SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- According to a recent report by Grand View Research, Inc., the global cancer diagnostics market is anticipated to reach USD 249.6 billion by 2026, expanding at a 7.0% CAGR during the forecast period. The primary factors driving the demand for cancer diagnostics screening tools and techniques globally are the rising prevalence of oncologic cases, ongoing technological advancements in diagnostics, and the growing demand for efficient screening tests. Additionally, the expansion of government programs and other private organizations to raise awareness about early cancer detection and prevention is anticipated to fuel the market's growth in the upcoming years.
Key Insights & Findings from the report:
Rapid adoption of technology and escalating need for early diagnosis is augmenting the growth of imaging systems. Thus, the segment is expected to exhibit the fastest CAGR at 8.0% during the forecast period.
The breast cancer segment accounted for the largest share based on application due to high incidence rate of breast cancer triggering the need for its early diagnosis.
In 2018, North America dominated the global space with the largest revenue share of 42.0%. Focused research efforts in oncology for development of early tumor detection tools, coupled with grants from government healthcare agencies, are contributing to a strong medical ecosystem to fight cancer in this region.
Asia Pacific is expected to emerge as the fastest growing region during the forecast period. Favorable regulatory framework and growing patient pool in India, China, and Japan due to support in diagnostic process at comparatively lower prices are some of the factors boosting the market growth in this region.
Major players competing in this market include GE Healthcare; Abbott; Hoffmann-La Roche Ltd.; and Siemens Healthcare GmbH. Other prominent players include but are not limited to Becton Dickinson & Company; Illumina, Inc.; Koninklijke Philips N.V.; and Hologic, Inc.
Read 240 page full market research report, "Cancer Diagnostics Market Size, Share & Trends Analysis Report By Type (Laboratory Tests, Genetic Tests, Imaging, Endoscopy), By Application (Breast, Lung, Liver, Cervical), by Product, Technology, End-user, by Region, And Segment Forecasts, 2019 - 2026", published by Grand View Research.
Cancer Diagnostics Market Growth & Trends
The cancer diagnostics industry is expected to grow during the projection period owing to the rising rates and prevalence of several forms of cancer, including breast and lung cancer. Additionally, the cancer diagnostics sector is likely to benefit from a spike in technological advancements that will aid in improved imaging of malignant cells, improvements in equipment to identify cancer, and an increase in the outcome's efficiency.
Moreover, the increase in the number of diagnostic laboratories in developed nations is expected to contribute to market growth in the near future. In addition, there will be opportunities for development due to the sharp increase in emphasis on health and safety laws and the explosion in the popularity of yoga and other health-related practices. However, the enormous cost associated with the diagnostic imaging system may hinder the market expansion during the forecast period.
Development of biopsy platforms for companion animal cancers
For manufacturers in the global cancer diagnostics market, the development of biopsy platforms for companion animal malignancies is expected to provide lucrative growth opportunities. For instance, the veterinary diagnostic and pharmaceutical business Zomedica Pharmaceuticals Corp. announced in January 2020 that the development and production of their reference lab cancer liquid biopsy platform for canine malignancies had been completed.
Increasing Adoption of AI and Machine Learning
The use of AI in cancer early detection is expected to contribute to market expansion. For instance, Freenome, a U.S.-based AI genomics start-up, is working to create blood tests that employ AI to identify the body's early cancer warning symptoms. On February 3, 2021, the corporation published preliminary research and development data for applying machine learning to identify colorectal cancer in its earliest stages.
Role of Key Players
Key players are emphasizing implementing partnership initiatives to increase their market share. For instance, in February 2020, the National Cancer Center (NCC) and Foundation Medicine, Inc., and Chugai Pharmaceutical, Ltd. collaborated to use FoundationOneLiquid, a liquid biopsy test created in-house by Foundation Medicine, in the third stage of SCRUM-Japan, a cancer genomic screening consortium in Japan. Furthermore, major market participants are also concentrating on implementing M&A strategies to extend their product offerings. For instance, Quest Diagnostics bought Blueprint Genetics in January 2020 to increase the spectrum of its product offerings for genetic and rare disorders.
Cancer Diagnostics Market Segmentation
Grand View Research has segmented the global cancer diagnostics market on the basis of type, application, product, technology, end-user and region:
Cancer Diagnostics Market - Type Outlook (Revenue, USD Billion, 2014 - 2026)
Others (barium enema)
Cancer Diagnostics Market - Application Outlook (Revenue, USD Billion, 2014 - 2026)
Product Outlook (Revenue, USD Billion, 2014 - 2026)
Kits & Reagents
Technology Outlook (Revenue, USD Billion, 2014 - 2026)
Polymerase Chain Reaction (PCR)
In Situ Hybridization (ISH)
Next-generation Sequencing (NGS)
Other IVD Testing Technologies
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Positron Emission Tomography (PET)
End-user Outlook (Revenue, USD Billion, 2014 - 2026)
Hospitals and Clinics
Cancer Diagnostics Market - Regional Outlook (Revenue, USD Billion, 2014 - 2026)
Middle East and Africa (MEA)
Check out more related studies published by Grand View Research:
Liver Cancer Diagnostics Market - The global liver cancer diagnostics market size is expected to reach USD 17.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The rising prevalence of liver cancer and the introduction of innovative diagnosis products are propelling the market growth.
Breast Cancer Diagnostics Market - The global breast cancer diagnostics market size is expected to reach USD 6.8 billion by 2028, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. The growth is largely attributable to the increasing geriatric population exposed to the risk of breast cancer and early detection coupled with increasing awareness about breast cancer.
Thyroid Cancer Diagnostics Market - The global thyroid cancer diagnostics market size is expected to reach USD 3.6 billion by 2027, expanding at a CAGR of 5.5%, according to a new report by Grand View Research, Inc. The growth of the market is attributed to increasing disease prevalence and emergence of novel diagnostic products. Although the cancer is uncommon worldwide, the incidence rate is on the rise-driven by more sensitive and precise tools to diagnose the disease. It develops as a result of abnormal cell division in the thyroid gland. Since the glandular hormones regulate several functions-such as weight, body temperature, heart rate, and blood pressure, structural or functional anomalies are likely to affect several or all of the aforementioned factors.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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