ccording to the World Health Organization, there were 8.2 million cancer related deaths in 2012 alone, with 14 million new cancer cases registered globally. This surge in the prevalence of cancer has fueled the cancer diagnostics market, states Transparency Market Research in a recent report. The research report, titled “Cancer Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, finds that expanding at a strong CAGR of 7.60% from 2014 to 2020, the global cancer diagnostics market is estimated to grow from a value of US$100.9 bn in 2013 to US$168.6 bn by 2020.
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Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting in gene mutations affecting critical cell-regulatory proteins. These factors may act together or in a sequence to trigger tumor formation. Rising incidences of cancer and increasing healthcare expenditure are expected to aid the global cancer diagnostics market. The global market for cancer diagnostics is expected to grow at an exponential rate pertaining to advances in technology, favorable government initiatives and funding. Moreover, the development in companion diagnostics and advent of breakthrough detection techniques such as proteomics, metabolomics, genomics and transcriptomics are further expected to boost the demand for cancer diagnostic devices. Cancer screening is critical in improving early detection and treatment of any cancer type. Awareness and screening for cancer have increased over the last couple of decades resulting in early diagnosis of cancer and subsequent reduction of mortality. However, the ultimate goal of reducing mortality in late-stage cancer has not been satisfactorily achieved.
The market for cancer diagnostics is majorly driven by demand from the patients affected with cancers of lung, breast, and colorectal cancer. Lung cancer is the most common cancer of all types and approximately 1.8 billion new cases of lung cancer were diagnosed in 2012. The increasing use of tobacco products in developing nations, particularly in BRICS countries, is contributing to the growing prevalence of lung cancer in the world. In 2013, the global lung cancer diagnostics market accounted for one-fourth of the global cancer diagnostics market revenue. In addition, the rising prevalence of breast cancer among women across the world, particularly in the Asia Pacific, is expected to drive the market for breast cancer diagnostics at the highest CAGR of 8.2% during the forecast period 2014 to 2020.
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On the basis of geography, the global cancer diagnostics market is segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the World. In 2013, North America was the largest market for cancer diagnostics followed by Europe. North America is expected to register growth at a CAGR close to 7.0% during the forecast period 2014 to 2020 owing to the rising adoption rate of preventive diagnostic techniques and increasing government initiatives for creating cancer awareness. Moreover, high prevalence and incidence rate of cancer, particularly lung, breast, and prostate cancer, among the population is the driving the growth of the market. In the Asia-Pacific region, developed nations such as Japan and Australia, along with developing nations such as China, India, Singapore, Thailand, etc., are the potential markets that offer enormous opportunities for uptake of cancer diagnostics.
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