Almost 9.6 Million Deaths Across the Globe Were Due to Cancer: Who

Europe is the second largest geographic market and is expected to be the second most significant revenue contributor over the forecast period. The region has witnessed several technological advancements in the field of healthcare by the incorporation of advanced cancer tissue diagnostics in order to increase the efficiency of treatments in the region. The growth is driven by factors such as prevalence of cancer in the countries, increased mortality rates as well as growth strategies adopted by the market players in the European countries.

Cancer is among the leading cause of deaths across the globe and is profoundly affecting the quality of life. Thus, cancer will be a burden on society if not diagnosed and treated on time. According to the World Health Organization in 2018, approximately 9.6 million deaths across the globe were due to cancer. Furthermore, the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases would be diagnosed in the US.

Additionally, cancer is found to be commonly prevalent in European countries as well. As per the Cancer Research UK, in 2016, around 163,444 deaths in the UK were due to cancer.

Furthermore, Asia Pacific region is also facing the problem of the growing prevalence of cancer. The top 15 countries with Cancer prevalence are Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India, total deaths due to cancer were 784,821. These statistics determine an increase in the demand for advanced cancer diagnostics in various regions across the globe. Hence, driving the growth of the cancer tissue diagnostics market during the forecast period.

Tissue diagnostics is very crucial in cancer treatment. Cancer tissue diagnostics play a significant role in determining the treatment pace and procedure. Early detection can help in reducing the mortality rates of cancer; hence, medical professionals, market players as well as government authorities implementing new diagnostics and treatment facilities. Thus the rise in investments and better reimbursement policies favor the growth of the cancer tissue diagnostics market.

For instance, in September 2017, OncoStem Diagnostics, invested USD 6 million towards research and development to develop useful tests for brain, colon and oral cancer, and also to automate these tests. Furthermore, Fimmic, which is now, Aiforia Technologies Oy in 2017 invested €5 million to develop, WebMicroscope AI Cloud for tissue diagnostics. Fimmic’s WebMicroscope launched in early 2017, is a tissue diagnostic commercial platform that enables image analysis through deep learning artificial intelligence (AI). In 2019, the company launched AIforia cloud platform, which accelerates image processing and provides automated pathology image analysis. Thus the growing investments for cancer tissue diagnostics have led to the advent of breakthrough techniques, expecting to fuel the growth of the market.

The global cancer tissue diagnostics market by test type was led by immunohistochemical tests segment. In 2018, the immunohistochemical tests segment held a largest market share of the cancer tissue diagnostics market, by test type. In addition, the immunohistochemical tests segment is also expected to grow at the fastest rate during the coming years owing to cost effectiveness of the technique. Moreover, the technique is easily accessible, and growth in number of products based on technology. Additionally, the rising prevalence of cancer is a major factor for the growth of the diagnostic tests. The segment is also anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.