The ability to prove the clinical utility and practical use of the test within a laboratory is one of the essential requirements to be successful in this market.
New analysis from Frost & Sullivan (drugdiscovery.frost.com), European Cancer IVD Market, finds that the market earned revenues of $623.5 million in 2008 and estimates this to reach $1.5 billion in 2015.
"Intense research for the development of new cancer therapies is increasing the demand for tests to guide physicians in the selection of appropriate treatments," notes Frost & Sullivan Research Analyst Gayathry Ramachandran. "Repeated test requests, especially for prostrate specific antigen (PSA) will boost market revenues."
The increased prevalence of cancer has resulted in the development of novel technologies that support the effective diagnosis of cancer. Rising awareness, paralleled by the mounting use of cancer screening tests will promote the growth of the European cancer IVD market over the long term.
The importance of molecular tests has been elucidated by the success of the human genome project. This has allowed the rapid proliferation of specific nucleic acid tests for the detection of tumour markers and this trend holds strong potential for the growth of the market.
"The human genome project has encouraged the cancer genome project, where high throughput techniques are developed to detect the mutated genes responsible for cancer," explains Ramachandran. "Sizeable funding for cancer disease research programmes is also fuelling the development of cancer diagnostic tests."
However, most cancer markers are not indicative of the progression of the disease or its incidence. Inspite of tremendous strides in knowledge, the details of the biochemical and bio-cellular nature of cancer is still poorly understood.
"The validation of new tests is mandatory and challenges market participants to obtain certain regulatory approvals," cautions Ramachandran. "Validation is a problem in multiplexing assays because the establishment of equivalency is difficult."
The future of the cancer IVD market lies in the efforts and initiatives taken by governments to encourage R&D into companion diagnostics and predictive assays. This will determine the future of the market.
At the same time, alliances with pharmaceutical companies will mutually benefit both diagnostics and pharmaceutical companies, while accelerating the development of innovative tests and targeted drugs.
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the European cancer in vitro diagnostic (IVD) market, then send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Cancer IVD Market is part of the Drug Discovery & Clinical Diagnostics Growth Partnership Services programme, which also includes research in the following markets: European Immunodiagnostics Market, European POC Connectivity Market, European Immunoassay Diagnostics Market, Western European IVD Markets, and Eastern European IVD Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Katja Feick, Corporate Communications Europe, at katja.feick[.]frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit frost.com/gilglobal.
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European Cancer IVD Market / M2EC