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The market in the US is experiencing a lot of transformation in healthcare coverage, which has led to increased access to healthcare, and thereby facilitating early diagnosis, preventive medicine, and personalized medicine. The increase in genetic testing for cancer by end-user segments such as hospitals, diagnostic laboratories, and academics and research institutes are expected to propel the cancer testing market growth.
Based on the cancer testing market trend analysis, this market in the US to grow at a steady rate, posting a CAGR of over 9% during the forecast period.
Changes in healthcare system are one of the major drivers influencing the market growth. The number of the US citizens covered under healthcare insurance has increased tremendously and today about 19 million citizens in the US have insurance coverage. Also, big companies provide healthcare insurance policies to their employees, which will support the growth of the market.
The year 2014 saw the dominance of conventional testing segment, accounting for a market share of more than 76% and this segment is predicted to remain at the top through 2019.
Both genetic testing and conventional testing techniques are used for testing various types of cancer, including breast cancer, colorectal cancer, prostate cancer, and others.
The cancer testing market in the US marks the existence of many small and medium-sized vendors offering a diversified product portfolio. Large corporations are acquiring small and medium-sized manufacturers to enhance their product portfolio, which is adding to the competition.
Top vendors in this market are
Other prominent vendors included in this report are Affymetrix, Bio-Rad Laboratories, Cardinal Health, Cytyc, Fujirebio Diagnostics, Johnson & Johnson, Pathway Genomics, QIAGEN, Quest Diagnostics, Quidel, and Rosetta Genomics.
Technavio’s market research analysts highlight the use of the mass spectrometer, an extremely sophisticated instrumentation technology, which provide accurate results with infinitesimal amounts of material and does not even require specially purified samples.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the cancer testing market in the US. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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