The global cancer diagnostics market is expected to reach USD 232.7 billion by 2025, according to a new report by Hexa Reports. Continual introduction of innovative products coupled with increasing need for early diagnosis of the disease is the prime factor driving the market growth. In addition, rapid growth of the sector is attributed to the penetration of technologically advanced laboratory systems that have improved oncological screening in yielding accurate outcomes.
Rising incidence of cancer is triggering the demand for these screening tests and imaging modalities that are used for monitoring disease progression. Collaborative and independent initiatives led by governments and companies are striving to raise cognizance about the benefits of early diagnosis of the disease.
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In addition, cancer research organizations along with public and private entities are investing heavily on research projects to launch advanced diagnostic tools in the market, which are capable of diagnosing the disease way before the symptoms appear.
Furthermore, giant players are collaborating with governments and other agencies to enhance patient accessibility of their products. For instance, Illumina, Inc. launched a new venture named GRAIL with investors, Jeff Bezos and Bill Gates, with an investment of more than $100 million. GRAIL is mainly focused on blood-based oncological screening for timely diagnosis of the most common tumor types through simple laboratory tests.
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Further Key Findings from the Study Suggest:
- Rapid adoption of technology and escalating need for early diagnosis is augmenting the growth of the imaging systems space. Thus, the segment is expected to grow at the fastest CAGR at over 8.0% during the forecast period.
- The breast cancer segment, among other application segments, accounted for the largest share due to the high incidence rate of breast cancer triggering the need for its early diagnosis.
- In 2016, North America dominated the global space with the largest revenue share of more than 41%. Focused research efforts in oncology for the development of early tumor detection tools coupled with grants from government healthcare agencies are contributing to a strong medical ecosystem to fight cancer in this region.
- Asia Pacific is expected to emerge as the fastest growing region during the forecast period. The growing patient pool in India, China, and Japan; due to the support in diagnostic process at comparatively lower prices; and a favorable regulatory framework are some of the factors boosting the market growth in this region.
- Major players competing in this market include GE Healthcare; Abbott; Hoffmann-La Roche Ltd and Siemens Healthcare GmbH. Other prominent players operating in the market include but are not limited to Becton Dickinson & Company; Illumina, Inc.; Koninklijke Philips N.V.; .and Hologic, Inc.
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