The Tumor Tracking Systems market studied is anticipated to grow with a CAGR of nearly 4.9% during the forecast period.
Certain factors that are driving the market growth include increasing prevalence of tumor cancers and technological advancements. Globally, cancer is one of the leading causes of death. The disease witnessed significant growth in the last few decades, and it is expected to grow rapidly over the forecast period.
The World Health Organization (WHO) estimates the rate of cancer number to increase to 70% over the next two decades. Additionally, the increased burden of several lifestyle disorders is also expected to drive the market, as biomarkers play a vital role in risk assessment, early diagnosis, and effective monitoring of treatment.
According to the WHO, Cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Approximately 70% of deaths from cancer occur in low- and middle-income countries.
As data is being generated aggressively in the healthcare sector, a few developing countries have surpassed the lack of data, and it is likely to become so in the remaining countries as well. This augmentation of data is expected to provide the basis for any national policy on cancer. In turn, this factor may possibly lead to an increase in the percentage of people opting for cancer treatment.
Key Market Trends
Prostate Cancer Holds Significant Share in the Global Tumor Tracking Systems Market
- Prostate cancer is the second-most common form of cancer that affects men, worldwide. As per the American Cancer Society, in 2018, the United States witnessed around 164,690 new cases of prostate cancer, causing over 26,430 deaths. About 60% of the total prostate cancer cases diagnosed are among men aged 65 years or older. In order to tackle such challenges, extensive research in the field of diagnostics has been undertaken. The popular biomarker, Prostate Specific Antigen (PSA), was introduced in the late 1980s, and has guided prostate cancer diagnosis for over 20 years. The next generation of prostate cancer biomarkers has introduced new assays in serum and urine, which are expected to replace PSA. Moreover, with such a high prevalence rate of prostate cancer across the world, the demand for tumor tracking systems is sure to rise, in turn, leading to the growth of this segment in the years to come.
North America Dominates the Global Tumor Tracking Systems Market
The United States has witnessed a considerable rise in the number of cancer patients. According to the American Cancer Society, in 202, there will be approximately 89,500 cancer cases diagnosed and about 9,250 cancer deaths in adolescents and young adults (AYAs) ages 15 to 39 years in the US. Prostate and breast cancers are the most prevalent forms of cancer in the region. The ease in the US government regulations and availability of funds from various organizations, like the National Institute of Health, has provided the potential for researchers to invest more in the use of biomarkers in drug discovery, drug development, detection of specific tumors, monitoring biological response to cancer therapy, and genetic studies for the identification of predisposed candidates of cancer.
The global Tumor Tracking Systems market is competitive and consists of a few major players. Companies like Cell Biolabs, Inc., Genekam, Menarini Silicon Biosystems, Miltenyi Biotec, QIAGEN, STEMCELL Technologies Inc., ThermoFisher Scientific, Varian Medical Systems, Inc, among others, hold the substantial market share in the market.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Prevalence of Tumor Cancers
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 Lack of Skilled Professional
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Prostate Cancer
5.1.2 Gastric Cancer
5.1.3 Lung Cancer
5.1.4 Breast Cancer
5.2 By End-user
5.2.2 Radiotherapy Centers
5.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.3.5 South America
188.8.131.52 Rest of South America
6.1.1 Cell Biolabs, Inc.
6.1.4 Menarini Silicon Biosystems
6.1.5 Miltenyi Biotec
6.1.7 STEMCELL Technologies Inc.
6.1.8 ThermoFisher Scientific
6.1.9 Varian Medical Systems, Inc.
A selection of companies mentioned in this report includes:
- Cell Biolabs, Inc.
- Menarini Silicon Biosystems
- Miltenyi Biotec
- STEMCELL Technologies Inc.
- ThermoFisher Scientific
- Varian Medical Systems, Inc.