Despite the high price tag and hesitation by payer groups, the demand for in vitro diagnostic (IVD) cancer tests will continue to increase as the annual incidence of new cancer cases soars
The worldwide market for in vitro cancer diagnosis will reach the $7.4 billion mark by 2009, according to a new study just released by Kalorama Information.
As the demand for more sophisticated diagnostics continues to grow and synergies between tests and new therapeutics emerge, IVD tests for cancer will continue to see an impressive 13% annual growth.
The new study, Worldwide Market for Cancer Diagnostics, predicts that despite the high price tag and hesitation by payer groups - private and government based - to accept these newer diagnostic modalities, the demand for such tests will only continue to increase as the annual incidence of new cancer cases soars toward the ten million mark.
"With continual advances in the field of bioinformatics and the links between genes, proteins, and cancer, we are seeing a remarkable shift in approaches to the screening and monitoring of cancer," notes Shara Rosen, the author of the report.
"Couple this with an ageing population, higher incidences of cancer, and the emergence of pharma-diagnostic research partnerships, and you have a recipe for a very healthy market outlook".
Written from the point of view of in vitro diagnostic modalities for the early detection of cancer - and in particular, solid tumours - Worldwide Market for Cancer Diagnostics thoroughly reports the demographics and epidemiology of cancer, reviews emerging technologies and products, quantifies existing markets (in terms of both cancer tests in traditional IVD segments and IVD tests in different cancer segments), and forecasts likely clinical and business scenarios in this rapidly changing industry.
