The rising incidence of cancer is one of the significant factors influencing the cancer diagnostics market growth.
Market Size – USD 154.13 Billion in 2019, Market Growth – CAGR of 6.3%, Market Trends – Increasing awareness about cancer diagnosis at an early stage.
The global cancer diagnostics market is forecasted to reach USD 252.22 Billion by 2027, according to a new report by Reports and Data. The cancer diagnostics market is observing high growth due to the rising occurrences of breast cancer, the most common type of cancer occurring in women. There were more than 2 million new cases of breast cancer in 2018. Belgium, Luxembourg, and the Netherlands are the countries with the highest rates of occurrences of breast cancer in the year 2018 across the globe. The global survival rates from the disease vary greatly, ranging from around 80% in North America, Japan, and Sweden to nearby 60% in middle-income nations and lower than 40% in low-income nations. Hence, the implementation of diagnostics tests to screen and detect malignant cells in the human breast is driving the growth of the market.
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Further key findings from the report suggest
- Cervical cancer held a significant market share in 2019 as it is one most common causes of cancer in women, with over 500,000 new cases taking place per year across the globe.
- Polymerase chain reaction technology is a significant technology in molecular diagnostics field and offers benefits such as greater sensitivity, quantification ease, precision & reproducibility, better process quality, fast analysis, and lower contamination risk is diseases diagnostic procedure.
- Hospitals dominated the market in 2019. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- North America contributed to the largest market share in 2019. The market dominance is owing to the higher acceptance of advanced technologies, well-established healthcare diagnostic facilities, the surging incidence of cancer, and the enactment of numerous initiatives for raising awareness about the disease in the region.
Key players in the market include
Thermo Fisher Scientific, Hologic Inc., Abbott Laboratories, Siemens Healthineers, GE Healthcare, Illumina Inc., F. Hoffmann-La Roche Ltd., Koninklijke Philips NV, Qiagen, and Becton, Dickinson, and Company, among others.
Furthermore, the report segments Cancer Diagnostics market on the basis of key product types and applications and provides details about the revenue growth, revenue CAGR, and revenue share each segment is expected to register over the forecast period.
Test Type Outlook (Revenue, USD Billion; 2017-2027)
- Laboratory Test
- Genetic Test
Application Outlook (Revenue, USD Billion; 2017-2027)
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Blood Cancer
- Ovarian Cancer
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Diagnostic Centers
- Research Institutes
For a better understanding of the global Cancer Diagnostics market dynamics, a regional analysis of the market across key geographical areas is offered in the report. The market is spread across key geographical regions such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is analysed on the basis of the market scenario in the major countries of the regions to provide a deeper understanding of the market. It provides insights into production and consumption patterns, supply and demand ratio, export/import, current and emerging trends and demands, market share, market size, revenue contribution, and presence of key players in each region.
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In-depth regional analysis includes:
- North America (U.S., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of EU)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Benefits of the Global Cancer Diagnostics Report:
- Comprehensive analysis of the opportunities and risks of the Cancer Diagnostics market
- Detailed study of the latest product and technological developments and innovations of the Cancer Diagnostics market
- Business strategies and plans are analysed for understanding the Cancer Diagnostics market scenario
- Revenue forecast of Cancer Diagnostics market for the forecast period 2020-2027
- Comprehensive analysis of the drivers, constraints, limitations, challenges, and opportunities
- Latest and emerging market trends analysis and their impact on product and application demand
- Study of recent M&A, joint ventures, collaborations, partnerships, product launches and brand promotions among others
- Extensive SWOT analysis and Porter’s Five Forces analysis along with investment return analysis and feasibility
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