Innovation in Cancer Diagnostics to Cater to Unmet Diagnosis Needs Worldwide

The global cancer diagnostics market has been witnessing significant growth over the last couple of years due to the rising number of cancer incidences across the globe. The global cancer diagnostics market is likely to expand at an exponential rate owing to the favorable government regulations and increasing funding for cancer research projects. For the treatment and early detection of any kind of cancer, it is important to develop new cancer screening techniques. Treatments such as tumor biomarker tests, biopsy, endoscopy, and imaging collectively comprise the global market for cancer diagnostics. 

According to a report published by Transparency Market Research, the global cancer diagnostics market is likely to expand at a 7.6% CAGR from 2014 to 2020. In 2013, the market was worth US$1, 00,994.5 mn and is projected to touch a valuation of US$1,68,649.3 mn by the end of 2020.

Research Report:

How will innovation turn out to be the backbone of the cancer diagnostics market?

Cancer diagnostics is really important for detecting cancer in the early stages and efficiently treating it. Thus, medical institutions and research bodies are investing in the development of advanced techniques and improving the existing ones to cater to the needs of patients. The demand for cancer diagnostics is likely to intensify over the next couple of years owing to the advent of breakthrough techniques for cancer detection such as transcriptomics, genomics, metabolomics, and proteomics. Although there have been significant developments in the technology of cancer diagnostics, the goal of achieving a reduced mortality rate has not been completely achieved. 

However, researchers are focusing on developing advanced techniques. For instance, recently scientists from the Washington State University have introduced a method to detect cancer through an ELISA plate, a prism, and a smartphone. Scientists of the university declared the technique successful when they detected interleukin-6 with an accuracy of 99%. 

What factors will hinder the growth of the global cancer diagnostics market? 

The growth of the market for global cancer diagnostics is extensively dependent on the research and development activities and development of innovative products. In spite of the advent of advanced techniques, the market is likely to face challenges from certain factors such as low cost benefit ratio of biomarkers and high initial capital investments. The shortage of helium and expensive systems for diagnostic imaging are further expected to hinder the growth of the global cancer diagnostics market. The market will also be negatively affected by the dearth of experience and skilled workforce and risks of exposure to high radiation.

Towards what should vendors turn to gain lucrative opportunities?

Manufacturers of cancer diagnostic equipment can capitalize on the opportunities arising from the untapped market in emerging economies and the development of personalized medicine. Emerging markets are likely to be proved beneficial due to the improvement of healthcare infrastructure in these regions. Likewise, advances in miniature device technology and companion diagnostics are further expected to help manufacturers expand their consumer base.  

Evolving Sophistication in Crime to Create Opportunities for Growth of Global Forensic Technologies Market

Used for the identification, examination, and evaluation of physical evidence gathered from a crime scene, forensic technologies are highly sought in the defense and the homeland security sectors. At an exceptional growth rate of 12.40% during the period from 2013 to 2019, the demand for these technologies are likely to register a strong growth over the next few years. According to Transparency Market Research (TMR), the opportunity in the global market for forensic technologies to expand from US$8.3 bn in 2012 to a value of US$17.6 bn by the end of 2019.

In this blog post, TMR analysts answer significant queries about the worldwide market for forensic technologies: 

What factors will shape the future of the global forensic technologies market?

Predominantly, the escalating crime rate, coupled with the sophistication of crime, has the most prominent influence on the global market for forensic technologies. Over the years, the sophistication of crime has evolved drastically.  The prevalence and supply of illicit drugs have increased to great extent. Nowadays, almost every week, a novel type of illicit drug is synthesized, creating severe issues for experts in the examination of the evidence. Due to this scenario, developers of forensic technologies are being exposed to a whole new set of promising opportunities, which is likely to boost the market substantially in the long run.

On the flip side, the decline in the government expenditure on forensic services in almost all economies will reflect negatively on this market over the next few years. However, the impact of this factor will not be much strong as the demand for these technologies will largely be unaffected in the near future.

Which of the regional market will take the lead in the coming years?

North America, which is the leading contributor to the global market for forensic technologies, will retain its position in the forthcoming years; however, its share in the overall market will decline sharply.

