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Diagnostic testing involves tests and procedures to confirm the presence of disease and identify the correct tumor type, location, extent and stage.
A key market driver powering the growth of the cancer diagnostic devices market is the need for cost cutting by pharma companies. Pharmaceutical companies are shifting their focus from drug development to cancer diagnostic devices so that they can help in diagnosing, monitoring, and administering drugs through the cancer treatment process. These devices play a key role in helping pharmaceutical companies develop specific drugs to treat cancer. One such example is Roche’s cobas EGFR mutation test, which diagnoses head and neck cancers. Increased investment in diagnostic device development will boost market growth by the end of 2020.
The Americas dominated the global cancer diagnostic devices market in 2015 with a market share of close to 53% and will retain its leadership position until the end of 2020. The Americas region has several well-known medical facilities, which focus on targeted therapeutic methods to treat different types of cancers. The availability of a large number of medical facilities in the Americas will lead to the strong growth of this market over the forecast period.
The global Cancer Diagnostics Device market is valued at xx million US$ in 2017 and will reach xx million US$ by the end of 2025, growing at a CAGR of xx% during 2018-2025.
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