January 27, 2020
According to recent study titled ‘Cancer Diagnostics Market Size By Application (Tumor Biomarkers Tests, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), By Cancer Type (Bladder Cancer, Breast Cancer, Colon and Rectal Cancer, Endometrial Cancer, Kidney Cancer, Leukemia, Liver- Lung Cancer, Melanoma, Non- Hodgkin Lymphoma, Pancreatic Cancer, Prostate Cancer, Thyroid Cancer), By End-Use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Japan, China, Australia, Mexico, Brazil, Argentina, South Africa, UAE, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share and Forecast, 2019-2025’, available with Market Study Report LLC, the global cancer diagnostics market will reach USD 170 billion in value by 2025.
Growing demand for safe, reliable, cost-effective and innovative medical products to tackle growing incidences of various cancers is propelling the growth of cancer diagnostics market share across the globe. Rise in healthcare spending among people due to increased disposable income coupled with growing establishment of diagnostics centers and research laboratories are major factors supplementing the market dynamics.
Initiatives are being undertaken by the government, NGOs and certain private entities to educate people regarding increasing cases of cancer and benefits of early cancer detection worldwide. As per WHO, cancer is the second leading cause of deaths in the world and in 2018, was accountable for nearly 9.6 million fatalities globally. Major causes of the disease include consumption of alcohol, tobacco, unhealthy lifestyle and physical inactivity.
Changing times and technological developments in healthcare sector focusing on providing real-time, accurate and fast diagnosis will support the demand for cancer diagnostic kits. Liquid biopsy along with other minimally invasive cancer diagnosis techniques will amplify industry penetration. Public and private bodies are significantly investing towards R&D in cancer diagnostics.
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High rate of affordability primarily in developed nations like the U.S., U.K, and Canada with easy availability of healthcare insurance facilities and cashless payment modes is steering the demand for superior cancer diagnostic tools among people. Key industry players are collaborating with research institutes to boost their R&D capacities and introduce new diagnostic products.
Global cancer diagnostics market share is fairly consolidated with industry players such as Abbott Laboratories, Dickinson and Company, GE Healthcare, Cancer Genetics, Sysmex Corporation, and Roche, among various others.
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