Cancer Diagnostics Market to Reach US$ 76.8 Bn by 2026
Biotechnology companies are focusing on the development of genotype- and phenotype-specific drugs for chronic diseases such as cancer in order to ensure that next-generation drugs are more efficacious. Multiplex and multi-analyte biomarkers play an important role in the development of translational medicine, which facilitates the translation of basic research into medical advances. In line with this, most pharmaceutical and biotechnology companies are committing to associate their drugs with diagnostic assays, as a number of multiplex biomarkers are directly associated with particular drugs. The growing research and development activities in cancer diagnostics are thus expected to bring revolutionary technologies in cancer diagnostics and in turn would drive the growth of the cancer diagnostics market. Future Market Insights, in its latest report on cancer diagnostics, estimates that the global market for cancer diagnostics is expected to expand 2.3x in terms of revenue by 2026 over 2016 and is estimated to reach US$ 76.8 Bn by 2026 end.
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