Updated News: Cancer Diagnostics Market — Global Industry Analysis and Forecast 2020 to 2027
Global Cancer Diagnostics Market: Key Highlights
- According to the new market research report “Cancer Diagnostics Market by Type (Radiological Diagnostics, Cytological Diagnostics, Histological Diagnostics, Heamatogical Diagnostics, Immunohistochemistry, Molecular Diagnostics and Tumor Marker), by Cancer Type (Prostate Cancer, Brain Cancer, Ovarian Cancer, Breast Cancer, Skin Cancer, Bladder Cancer, Colorectal Cancer, Blood Cancer and Other Types of Cancer), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global cancer diagnostics market is estimated to reach USD 247.1 Billion by 2027 at a CAGR of 7.2% during the review period.
- Cancer is chronic, painful, sometimes progressive medical condition, an outcome of uncontrolled and abnormal cell growth leading to death
- Cancer diagnostic is extremely important for early as well as accurate diagnosis of the disease for effective treatment
- It can be termed as procedures used for accurate diagnosis of the cancer through examination of the tissue, cell, blood or body fluid sample
Global Cancer Diagnostics Market: Key Market Dynamics
- Increased incidence of the cancer cases especially in the developed and developing economies is driving the market growth.
- Higher demand for early cancer diagnosis for better treatment outcome, further fuels the market growth
- High cancer treatment cost coupled with expensive diagnostic system and equipment acts as restraining factor for the cancer diagnostics market
- Advancement in the technology with advent of advanced Diagnostic Test is acting as a growth opportunity for the cancer diagnostics market
- Lack of skilled Professionals to perform diagnostic may challenge the market growth
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Global Cancer Diagnostics Market: Regional Overview
- North America
The cancer diagnostics market is dominated by the North America owing to rise in the prevalence of cancer across the region. The incidence of the cancer in the US is growing at a rapid rate. American Cancer Society revealed that 1.735 million new cancer cases were registered in 2018, 1.762 million new cases in 2019 and is expected to grow till 1.8 million in 2020. Rapid upsurge in the cancer patient pool, creates higher need for diagnostics devices in order to reduce the mortality rate and improve treatment outcomes. Increase funding for cancer research and cancer care, higher investment in boosting healthcare infrastructure in the region, further propels the market growth.
The Asia-Pacific has emerged as the fastest growing region for cancer diagnostics market owing to presence of large patient pool. Increasing cancer incidence especially in Australia, China and South Asian countries with upsurge in the mortality rate of the cancer patient, requires higher attention towards boosting the cancer diagnostics and treatment. Changing lifestyles, growth in the middle class population, increasing count of smokers in the region, has triggered the cancer prevalence. Studies by the Johnson and Johnson company revealed that Asia Pacific accounts for half of the fresh cancer cases annually, where the death rate due to cancer in the region is projected to rise by 36% by 2030.
Global Cancer Diagnostics Market: Key Players Overview
- F. Hoffmann-La Roche Ltd.:
F. Hoffmann-La Roche Ltd is a Switzerland based healthcare company. The company has strong foothold across North America, Latin America, Europe, Africa, Asia and Australia. The company operated through pharmaceutical division and diagnostic product portfolio. The company offers diagnostics solution dedicated for breast cancer, bladder cancer, cervical cancer, colorectal cancer, ovarian cancer and skin cancer. In January 2018, the company signed a partnership with the General Electric (US) for development of integrated digital diagnostics platform in order to enhance the oncology and critical care treatment.
Becton, Dickinson and Company abbreviated as BD, is a medical technology company based in United States. The company offers diverse product offering with the aim of maximize efficiency and flexibility of the treatment through molecular system, molecular test and molecular diagnostics. In December 2017, the company acquired C. R. Bard, Inc. a manufacturer of medical technologies with strong product portfolio and innovation pipeline for improving treatment and patient care by the healthcare service providers.
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