MARKET FOR CANCER DIAGNOSTICS TO REACH $7.4 BILLION
The worldwide market for in vitro cancer diagnosis will reach $7.4 billion by 2009, according to a study released by Kalorama Information. According to the study, as the demand for more sophisticated diagnostics continues to grow and the synergies between tests and new therapeutics emerge, tests will continue to see an increase of 13 percent annual growth.
The new study, "The Worldwide Market for Cancer Diagnostics," predicts that the demand for such tests will continue to increase as the annual incidence of new cancer cases soars toward the 10 million mark.
"With continual advancements in the field of bioinformatics and the links between genes, proteins, and cancer, we are seeing a remarkable shift in approaches to the screening and monitoring of cancer," notes Shara Rosen, the author of the report. "Couple this with an aging population, higher incidences of cancer, and the emergence of pharma-diagnostic research partnerships, and you have a recipe for a very healthy market outlook."