A new Transparency Market Research report states that the global cancer diagnostics market stood at US$100.99 bn in 2013 and is anticipated to reach US$168.65 bn by 2020, by expanding at a CAGR of 7.60% from 2014 to 2020.
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Cancer diagnostics involve procedures and tests to confirm the presence of cancer and help in the identification of the precise tumor location, extent, type, and stage. A detailed and accurate cancer diagnosis is the major step for developing a customized cancer treatment plan. Owing to the advancements in technologies, there are a number of diagnostic tools introduced for the detection of cancers. Once suspected, the diagnosis usually takes place under the supervision of oncopathologists, pathologists, and imaging radiologists.
As stated in the report, the early detection of cancer results in enhanced economical and clinical outcomes. This factor impacts the market for cancer diagnostics positively. In addition, the increasing occurrence of cancer globally will also fuel the growth of the market. Furthermore, the introduction of novel diagnostic biomarkers have created new revenue opportunities in the market, hence driving its growth. The launch of safe and non-invasive cancer screening methods will also bring in new growth opportunities in the market for cancer diagnostics. However, the indefinite reimbursement scenario within the market and the absence of specificity and sensitivity are amongst the prime factors impeding the growth of the cancer diagnostics market.
In terms of method, the report segments the cancer diagnostics market into endoscopy, biopsy, imaging, and tumor biomarker tests. Amongst these, imaging for cancer detection leads the market due to its increasing usage in the detection of all the types of cancers. A number of imaging modalities are used; these include PET, MRI, mammography, CT, and ultrasound imaging. Amongst these, ultrasound imaging and CT scan constitute over two-thirds of the overall cancer imaging market. On the other hand, the segment of tumor biomarker tests is the segment in which the maximum research activities are taking place currently. Protein-based biomarkers such as cancer embryonic antigen (CEA), alpha-fetoprotein (AFP), and prostate-specific antigen (PSA), among others are the most commonly utilized tumor biomarkers.
Geographically, the report segments the market into Europe, North America, and Rest of the World (RoW). Among these, North America held the largest share in the market in 2014 and is predicted to expand at a 7.0% CAGR between 2014 and 2020 due to increasing adoption of preventive diagnostic techniques and the rising initiatives taken by the government within this region. Europe trailed the region of North America and constituted the second-largest share in the market. On the other hand, Australia, Japan, India, Thailand, Singapore, and China within Asia Pacific are the key markets for cancer diagnostics.
As stated in the report, the chief players operating in cancer diagnostics market are Ambry Genetics, Abbott Laboratories, AstraZeneca, Eli Lilly and Co., bioMerieux, GlaxoSmithKline plc., Roche, Novartis, and Pfizer, among others.
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