Imaging Boom Drives Cancer Detection and Healthcare Growth
Major growth factor consist of large number of clinics have adopted tools for cancer detection like MRI, CT-scans and other. This has led to growth in healthcare sector and global economy. It is also a milestone for healthcare services.
Key Growth Drivers and Opportunities
Growing Incidence of Cancer: The increasing prevalence and incidences of various types of cancer like lung cancer and breast cancer, help the cancer diagnostics market to grow significantly during the forecast period. According to estimates, 1 in 100 (or 1% yearly) of those 70 years of age or over lost their lives to cancer in 2019. Overall death toll is rising in tandem with the world's population growth. From roughly 46 million in 1990 to 56 million in 2019, there have been more fatalities. Most cancer deaths occur in elderly adults.
Rising Expenditure of Healthcare: The cost estimates cover both prescription medications taken by mouth and medical treatments for cancer. The most expensive medical services nationally were linked to non-Hodgkin lymphomas, as well as cancers of the prostate, lung, colon, and female breast. Medical services care costs, which comprise Medicare payments as well as patient obligations for all billed medical services, such as hospitalizations, outpatient hospital services, physician/supplier services, infusion or injectable drug, durable medical equipment, and hospice care, were estimated from Medicare Parts A and B claims.
Challenges
The implementing cancer diagnostics can require significant upfront investment, including the cost of the software itself, customization, and integration with existing systems. This can be a barrier for smaller hospitals with limited budgets. The regulatory landscape for cancer diagnostics is constantly evolving, with new guidelines and requirements emerging regularly. Keeping up with these changes and adjusting reporting practices accordingly can be a daunting task for companies
Innovation and Expansion
Guardant, Boehringer Team Up on HER2 NSCLC Liquid Biopsy
In December 2024, the Guardant Health, Inc. announced a partnership with Boehringer Ingelheim aimed at obtaining regulatory approval and advancing the commercialization of the Guardant360 CDx liquid biopsy.
This partnership is all about using liquid biopsy as a companion diagnostic (CDx) for zongertinib. Zongertinib is a new type of drug called a covalent tyrosine kinase inhibitor (TKI) designed to specifically target HER2 in non-small cell lung cancer (NSCLC), while minimizing the impct on the epidermal growth factor receptor (EGFR).
GE, GenesisCare Partner to Tackle Cancer and Heart Disease
In November 2020, GE Healthcare entered into partnership with GenesisCare to improve patient outcomes for the two biggest health burdens globally, cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare's 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain
This partnership is all about boosting how accurately we can diagnose conditions and making treatment plans smoother, all thanks to state-of-the-art imaging tech. With GE Healthcare's innovative tools, GenesisCare can really speed up spotting issues early on and providing tailored care for folks dealing with cancer or heart-related conditions.
Inventive Sparks, Expanding Markets
The Key players in the global cancer diagnostics market includes, Thermo Fisher Scientific Inc., Hoffmann-La Roche Ltd., Abbott Laboratories, Becton, Dickinson and Company among others. As major key players, they're effectively striving in innovation to make sure consumers globally can benefit from modern healthcare tech and to really elevate the overall experience for patients everywhere.
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Prophecy is a specialized market research, analytics, marketing and business strategy, and solutions company that offer strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high value opportunities in the target business area. Also, we help our client to address business challenges and provide best possible solutions to overcome them and transform their business.
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