Cancer tissue diagnostics market in Europe is expected to grow from US$ 512.73 Mn in the year 2018 and is expected to reach US$ 830.28 Mn by 2027 growing at a CAGR of 5.8% over the forecast period.
The growth of the market is driven by the factors such as increasing number of cancer cases and rising geriatric population. On the other hand, high cost of cancer diagnostics in some of the European countries is limiting the growth of market is likely to have a negative impact on the growth of the market in the coming years.
Personalize medicine is a relatively new approach; however it is expanding the field in the healthcare sector. It enables a medical practitioner to select treatment based on a patient’s genetic profile. This helps to minimize harmful side effects as well as lead to successful results within a short duration.
Personalized medicines for cancer involves the study of individuals’ genetic make-up that leads to tumor growth. By studying the patient’s genetic make-up, an oncologist may customize the treatment depending on the patient’s genetic mutations. For instance, Mutations in ALK, KRAS, and EGFR lead to lung cancer. However, identifying the type of mutation in the lung cancer patient provides crucial information for the kind of treatment. Hence, personalized medicine allows the right treatment at the right time, which reduces the mortality rate. Due to these advantages of tailoring the treatment based on individual’s genetic profile, the personalized medicine approach is likely to be a prevalent trend for the cancer tissue diagnostics market.
In 2018, the immunohistochemical tests segment held a largest market share of the cancer tissue diagnostics market, by test type. This segment is expected to dominate the market in 2027 owing to the low cost of the procedure and higher acceptance of the method for diagnosis purpose. Additionally, the rising prevalence of cancer is a major factor for the growth of the diagnostic tests. The segment is also anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.
Some of the secondary sources used for validations and data mining in the Europe Cancer Tissue Diagnostics market includes Italian Association for Cancer Research (AIRC), Food and Drug Administration (FDA), National Health Services (NHS), World Health Organization (WHO), and others.