Zion Research has published a new report titled “Cancer Diagnostics Market by Methods (Tumor Biomarker Tests, Imaging, Endoscopy, Biopsy) for Blood Cancer, Breast Cancer, Colorectal Cancer (CRC), Lung Cancer, Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020” According to the report, global demand for cancer diagnostics was valued at USD 80.67 billion in 2014, and is expected to reach USD 128.6 billion in 2020, growing at a CAGR of 7.6% between 2015 and 2020.
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Cancer is a disease in which uncontrolled growth of cells form a tumor. It also called as malignancy. Rising number of cancer patients worldwide and increasing healthcare expenditure are expected to support the global cancer diagnostics market. Not all the cancer has potential of spreading to other parts of the body. There are two types of tumors namely cancerous or malignant (spreads throughout the body) and benign tumors or static tumors which do not spread to other body parts. Some commonly occurring symptoms in cancer are prolonged cough, new lump, weight loss and abnormal bleeding. Cancer diagnostic deals with the management of cancer by providing a wide range of high-value tools for screening, diagnosis and monitoring of different types of cancer. It is used to detect the cancer and also performs different treatments.
Cancer diagnostics market is mainly driven by technological advancements, huge funds, and investments across the world. Use of microscopy devices has become necessary to prepare required sample. Rapid progress in technology is another important factor that has been resulted into growing exploitation for microscopy devices. The safe cancer screening methods due to technology advancements provide future growth opportunity to industry participants. Cancer is a genetic disorder and increasing prevalence of cancer, growing development in new DNA sequencing and next generation sequencing technologies is expected to trigger the growth of this industry in the coming years across the globe.
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On the basis of method, the global cancer diagnostics market is divided into tumor biomarker tests, endoscopy, imaging, and biopsy. The cancer imaging method of cancer diagnosis is the fastest growing segment of cancer diagnosis market. The imaging sector dominated the cancer diagnostics market and it accounted for significant market share of the total market in 2014.
On the basis of applications, the cancer diagnostics market has been segmented as blood cancer, breast cancer, colorectal cancer (CRC), kidney cancer, liver cancer, lung cancer, ovarian cancer, pancreatic cancer, prostate cancer. Breast cancer applications segment dominated the global cancer diagnostics market and accounted for major share of the entire market in 2014. Lung cancer and colorectal cancer are emerging as lucrative segments of the cancer diagnostics market and expected to grow at a strong CAGR during the forecast period.
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North America was the leading regional market for global cancer diagnostics and accounted for over 40.7% share of the total market in 2014. It also expected to continue this development by the end of 2020 due to rising advancement in technology associated with the methods and treatments of cancer. North America is followed by Europe. The Asia Pacific cancer diagnostics market is driven by the increasing prevalence of breast cancer in this region.
Abbott Laboratories, Inc., Ambry Genetics, AstraZeneca plc, bioMeriux SA, Eli Lilly and Company, Genoptix, Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., and Pfizer, Inc are some of the key vendors in the market.
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