Cancer Diagnostics Market Overview
Cancer diagnostics market predicted to register a valuation of approximately USD 163,000 Million by the end of the year 2025 with a CAGR of 8.9% over the forecast period, says Market Research Future (MRFR). The rising incidence of cancer as well as the increase in the number of private diagnostic laboratories, are driving the expansion of the cancer diagnostics market.
Cancer is the uncontrolled growth of tumor cells in any part of the body that can spread to other parts. Among the more than 120 types are breast cancer, skin cancer (melanoma), prostate cancer, colon cancer, lung cancer, and others. A range of treatments and sophisticated technology has arisen to detect cancer early. The growing number of cancer patients is driving the global cancer diagnostics market. High-cost treatment and insufficient reimbursement policies in developing countries around the world, on the other hand, may hamper cancer diagnostics market growth over the forecast period.
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Cancer Diagnostics Market Segmentation
The cancer diagnostics market is divided into consumables and instruments based on the kind of product. The consumables segment is expected to increase the most during the forecast period. The increasing prevalence of ailments and recurring purchases, and high consumption are the main drivers driving this segment’s rise.
The cancer diagnostics market is divided into three categories depending on technology: imaging-based diagnostics, IVD testing, and biopsy techniques. In 2020, the technology segment held the greatest proportion of the cancer diagnostics market. In 2020, the IVD testing segment held the greatest market share. The rising incidence of cancer is responsible for a substantial portion of this market.
The cancer diagnostics market is divided into hospitals and diagnostic laboratories depending on end-users. In 2020, the hospital’s sector held the greatest share of the cancer diagnostics market. The expanding number of patients accessing hospitals, the rising number of in-house diagnostic procedures performed in hospitals, and increased awareness about early diagnosis are all driving forces in this industry.
Cancer Diagnostics Market Regional Outlook
The cancer diagnostics market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the highest share of the cancer diagnostics market in 2020. Aspects like rising cancer incidence and technological improvement could be blamed for North America’s big proportion.
Cancer Diagnostics Industry News
The cancer diagnostics market would grow due to an increase in the incidence and prevalence of various types of cancer, such as breast cancer and lung cancer, over the forecast period. Furthermore, during the projection period, the cancer diagnostics sector will benefit from a surge in technical breakthroughs that aid in improved imaging of cancerous cells, improvements in equipment to detect the kind of cancer, and an increase in the efficiency of the results. Increased government activities and other private organizations raising awareness about early cancer detection and prevention are expected to drive market expansion in the future years.
Furthermore, in the coming years, the market is likely to be driven by an increase in diagnostics laboratories in developed nations. Throughout the forecast period, a sharp increase in emphasis on health and safety laws, as well as a surge in popularity of yoga and other health-related practices, will provide a growth opportunity. Nevertheless, the high price of diagnostic imaging systems and the growth of diverse diagnostic techniques for distinct cancer mutations might limit the market’s expansion.
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Cancer Diagnostics Market Players
The prime players profiled by MRFR that are operating in the global cancer diagnostics market are Armune BioScience, Inc. (the U.S.), Arquer Diagnostics Ltd (the U.K), BioMark Diagnostics Inc. (Canada), Biotheranostics, Inc. (the U.S.), Cancer Diagnostics, Inc. (the U.S.), Agilent Technologies, Inc. (the U.S.), Thermo Fisher Scientific, Inc. (the U.S.), Illumina, Inc. (Denmark), Becton, Dickinson and Company (the U.S.), GE Healthcare (the U.K), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (the U.S.), Roche Diagnostics (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (the U.K.), and C.R. Bard, Inc. (the U.S.).
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