Global Precision Cancer Diagnostic Tests Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Precision Cancer Diagnostic Tests Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Precision Cancer Diagnostic Tests market finds that the global Precision Cancer Diagnostic Tests market reached a value of USD 6046.84 million in 2022. It’s expected that the market will achieve USD 8514.64 million by 2028, exhibiting a CAGR of 5.87% during the forecast period.

Outstanding advantages of Precision Cancer Diagnostic Tests

The focus of the healthcare industry has shifted towards personalized medicine, also known as precision medicine or individualized medicine since 2003 with the complete sequencing of the human genome. This technical development has provided a path of opportunity to introduce new scientific, medical, and business models. It is believed that precision medicine could help lower health care costs in some ways. This is because precision cancer diagnostic tests can help guide doctors in choosing the right tests, which can then help them choose the treatments that will work best and hopefully have the fewest side effects. This means a patient might avoid getting treatments that are not likely to work well, along with unnecessary side effects. The advantages of a precision cancer diagnostic tests themselves attract consumption and benefit the development of the industry.

High cost

On the down side, high cost associated with precision diagnostic tests is a major drawback. In addition, the potential risk of device, relatively high equipment depreciation costs or software failure and security concerns over the privacy of patient data serve as key constraints to market growth. Moreover, for patients, tests for gene mutations can be expensive, and insurance might not cover all genetic counseling or testing costs. For people who are at high risk for cancer because of a gene mutation, there might be increased costs from getting recommended screenings and other preventive care. (On the other hand, they are doing what's needed to help prevent a cancer diagnosis or to find it early when it's often easier to treat, which can prevent higher costs in the in the future.) This means the cost of accurate cancer diagnostic tests is high for both manufacturers and consumers, which hinders the development of the industry

Region Overview:

North America dominated the Precision Cancer Diagnostic Tests market in 2021, with a market share of 31.12%.

Company Overview:

Danaher Corporation is one of the major players operating in the Precision Cancer Diagnostic Tests market, holding a share of 14.22% in 2022.

Danaher Corporation

Danaher Corporation designs, manufactures, and markets professional, medical, industrial and commercial products, and services in the sectors of test and measurement, environmental, life sciences, dental, and industrial technologies. As a subsidiary, Leica Biosystems is a global leader in workflow solutions and automation, integrating each step in the process. As the only company to own the workflow from biopsy to diagnosis, Leica Biosystems is uniquely positioned to break down the barriers between each of these steps. Leica Biosystemss easy-to-use and consistently reliable offerings help improve workflow efficiency and diagnostic confidence.

General Electric Company

As a leading global medical technology and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform.

General Electric provides medical technologies, digital infrastructure, data analytics and decision support tools that help healthcare professionals diagnose, treat and monitor their patients. General Electric also provides services, accessories, consumables, education, training and consulting.

Segmentation Overview:

By type, Imaging segment accounted for the largest share of market in 2021.

Imaging

Imaging techniques methods of producing pictures of the body have become an important element of early detection for many cancers. But imaging is not simply used for detection. Imaging is also important for determining the stage (telling how advanced the cancer is) and the precise locations of cancer to aid in directing surgery and other cancer treatments, or to check if a cancer has returned.

Molecular

Advances in molecular diagnostics are at the heart of the area of health care often referred to as personalized, or precision, medicine. In precision medicine, increasing understanding of the underlying molecular mechanisms of disease is used to stratify patients into increasingly narrow sub-populations based on specific disease characteristics that can be addressed with correspondingly specific treatments.

Histology/Cytology

Normal human cells have 46 chromosomes (pieces of DNA and protein that control cell growth and function). Some types of cancer have one or more abnormal chromosomes. Recognizing abnormal chromosomes helps to identify those types of cancer. This is especially useful in diagnosing some lymphomas, leukemias, and sarcomas. Even when the type of cancer is known, cytogenetic tests may help predict the patients outlook. Sometimes the tests can even help predict which chemotherapy drugs the cancer is likely to respond to.

Tumor Marker Immunoassays

Tumor markers are molecules derived from patient body fluids or tissues that are measured and can provide information useful for the management of cancer patients. Applications include detection of cancer, monitoring of disease progression, and evaluation of the effectiveness of therapeutic regimens, among others.

POC Colon Cancer Tests

Point-of-care (POC) tests enable rapid results and are well established in medical practice. Recent advances in analytical techniques have led to a new generation of POC devices that will alter gastrointestinal diagnostic pathways. POC techniques are already utilized in primary care for screening patients in gastrointestinal cancer for example fecal occult blood in colorectal carcinoma.

Application Overview:

The market's largest segment by application is the segment Hospital, with a market share of 69.23% in 2021.

Key Companies in the global Precision Cancer Diagnostic Tests market covered in Chapter 3:

Myriad Genetics
Menarini Silicon Biosystems SpA
Abbott Laboratories
Bio-Rad Laboratories
Qiagen
Illumina
Foundation Medicine
Cynvenio Biosystems
Biocartis N.V. Biocept
Becton Dickinson and Company
Roche Holding AG
General Electric Company
Siemens AG
Genomic Health
Canon Medical Systems Corporation
NanoString Technologies Ortho
Randox Laboratories Ltd.
BioMerieux SA
Exosome Diagnostics
Epigenomics AG
Danaher Corporation
Hologic
Thermo Fisher Scientific
Agilent Technologies
Royal Philips N.V.
Vela Diagnostics

In Chapter 4 and Chapter 14.2, on the basis of types, the Precision Cancer Diagnostic Tests market from 2018 to 2029 is primarily split into:

Imaging
Molecular
Histology/Cytology
Tumor Marker Immunoassays
POC Colon Cancer Tests

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Precision Cancer Diagnostic Tests market from 2018 to 2029 covers:

Hospital
Clinic
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)