Biomarkers and innovation are pushing the world market for in vitro diagnostic (IVD) tests for cancer toward $8 billion by the end of 2012, at a growth rate of nearly 11 percent annually, according to a new study released by Kalorama Information.
In addition to demographic and epidemiologic shifts, the cancer testing market is being driven by a number of advances in traditional technologies, biomarker development, and new clinical priorities, Kalorama said.
According to the study, The Worldwide Market for Cancer Diagnostics, 3rd Edition, the increased level of cancer screening, a public health priority as well as a healthcare cost priority, continues to drive some basic testing techniques such as fecal occult blood testing.
However, advances in pharmacodiagnostic technologies aimed at refining treatment options and genetic and molecular tests to determine tumor growth pathways in the evaluation of patients at risk are creating opportunities for research development and offer the potential for new market niches to open, Kalorama said.
In addition to technology, a new view of cancer as a chronic disease has also been a boon for IVD developers. With advances in early screening and improved therapeutics, there is more need for cancer management and monitoring tests, according to the report.
“One of the most exciting aspects of the current cancer diagnostics market is the high level of collaboration we’re seeing among complementary technologies,” said Shara Rosen, the author of the Kalorama study. “New products will be made up of a mix of component parts from different platform companies, information technology providers, and reagent companies.”