Asia Pacific, on the other hand, will gain significant momentum in the next few years. DNA profiling, specifically, will witness a remarkable rise in the demand over the years to come. The untapped status of this region is alluring key market players, which are increasingly engaging into partnerships, mergers, and acquisitions with local participants.

What are the most favored strategies among leading players?

For business development, leading companies are relying on advancements in technologies. Recently, Bio-Rad, a global leader in forensic technologies, introduced Prime PCR probe assays for quantitative amplification. These new assays are to be utilized in qPCR gene expression analysis for human genomes. With this addition to their product portfolio, the company hopes to expand its client base.

Other prominent players in this market are GE Healthcare Life Sciences, SPEX Forensics, Pyramidal Technologies Ltd., Eurofins Medigenomix Gmbh, LGC Forensics, and NMS Labs Inc.

Leading Players Emphasizing on Adoption of Cloud-based Service to Bolster Global Enterprise Media Gateway Market

Media gateways are being used extensively for converting digital media streams into diverse telecommunications networks. Enterprise media gateways are considered as a vital component of the enterprise unified collaboration and communication systems. Some of the key applications of enterprise media gateway are media and entertainment, healthcare, banking and insurance, defense, government, telecom and IT, and hospitality. The rising focus of the prominent players on technological developments and innovations is expected to fuel the growth of the global enterprise media gateway market in the next few years.

According to a market intelligence study by Transparency Market Research, in 2013, the global enterprise media gateway market was worth US$1.89 bn and is expected to reach a value of US$2.37 bn by the end of 2020. The market is projected to register a 3.10% CAGR between 2014 and 2020.

What factors are likely to influence the growth of the global enterprise media gateway market?

The rising demand for cloud-based services and session initiation protocol (SIP) trunking and the rising deployment of IP communication applications are some of the primary factors expected to fuel the growth of the global enterprise media gateway market. In addition, technological advancements for enhancing network infrastructure in mobile services and the advent of cloud-based solutions for unified communications are estimated to encourage market growth in the next few years. The rising use of enterprise media gateways with enterprise session border controllers is likely to generate promising opportunities for the key players operating in the market.

Which geographical segments are expected to witness exponential growth in the coming years?

Among the key geographical segments, North America is expected to lead the global enterprise media gateway market. The high growth of this segment can be attributed to the presence of medium and large-sized enterprises in this region. As per the study, North America is projected to hold a share of 31.1% of the global market, further followed by Europe. The voice over internet protocol and the session initiation protocol are the key application segments that are contributing extensively towards the growth of the enterprise media gateway market in North America.

What are the business strategies adopted by the players to sustain in the competitive environment of the market?

At present, the global enterprise media gateway market is fragmented and competitive in nature with a presence of a large number of players operating in it. The growing adoption of cloud-based services in this field has contributed extensively towards the development of the market. The prominent players are focusing on new product development and research and development activities in order to improve their market penetration and boost sales. In addition, the growing emphasis on untapped markets and the increasing number of mergers and acquisitions are estimated to generate substantial opportunities in the near future. 

Global Hair Care Market Gaining From Recent Rise in Male Consumers

Hair care is a broad term used for maintenance and cosmetology involving the hair. Typical hair care comprises five types of products: shampoo, hair color, hair conditioner, hair styling products, and hair oil. According to a report by Transparency Market Research (TMR), the global hair care market was valued at US$81.3 bn in 2015. Rising at a healthy CAGR of 3.0% during the forecast period 2016–2024, the global revenue valuation is estimated to reach US$105.3 bn by 2024. 

What are the factors augmenting the growth of the global market?

Healthy and voluptuous hair has always been considered attractive. In recent times, however, innovative hair styling has also gained popularity. As a result, advanced hair styling products such as holding sprays, mousse, heat-resistant sprays, serums, sprays for curly hair, and gels are experiencing a surge in demand. Another important factor that is sustaining the growth of the global market for hair care is the demand for healthy, lustrous, and manageable hair. This factor often drives the purchase decisions of most consumers. 

The influence of the fashion industry, a rise in global aging population, and the growing focus on natural hair care products are some of the emerging trends that are further propelling the market. Moreover, there has been an exponential rise in male consumers for hair care products, not only because of increased awareness but also due to growing cases of baldness and grey hair.

