market is further sub segmented into breast cancer, blood cancer, lung cancer and solid tumors. Breast cancer held the largest share in 2014 owing to factor such as increasing incidence of breast cancer. Moreover, rising awareness amongst people about symptoms, diagnosis and therapies about breast cancer has contributed towards the dominance of this segment. Also, government and non-government organization’s (NGO) initiatives to create awareness about breast cancer early diagnosis and treatment are also helping to grow this market. Breast cancer segment is also expected to witness lucrative growth over the coming seven years as a consequence of advancements like lumpectomy and partial mastectomy. Based on technology the market is segmented into immunochemistry, molecular diagnosis and clinical chemistry. Molecular diagnostic market held the largest share in 2014 as a consequence of various advantages associated to it. These advantages include high precision of diagnosis such as high specificity, high sensitivity, and rapid turnaround time.
Geographically, the non invasive cancer diagnostics and technologies market is segmented into North America, Europe, Asia Pacific, Latin America and MEA. North America held the largest share in 2014 owing to factor such as high awareness in people leading to early and precautionary diagnosis for cancer. Furthermore, aging population and sedentary lifestyle of people in this region increases susceptibility for cancer hence impacting the growth positively. Affordability to costly therapies and well structured reimbursement policies are other important factors which boosted the growth of this market. Asia Pacific is expected to show lucrative growth over the forecast period as a result of factors such as increased government initiatives to develop healthcare infrastructure and high unmet needs of the population of this region. Also, economic instability in western countries is forcing companies to focus in Asia Pacific region. Moreover, manufacturing and set up cost in this region is low, which is also a major factor attracting companies to the Asia Pacific region. Furthermore, to meet the demand of high population base in Asia Pacific region companies are looking forward to invest in this region.
The key players operating in the global non invasive cancer diagnostics and technologies market include Gen-Probe Inc., Digene Corporation, Quest Diagnostics Inc., Cancer, Genetics Inc., BIOVIEW Inc., AVIVA Biosciences Corporation, Laboratory Corporation of America Holdings (LabCorp), A&G Pharmaceutical, Affymetrix Inc, and Precision Therapeutics. The key strategies adopted by these companies to gain edge over competitors are strategic alliances & collaborations to launch new products. Relocation of manufacturing facilities in developing regions like Asia pacific. Geographical market expansion by giving license for selling products is also another important strategy adopted by these companies to gain substantial market share. Furthermore, need for better efficient systems and rising competition amongst new market players are expected to provide growth potential to the non invasive cancer diagnostic and technologies market over the forecast period.
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