Cancer diagnostic tests are employed to detect cancer at the earliest and at a stage where it is treatable. Technological advances have been instrumental in understanding the molecular basis of cancer thereby leading to the development of drugs targeted at specific molecules. The development of new diagnostics for cancer is urgently needed to determine which of the new drugs will work on a patient.
The cancer diagnostics market features a high degree of competition with the presence of a large number of small and big players.
Rising prevalence of cancer, technological advancements, and cancer awareness programs by governments and NGOs is primarily driving the cancer diagnostics market. The increasing partnership between public and private agencies for infrastructural improvement of diagnostic services, and FDA support in the U.S. for biomarker development are favoring the growth of this market.
The growth of the cancer diagnostics market is restrained due to high capital investments for biomarkers and high cost of diagnostic imaging services that limit their adoption in emerging markets.