The global cancer diagnostics market has been witnessing a surge in its valuation, thanks to the rising demand for technically advanced cancer detection methods. The increasing prevalence of cancer around the world is driving this demand significantly. Apart from this, the introduction of non-invasive and advanced techniques for cancer detection is also expected to boost the worldwide cancer diagnostics market in the coming years.
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The global cancer diagnostics market is broadly analyzed on the basis of the method of diagnosis and its regional distribution. Based on the method of diagnosis, the market is classified into endoscopy, biopsy, imaging, and tumor biomarker tests. Regionally, it is divided into North America, Europe, Asia Pacific, and the Rest of the World.
This market study has been prepared after extensive research of the worldwide cancer diagnostics market by analysts at TMR. It provides a comprehensive overview of this market on the basis of its historical as well as current performance. Prevailing trends, driving forces, challenges, opportunities, and future prospects of the global cancer diagnostics market have also been discussed at length in this report.
Overview of the Global Cancer Diagnostics Market
In 2013, the global cancer diagnostics market stood at US$101 bn. Expanding at an estimated CAGR of 7.60% between 2014 and 2020, the market is anticipated to reach a value of US$168.6 bn by the end of the forecast period.
The demand for the imaging technique for cancer detection has been constantly rising, enabling it to maintain its leadership among market segments based on detection method. MRI, mammography, CT, PET, and ultrasound are the prime imaging techniques used for the detection of cancer. Among these, the markets for ultrasound imaging and CT scan hold the leading positions at present.
North America leads the global cancer diagnostics market at present. In 2013, it held a share of 40.7% in the overall market. Europe is the second-largest regional market for cancer diagnostics, which accounted for a share of 29.1% in the global market in 2013.
Analysts expect Asia Pacific to report the fastest CAGR of 8.20% during forecast period. On the other hand, North America is likely to register a CAGR of 7.0% between 2014 and 2020. The increasing incidence of breast cancer in Asia Pacific is the key factor driving the growth of the cancer diagnostics market in this region.
The market for cancer diagnostics in the Rest of World is also expected to post healthy growth in the forthcoming years on account of the increasing prevalence of lung cancer.
On the whole, the global cancer diagnostics market looks will expand impressively over the forecast period. However, the lack of appropriate reimbursement policies is projected to restrict the growth of this market significantly in the near future.
Companies mentioned in the research report
The global cancer diagnostics market is moderately fragmented in nature. GE Healthcare, Siemens, and Philips Healthcare are the key manufacturers of imaging equipment for cancer diagnosis. Abbott Diagnostics, F. Hoffmann-La Roche Ltd., Ambry Genetics, Myriad Genetics, AstraZeneca, Pfizer, and Eli Lily Co. are the major suppliers of oncology diagnostics tests related products in the global arena.
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