Market Research Future, a firm which specializes in market reports related to the Healthcare sector among others, recently forecasted in its report on ‘Global Cancer Diagnostics Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR 11.8% while achieving good growth rapidly in the forecast period.
Cancer Diagnostics Market Highlights
There are several methods of diagnosing cancer today such as biopsy based, endoscopy based, imaging procedure, tumor cancer diagnostics and many more. Population affected with cancer are showing a tremendous growth during last few years, which create the requirement of advanced technology for diagnosis cancer on early stage. According to the American Cancer Society, in 2017, it is estimate that around 161,360 new cases of prostate cancer will be diagnosed and around 26,730 deaths occur owing to prostate cancer in the United States. Thus, many companies are involve in collaboration in order to provide better technology for diagnosis the cancer. In this regards, in January, 2015, Roche and Qualcomm Incorporated entered into a strategic collaboration to improve remote monitoring and management of patients with chronic disease.
Rising demand for better technology, increasing investment in biotechnology and pharmaceutical industries for R&D are driving the market for cancer diagnostics. Moreover, increasing government support for research & development, changing lifestyle, and rapidly developing technology are also expected to fuel the market during the forecast period. However, the high cost of the treatment may slow the market growth during the period 2017-2023.
The Global Cancer Diagnostics Market is expected to grow at a CAGR of 11.8% during the forecast period 2017-2023.
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Key Players for Global Cancer Diagnostics Market
Some of key the players in the market are Armune BioScience, Inc. (U.S.), Arquer Diagnostics Ltd (U.K), BioMark Diagnostics Inc. (Canada), Biotheranostics, Inc. (U.S.), Cancer Diagnostics, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Becton, Dickinson and Company (U.S.), GE Healthcare (U.K), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (U.S.), Roche Diagnostics (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (U.K), C.R. Bard, Inc. (U.S.).
Segments for Global Cancer Diagnostics Market
The global cancer diagnostics market is segmented on the basis of types, application, and end user. On the basis of the type, it is segmented into biopsy based, endoscopy based, imaging procedure, tumor cancer diagnostics, and others. On the basis of the application, it is segmented into lung cancer, breast cancer, colorectal cancer, cervical cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, liver cancer, pancreatic cancer, and others. On the basis of the end user, it is segmented into diagnostic center, clinic, hospital, research institutes, and others.
Regional Analysis for Global Cancer Diagnostics Market
The Americas dominate the global cancer diagnostics market owing to the presence of huge patient population with cancer, high healthcare spending, and increasing government support for research & development. According to a report published by the breast cancer information and awareness, in 2017, around 252,710 new cases of invasive breast cancer are expected to be diagnosed in women, along with 63,410 new cases of non-invasive breast cancer.
Europe holds the second largest share of the global cancer diagnostics market as result of increasing focus of various government agencies on the treatment of diseases. Moreover, the growing public awareness is also likely to boost the European market.
Asia Pacific is the fastest growing market across the globe. Moreover, rapidly developing economy, increasing healthcare expenditure, and the government initiatives for research & development are projected to drive the market in China and India.
The Middle East and Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
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