Cancer is one of the most commonly found chronic diseases nowadays, which affects people across all age groups. It is estimated that the number of cancer stricken people will double by 2040, than what it is at present. There are high chances that the current number of cancer stricken patients may develop conditions of heart attack, kidney failure and blindness among others. All of these issues can be resolved through effective cancer care solutions. The rapid increase in the oncology population has boosted the cancer diagnostics market, which is growing further due to the integration of smart devices with medical devices and advancement of healthcare technologies.
The emerging cancer diagnostics market is dynamic in nature and has witnesses the emergence of advanced technologies such as mobile health, artificial pancreas, precision medicine, smart sensors, wearable technologies, and 3D-printing in the field of cancer diagnostics. There has been a rise in the overall demand of the newly developed products. The government agencies are investing in this market with the focus on developing non-invasive solutions, control the degree of increase in cancer stricken population and integrating advanced technologies to fulfil the unmet needs of the patients. Advanced technologies also empower healthcare providers with real-time information and, thus, help them to deliver instant feedback to the patients.
The intense competition among a plethora of public companies and changing dynamics of the legal and regulatory framework have rendered the emerging cancer diagnostics market as one of the fastest growing industries. The demand for cancer diagnostics tests are increasing every year due to its ease of access and facility. According to an analysis, the low income countries are more prone to cancer as compared to other countries. Similarly, the age group of 50-60 years is more prone to develop cancer than any other age group. However, in high income countries, people over the age of 60 are more susceptible to develop cancer.
The major factors driving the growth of the global emerging cancer diagnostics market are increasing cancer population, patient’s involvement in healthcare, proliferation of smartphones and wearable devices into healthcare, prevalence of overweight and obesity patients in selected countries, development of easy-to-use and user-friendly mobile apps, and medicare and reimbursement policies. Government regulations and standards play a major role in the development of this market. The main aim of these regulations is to make diagnostics tests more accessible, more adaptable and focused towards different types of cancer. These regulations also provide modern mobile technologies to the affected population. It indirectly helps the patients to save time and cut down the overall cost as they receive the required treatment for the disease.
BIS Research in its latest upcoming report has done an extensive market research on ‘Global Emerging Cancer Diagnostics Market (Tumor Biomarker Test) Market Analysis & Forecast 2016-2023’. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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