As per research conducted by Allied Market Research, The cancer diagnostics market was valued at $168,600.04 million in 2020, and is projected to reach $280,590.21 million by 2028, registering a CAGR of 6.9% from 2021 to 2028. The report offers an extensive analysis of changing market trends, top segments, major investment pockets, regional scenarios, value chain, and competitive landscape.
Rise in incidences and prevalence of various cancer types, initiatives by government and other organizations to spread awareness about cancer, and growth in number of diagnostics laboratories in developed countries propel the growth of the global cancer diagnostics market. On the other hand, risk of high radiation exposure by the use of CT scanners and high cost of diagnostics imaging systems hamper the market growth. Conversely, development of diagnostic approaches for various cancer mutations is expected to present opportunities for the industry in the future.
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Growth of the cancer diagnostics market is attributed to increase in prevalence of cancer across the globe. Furthermore, rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.
Expansion in occurrences and commonness of different disease types, drives by government and different associations to spread mindfulness about malignant growth, and flood in number of diagnostics research centers in created nations drive the development of the worldwide malignant growth diagnostics market. In any case, hazard of high radiation openness by the utilization of CT scanners and significant expense related with diagnostics imaging frameworks thwart the market development. Running against the norm, improvement of symptomatic methodologies for different malignant growth changes is supposed to set out rewarding open doors for the market players later on.
Covid-19 scenario:
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe diseases. The overall impact of COVID-19 is projected to remain negative for cancer diagnostics companies operating in the cancer diagnostics industry. The pandemic has greatly affected revenues of cancer hospitals and clinics, owing to fall in number of patient visits amid nationwide lockdown along with changing healthcare approach for providing care to emergency cases and critically ill COVID-19 patients. Similarly, COVID-19 has resulted in a decline in the number of people visiting hospitals for cancer diagnostics. This is majorly due to low availability of healthcare professionals across the country.
- The outbreak of the Covid-19 pandemic led to delayed diagnosis of cancer due to disrupted` logistics and supply of cancer diagnosis tests kits and other products.
- Furthermore, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market. Several hospitals and clinics witnessed a drop in patient visits during the pandemic.
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On the basis of end use, the hospitals and clinics segment dominated the market in 2020, contributing to more than two-fifths of the market. However, the diagnostic laboratories segment is projected to register the highest CAGR of 7.8% from 2020 to 2028.
The North America region to rule the roost by 2028-
Based on region, the market across North America held the lion’s share in 2020, with more than two-fifths of the market. This is attributed to increase in number of patients suffering from cancer and growth in geriatric population in the region. However, the market across Asia-Pacific is expected to exhibit the highest CAGR of 8.5% during the forecast period. This is attributed to rise in focus of the key players on developing technologically advanced, cost-effective, and advanced safe products and high prevalence of cancer in the region.
Key market players-
- Becton, Dickinson and Company
- Abbott Laboratories
- Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
- Bio-Rad Laboratories, Inc.
- Hologic, Inc.
- Danaher Corporation (GE Healthcare)
- Qiagen N.V.
- Koninklijke Philips N.V. (Philips Healthcare)
- Thermo Fisher Scientific.
- Siemens Healthcare GmbH.
Allied Market Research has segmented the Cancer Diagnostics Market report on the basis of procedure, application, end-user, and region:
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the Market Report
- What is the Cancer Diagnostics Market size and growth?
- What are the prominent and latest trends impacting the market?
- Which regions will observe growth on new occasions?
- Which players are adopting a functioning and planned framework to obtain customer loyalty?
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