Park City, UT (PRWEB)
August 08, 2017
As efforts to develop better, more precise ways of diagnosing cancer continue, global markets need to shift focus towards emerging diagnostic technologies that will shape the future, according to NuView Life Sciences. Currently, markets are geared towards therapeutic applications, but current data shows that the growth of both in vitro and in vivo diagnostic markets will flourish through 2021.
According to recent data, the in vitro diagnostic market—which uses procedures that can be performed outside the body in a test tube, culture dish or elsewhere—will experience a 5.5% compound annual growth rate (CAGR) through 2021, eventually reaching a value of $78.7 billion.(1) Additionally, in vivo diagnostics—those that take place inside a patient’s body using various medical technologies, including non-invasive positron emission topography (PET) scans—is forecast to increase at a CAGR of 9.3% through 2021, eventually valuing $7.2 billion.(2)
One factor driving the increase in these markets is the exploration of precision medicine diagnostics, such as those currently under development at NuView Life Sciences. Patients with many types of cancer, including prostate, bladder, and breast, could reap the benefits of such technologies that will come to surpass the diagnostic accuracy of current technologies. Eventually, precision medicine diagnostic tests could become a routine part of health screenings and checkups worldwide.
Paul Crowe, CEO of NuView, says, “The potential in global diagnostics markets is virtually unlimited. There are already several minimally and non-invasive diagnostic options in clinical trials, including our own NV-VPAC1. We’re…