Which regions are most lucrative for hair care?

Asia Pacific contributes significantly to the global hair care market and accounted for a share of 33.12% in 2016. India, with a vast population, has always been the most lucrative country-wise market for hair care products and several key vendors are constantly focusing on introducing new products here. Currently, products with natural ingredients are gaining momentum, especially in urban regions. China, another Asia Pacific country with immense population, is extending the demand for hair care products due to increasing awareness regarding personal grooming and the rising disposable incomes of the consumers.

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What are the strategies adopted by key players to gain advantage over others?

The global market for hair care is fairly consolidated, with four players holding more than 55% of the market in 2015. These four players are: Procter & Gamble, Henkel, Unilever, and L’Oreal S.A. Typically, product innovation is the most successful business strategy adopted by these companies to gain ground in the hair care market. For instance, Henkel Corporation launched OSiS+ in 2024, which is a new product that enhances hair volume while sustaining its natural look. Similarly, from 2014 to 2016, L’Oreal S.A. introduced a series of hair products with oil content. Brand expansion is another strategy that works in favor of prominent names. For example, Unilever plc. has extended its product portfolio with its leading hair care brands Sunsilk, Dove, Lux, TRESemm√©, and Clear.

Data Standardization Concerns to Continue to Hinder Growth of Global Computational Biology Market

Computational biology, also commonly referred to as bioinformatics, makes use of algorithms to establish the relationship between biological systems with the help of biological data that is impossible to be understood without computation analysis and modeling. For instance, the DNA and RNA sequencing done by new devices is so fine that not even a 0.001% of this data can be seen by human eyes. The use of computational biology to create simulation models for the fields of pharmacokinetics and pharmacodynamics have significantly helped several drug research and development projects in the recent past. This has compelled many pharmaceutical companies across the globe to adopt computational biology solutions.

The benefit of computational biology in using highly complex biological data to discover and gain a clear understanding of medical phenomena, significantly eliminating the need for human candidates to test drugs in developmental stage will boost the demand for these solutions globally. Transparency Market Research (TMR) states that the market will exhibit a remarkable double digit CAGR over the next few years and rise to a valuation of US$2.9 bn by 2018.

Research Report:

In this blog post, TMR analysts answer certain questions to present a clear perspective of the market for readers concerned with the future growth prospects of the market.

Q. What is the key driving force for the market?

A. Development of new drugs is a highly expensive process. The vast expenses incurred in the entire process of introducing a drug to the market, involving steps such as research, clinical tests, and approval applications, each equally expensive as the actual manufacturing process, make failure of a drug development project a critical loss for struggling pharmaceutical companies. It is estimated that the cost of introducing a new drug to the market is over US$3 bn. Failure of a drug development project, the resultant loss of investment, and the eventual chances of bankruptcy are thus the key factors driving the global demand for computational biology solutions.

Q. What are the key challenges faced by the market?

A. As the biological data being analyzed/processed in computational biology solutions is collected from a number of sources, it lacks standardization. For effective usage of biological data across a number of data processing tools, it is also necessary that the tools are compatible with each other. Moreover, the storage of unstructured data is also a huge challenge for market players. The integrated analysis of highly complex genomic and biomedical research data leads to complex statistical challenges. 

Also, as new genomes continue to be added to databases, the resulting misannotations also lead to several data processing challenges. Moreover, there is also a significant shortage of skilled scientists who are excel in both computers and biology. These factors are collectively hampering the global demand for computational biology tools and services.

Q. Is the state of investment promising in the global computation biology market?

A. Yes. The market is expected to exhibit a highly promising rate of growth in the next few years. As such, the focus of large and small investors on this field has significantly increased and private and public bodies are encouragingly investing in the field. Presently, a significant chunk of investments in the market are provided by government bodies. Significant funds are being invested by government bodies in healthcare and education domains to encourage the adoption and enhance capabilities in the field of computational biology. The improvement brought about by computational biology solutions in the process of drug development is the key aspect that forms the basis of these investments.

