Ojaswita Kutepatil, Global Market Insights06.01.18
With rising awareness toward early diagnosis and treatment of critical chronic diseases, the cancer diagnostics market has been making rapid progressions in recent years. Reports claim cancer is gradually becoming a leading cause of mortality on a global scale. In fact, according to 2015 statistics by the World Health Organization (WHO), cancer accounted for 8.8 million deaths. Estimates further claim the new cancer cases to rise 70 percent in coming two decades. Considering the alarming increase in cancer prevalence that has led to greater demand for better care and treatment methods, the global cancer diagnostics market is quite overtly expected to witness significant remuneration in the coming years.
In terms of the commercialization matrix, Global Market Insights Inc., claims the worldwide cancer diagnostics market to exceed valuation of over $156 billion by 2024, with an estimated CAGR of 8.1 percent over 2017-2024. With such huge growth potential, the report further affirms the U.S. to have dominated the regional cancer diagnostics industry share in 2016. High prevalence of cancer and the surging need to diagnose it at an early stage have uplifted the growth prospects of the U.S. cancer diagnostics industry. Not only this, but the fact that the region has high adoption rate of technologically superior and advanced diagnostic methods have also had a rendering impact on the regional growth statistics. Estimates claim U.S. cancer diagnostics market to witness YOY growth of 8 percent over 2017-2024, mainly on the cusp of rising research and development activities that have been carried out to develop better diagnostic methods.
Speaking of the development of better cancer diagnostics procedures, it is prudent to mention that several cancer diagnostics industry players and universities are making significant R&D investments and collaborating with research institutes to come up with improvements with regard to cancer diagnosis. Imperial College’s new ‘Digistain’ imaging technology, which strongly claims to improve cancer diagnosis accuracy, is an instance of a recent technology that has been creating quite a stir in the global cancer diagnostics industry space.
Presently, biopsy is the generic diagnosis method adopted for practically every type of cancer. In this method, a tissue is thinly sliced and is stained with two vegetable dyes known as eosin and haematoxylin (H+E stained), and is analyzed under microscope where the severity of disease is graded by eye. In this process, it is quite overt that different practitioners judging the same biopsy slice will only decide the grade of severity accurately around 70 percent of the time. This means there is a high possibility that some patients would receive overtreatment.
In a bid to overcome this problem, the Imperial College, London team has developed Digistain, which has recently made headlines for eliminating the variability and subjectivity in biopsy grading.
According to reports, the new Digistain technology measures a biological marker nuclear-to-cytoplasmic-ratio (NCR) factor that is common to wide range of cancers. The machine gives a quantitative DI score (Digistain index), corresponding to the NCR. Several experiments showed the DI score is an extremely reliable indicator of the degree of progression of the disease.
Industry experts deem Digistain to be a technological breakthrough in the global cancer diagnostics industry. The machine is not only designed to remove the element of chance in cancer diagnosis, but is also able to be cheaply and easily integrated into hospital laboratories and research centers. Endorsed with such leading technological advancements and developments of user-friendly cancer screening products, analysts estimate the cancer diagnostics market to tread along a lucrative growth path in the ensuing years. Companies are further embarking on innovative methods such as liquid biopsies and next-generation sequencing (NGS) to address the most life-threatening forms of cancers. Analysts further deem the industry to witness foreseeable growth in terms of companies launching cost-effective & accurate diagnostics methods that would satisfy growing consumer demand. Some of the renowned companies partaking in global cancer diagnostics industry share include Roche, Becton Dickinson (BD), GE Healthcare, Illumina, Qiagen, Abbott Laboratories, and Sienna Cancer Diagnostics.
Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she develops content for Global Market Insights, where she pens write-ups pertaining to the market research industry.
In terms of the commercialization matrix, Global Market Insights Inc., claims the worldwide cancer diagnostics market to exceed valuation of over $156 billion by 2024, with an estimated CAGR of 8.1 percent over 2017-2024. With such huge growth potential, the report further affirms the U.S. to have dominated the regional cancer diagnostics industry share in 2016. High prevalence of cancer and the surging need to diagnose it at an early stage have uplifted the growth prospects of the U.S. cancer diagnostics industry. Not only this, but the fact that the region has high adoption rate of technologically superior and advanced diagnostic methods have also had a rendering impact on the regional growth statistics. Estimates claim U.S. cancer diagnostics market to witness YOY growth of 8 percent over 2017-2024, mainly on the cusp of rising research and development activities that have been carried out to develop better diagnostic methods.
Speaking of the development of better cancer diagnostics procedures, it is prudent to mention that several cancer diagnostics industry players and universities are making significant R&D investments and collaborating with research institutes to come up with improvements with regard to cancer diagnosis. Imperial College’s new ‘Digistain’ imaging technology, which strongly claims to improve cancer diagnosis accuracy, is an instance of a recent technology that has been creating quite a stir in the global cancer diagnostics industry space.
Presently, biopsy is the generic diagnosis method adopted for practically every type of cancer. In this method, a tissue is thinly sliced and is stained with two vegetable dyes known as eosin and haematoxylin (H+E stained), and is analyzed under microscope where the severity of disease is graded by eye. In this process, it is quite overt that different practitioners judging the same biopsy slice will only decide the grade of severity accurately around 70 percent of the time. This means there is a high possibility that some patients would receive overtreatment.
In a bid to overcome this problem, the Imperial College, London team has developed Digistain, which has recently made headlines for eliminating the variability and subjectivity in biopsy grading.
According to reports, the new Digistain technology measures a biological marker nuclear-to-cytoplasmic-ratio (NCR) factor that is common to wide range of cancers. The machine gives a quantitative DI score (Digistain index), corresponding to the NCR. Several experiments showed the DI score is an extremely reliable indicator of the degree of progression of the disease.
Industry experts deem Digistain to be a technological breakthrough in the global cancer diagnostics industry. The machine is not only designed to remove the element of chance in cancer diagnosis, but is also able to be cheaply and easily integrated into hospital laboratories and research centers. Endorsed with such leading technological advancements and developments of user-friendly cancer screening products, analysts estimate the cancer diagnostics market to tread along a lucrative growth path in the ensuing years. Companies are further embarking on innovative methods such as liquid biopsies and next-generation sequencing (NGS) to address the most life-threatening forms of cancers. Analysts further deem the industry to witness foreseeable growth in terms of companies launching cost-effective & accurate diagnostics methods that would satisfy growing consumer demand. Some of the renowned companies partaking in global cancer diagnostics industry share include Roche, Becton Dickinson (BD), GE Healthcare, Illumina, Qiagen, Abbott Laboratories, and Sienna Cancer Diagnostics.
Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she develops content for Global Market Insights, where she pens write-ups pertaining to the market research industry.