Cancer Diagnostics Market size to exceed USD 170bn by 2025

Cancer Diagnostics Market size is set to exceed USD 170.0 billion by 2025; according to a new research report by Global Market Insights.
 

Escalating incidence of various cancer forms will stimulate the global cancer diagnostics market growth in the foreseeable future. Cancer is the second leading cause of death across the globe. With growing cancer-related deaths globally, healthcare agencies and government are realizing the urgent need for establishing effective diagnostics and treatment facilities. Early detection upsurges the success rate of treatment regimens. As a result, several healthcare authorities through various awareness programs, are promoting routine checkups. Thus, increasing supportive government initiatives to spread awareness relating to the benefits of early diagnosis will positively impact the oncology diagnostics market growth over the projected timeframe.

 

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Globally, cancer is the most emerging disease in recent times. Cancer also called malignancy is the uncontrolled growth of tumor cells occurs anywhere in the body.  According to the World Health Organization (WHO), nearly 70% of deaths from cancer are reported in low and middle-income countries. Also, in 2018, it is estimated that approximately 9.6 million deaths are caused by cancer. Thus, the continuously growing number of patients suffering from different types of cancer is majorly leading the cancer diagnostics market in the coming years.
 

U.S. Cancer Diagnostics Market, By Application, 2014 - 2025 (USD Million)
Cancer Diagnostics Market 

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One of the primary restraining factors of the oncology diagnostics market is the high-out of pocket expenditure. The cost entailed in performing diagnosis is relatively high making unaffordable to the patients in low and middle-income countries. Additionally, excessive radiation exposure during diagnostic treatment will impede the market growth to a certain extent over the coming years.
 

Cancer imaging segment held the largest market share, accounting for a total value of USD 63.5 billion in 2018 and is expected to maintain its position over the upcoming years. Imaging modalities such as Computed Tomography (CT) scan and Magnetic Resonance Imaging (MRI) scan are used as supportive tests to determine the location and severity of the malignant condition in several cancer patients. These techniques offer quick, non-invasive, and pain-free solutions thereby, leading to high adoption of various cancer imaging techniques over the projected timeframe. 
 

Breast cancer is one of the most frequent cancers among women, across the globe. According to the World Health Organization (WHO), about 2.1 million women are suffering from breast cancer each year. Also, breast cancer rates are higher among women in more developed countries than in developing and under-developed economies. Moreover, favorable reimbursement policies pertaining to breast cancer diagnosis and treatment will boost industry growth.
 

Hospitals end-use segment will witness 8.2% CAGR during the forecast period owing to the rising awareness among patients regarding the benefits of early cancer diagnosis and treatment. Availability of latest technologies such as positron emission tomography (PET) scans, a nuclear scan uses a special dye containing radioactive tracers that help to detect tissue and organ functioning. Additionally, favorable reimbursement policies and insurance coverage for cancer treatment will drive the hospital segment growth in the coming years.  
 

Browse key industry insights spread across 250 pages with 257 market data tables & 8 figures & charts from the report, “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, India, Australia, Mexico, Brazil, Argentina, South Africa, UAE, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cancer-diagnostics-market
 

U.S. market is estimated to exceed USD 64.9 billion by 2025 owing to the presence of numerous biotechnologies as well as medical device companies in this country. Rise in R&D expenditure by the government to develop new, rapid and accurate oncology diagnostic and treatment procedures will spur the industry growth. Moreover, rising geriatric population coupled with high cancer incidence rate will stimulate U.S. oncology screening market growth.   
 

Indian market is estimated to expand at 9.0 % CAGR during the analysis period. Lower manufacturing costs in countries such as India is anticipated to attract the attention of global players to set up their production plants in India. Also, several cancer awareness campaigns conducted by Indian cancer society to educate people regarding the effective and preventive measures will accelerate the India cancer diagnostics market growth over the forthcoming years.
 

Few prominent players operating in cancer diagnostics market are Abbott, Roche, Siemens Healthcare, Danaher Corporation, Becton, GE Healthcare, Dickinson and Company (BD), Janssen Diagnostics among others. Market players are involved in various strategic initiatives such as mergers & acquisitions, partnerships, new product launches, and strategic collaborations with other players to acquire substantial revenue shares and gain a competitive edge over other enterprises operating in the market. For instance, in March 2019, Guardant Health, Inc., entered into a definitive agreement to acquire Bellwether Bio, a cancer screening startup company that is engaged in developing next-generation oncology diagnostics using cell-free DNA. The acquisition would complement Guardant Health’s existing product portfolio.
 

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Cancer Diagnostics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:

Cancer Diagnostics Market, by Application, 2014-2025 (USD Million) 

  • Tumor biomarkers tests
  • Imaging
    • Ultrasound and Radiology
    • Mammography
    • MRI Scan
    • PET Scan
    • CT Scan
    • SPECT & Others
  • Biopsy
  • Liquid Biopsy
  • Immunohistochemistry
  • In Situ Hybridization

Cancer Diagnostics Market, by Cancer type, 2014-2025 (USD Million) 

  • 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
  • Others

Cancer Diagnostics Market, by End-use, 2014-2025 (USD Million) 

  • Hospitals
  • Diagnostic Laboratories
  • Diagnostic Imaging Centers
  • Cancer Research Institutes

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Others
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Others

 

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