Government Contribution toward High Acceptance and Implementation of Electronic Health Records (EHR) Driving Global Market

The soaring use of electronic gadgets such as tablets and smartphones in every sphere of operation is perhaps one of the most significant trends responsible for the emergence of electronic health records (EHR) or electronic medical records. The global market for the same has greatly benefited from the development of advanced mobile technologies and the integration of these technologies with healthcare services across the globe. Registering a healthy 6.4% CAGR during the forecast period, the global market for electronic health records is slated to amount to just under US$24 bn by 2020.

Here’s a look at some of the prominent trends in the EHR market: 

What is the role of the government in the developed EHR markets of North America and Europe?

One of the most significant factors boosting the adoption of electronic health records across hospitals and healthcare facilities is strong support from various governments. North America and Europe are two of the most thriving markets for EHR solutions and a growing inclination toward the widespread installation of EHR platforms has greatly benefited these markets. The pay for performance (P4P) model implemented in the healthcare sectors of the U.S. and the U.K. is perhaps the best example of government initiatives booting the electronic health records market. This value-based payment model encourages healthcare providers to up their performance and improve clinical outcomes. On the other hand, the model also penalizes physicians, medical groups, hospitals, and other healthcare providers in case of medical errors, poor outcomes, and increased costs. 

Electronic health records have witnessed increased adoption due to the implementation of the pay for performance model as they offer a host of cost benefits, improves patient access to medical data, enhances patient care delivery, and minimizes the frequency of human error in the medical field. 

Another example of strong government support in the adoption of EHR in developed regions is the Government of Italy. Under the Italian Health Service, the development of electronic health record systems has been given added importance for the easy and safe transfer of patient data and for e-prescriptions. 

Between hospitals and ambulatory centers, which end user presently dominates the EHR market and which presents immense promise for future growth?

Hospitals and ambulatory centers are the most common end users of electronic health records. In 2013, it was estimated that 59.0% of the hospitals in the world had some or the other form of EHR installed, up from 34.0% in the previous year. This makes hospitals the leading end-use segment of the electronic health records market. Hospitals contribute a major share of the revenue in this market owing to the growing need for optimum healthcare services and the rising adoption of client server-based EHR systems. The increasing popularity of cloud-based electronic health record systems is projected to offer immense scope for the growth of this end-use segment. 

On the other hand, the rising demand for mobile healthcare services has upped the adoption of EHR systems in ambulatory centers. The introduction and use of wireless electronic health record software in clinics, retail pharmacies, and diagnostic labs is also anticipated to boost the ambulatory centers segment in the coming years. 

Rising Consumer Awareness Regarding Health Benefits to Stir Demand for Soy Proteins

The growing awareness among the consumers regarding the health benefits of consuming soy proteins is single-handedly driving the global market for soy proteins. Over the past few years, their popularity has increased exponentially among consumers trying to maintain a low-fat diet as well as veganism. The market is also fueled by the increasing research and development activities towards the introduction of soy food varieties with newer tastes and greater functionality.

Moreover, the rising trend of functional foods is working in favor of the global soy proteins market. According to a report by Transparency Market Research (TMR), the market was valued at US$8.40 bn in 2015 and is poised to reach US$7.78 bn by 2024, expanding at a CAGR of 5.5% between 2016 and 2024.

Disparity Related to Supply of Raw Materials to Hinder Growth of Soy Protein Market

One of the key problems faced by the manufacturers operating in the soy protein market is the severe shortage in demand. As soybean is a commodity food product itself, its demand is all time high in the market. As a result, its price is subject to volatility, which creates a negative impact on manufacturers. They are prompted to compete fiercely with a different section of consumers to procure more raw materials, thereby hampering the growth of the overall market.

Asia Pacific to Emerge as a Promising Market Owing to Increasing Trend of Veganism

The key regions in the global soy protein market are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. North America will continue to be the leading revenue generator in the market until 2024. However, Asia Pacific is expected to outpace North America, owing to the rising disposable income of consumers. Other factors such as the increasing trend of veganism and growing awareness regarding the benefits of consuming soy proteins are imparting promising growth to the region. The demand for soy proteins is also showing a highly favorable growth rate in the Latin America region, thereby leading to shifting focus of manufacturers from North America and Europe.

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