- Cancer diagnostics market is expected to achieve a promising rate of growth as more research & development activities continue to break through in the oncology domain.
- As one of the deadliest diseases known to the mankind, growing prevalence of cancer is compelling healthcare service providers for further research for innovative treatment.
ALBANY, N.Y., Nov. 25, 2020 /PRNewswire/ -- In a recently published report, Transparency Market Research speaks about the global cancer diagnostics market and its future developments and prospects. The research report entails in detail about the history of market, current trends, possible restraints, geographical outlook, and key players operating in the market space. The research report offers detailed segmentation that provides reader with the micro as well as macro understanding of the global cancer diagnostic market.
According to the research report, the global cancer diagnostics market will grow at a CAGR of 8.8% over the giver forecast period ranging from 2019 to 2027. The research report valued the global market at US$146.2 Bn in 2018. Given the rate of growth, the market is expected to reach an overall valuation of US$311 Bn by the end of 2027.
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Global Cancer Diagnostic Market – Overview
Cancer is one of most potent and deadliest diseases known to mankind. It is caused by environmental factors resulting to gene mutations that affects vital cell-regulatory proteins. According to the American Cancer Society over 1.7 million cancer cases were diagnosed in 2019.
The global cancer diagnostics is primarily segmented in terms of diagnostic methods, applications, and region.
The methods of diagnostics include biopsy, endoscopy, imaging, and tumor biomarker tests. Of these, the imaging segment is likely to be the most lucrative segment in the coming years of the forecast period.
The popularity of the segment is primarily driven by its non-invasive nature compared to other diagnostic tests. In addition to this, with constant technological advancements, new combination and modalities are offering improved imaging and thus further fueling the segment growth.
In terms of application, the global cancer diagnostics market is segmented into prostate cancer, pancreatic cancer, ovarian cancer, lung cancer, liver cancer, kidney cancer, colorectal cancer, breast cancer, and blood cancer.
Of these, the segment of breast cancer is expected to have a promising growth in the coming years of the forecast period. Increasing prevalence of breast cancer among women is likely to help in fueling the segment growth.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Cancer Diagnostics Market (By Application - Blood Cancer, Breast Cancer, Colorectal Cancer (CRC), Kidney Cancer, Liver Cancer, Lung Cancer, Ovarian Cancer, Pancreatic Cancer, Prostate Cancer; By Method - Tumor Biomarker Tests (Prostate Specific Antigen Tests, Circulating Tumor Cells (CTC) Tests, Alpha-Fetoprotein (AFP) Tests, CA 19-9 Tests, CA 125 Tests, EGFR Mutation Tests, HER2 Tests, Carcinoembryonic Antigen (CEA) Tests, BRCA Tests, KRAS Mutation Tests, and Anaplastic Lymphoma Kinase (ALK) Tests), Imaging (Magnetic Resonance Imaging (MRI) Scan, Positron Emission Tomography (PET) Scan, Computed Tomography (CT) Scan, and Mammography), Endoscopy (Colonoscopy, Sigmoidoscopy, Bronchoscopy, and Colposcopy) , Biopsy(Bone Marrow Biopsy, Needle Biopsy, Endoscopic Biopsy)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/3637
Global Cancer Diagnostics Market – Key Driving Factors
Increased levels of research and development projects to find definitive cure for different types of cancers is one of the biggest driving factors for the overall development of the global cancer diagnostics market.
In addition to this, the funding and investments for such research projects have also improved. This too is expected to work in favor of the market growth.
Furthermore, increasing spending on development of top class healthcare infrastructure by governments across the globe has also helped in pushing the development of the cancer diagnostics market.
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Global Cancer Diagnostics Market – Geographical Outlook
There are five main regions of the global cancer diagnostics market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe.
Of these, the regional segment of North America is projected to dominate the global market in the coming years of the forecast period. Availability of a matured healthcare infrastructure, presence of several key players, and early adoption of new-age therapeutics are some of the key reasons behind the growth of the North America market.
On the other hand, Asia Pacific is expected to witness a highly promising rate of growth in the coming years of the forecast period. Increased spending on healthcare infrastructural development and research projects to drive the growth of the market in the region.
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Global Cancer Diagnostics Market – Key Players
Some of the key companies in the global cancer diagnostics market include names such as Ambry Genetics, AstraZeneca plc, bioMeriux SA, Eli Lilly and Company, Genoptix, Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Pfizer, Inc. among others.
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The global market has been segmented as follows:
Global Cancer Diagnostics Market, by Methods
Tumor Biomarker Tests
Global Cancer Diagnostics Market, by Application
Global Cancer Diagnostics Market, by Region
Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Molecular Diagnostics Market: According to the report, the global molecular diagnostics market is anticipated to witness a staggering 11.6% CAGR during the forecast period of 2017 to 2025. Additionally, the report states that the market is projected to grow from US$ 7.1 Bn in 2016 to US$ 18.9 Bn by the end of 2025. This shows that the market has massive growth potential, which is the major reason that is attracting new players in the global molecular diagnostics market.
Point-of-care Diagnostics Market: The point-of-care diagnostics market is predicting substantial growth during the forecast period of 2016-2024 with the rise in COVID-19 testing as a significant growth factor. Other factors supporting the growth of the point-of-care diagnostics market are the increased prevalence of infectious diseases such as tuberculosis, AIDS, etc. and the rising incidences of target conditions. The increasing demand for rapid diagnostics among the general populace is also assisting the growth of the point-of-care diagnostics market.
Immunoassay Market: As per the research report, in 2017, the global market for immunoassay stood at US$ 16.54 Bn and is estimated to reach a value of US$ 28.61 Bn by the end of 2026. The market is further estimated to exhibit a healthy 6.20% CAGR between 2018 and 2026. The North America market for immunoassay is estimated to hold a key share of the market, further followed by Europe. The strong growth of Europe and North America can be ascribed to the presence of well-established healthcare infrastructure and the development of the biotechnology industry.
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