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Cancer Diagnostics Market worth over $207.9bn by 2027

  • Published Date: November 29, 2021

Cancer Diagnostics Market size is set to surpass USD 207.9 billion by 2027, according to a new research report by Global Market Insights Inc.

Market growth is attributed to the rising demand for cancer diagnostics centers in various regions. Additionally, novel product launches by manufacturers are expected to spur the demand. Technologically advanced and cost-effective products enable laboratories and diagnostic centers to expand their cancer research in-house. Moreover, high investment in oncology research plays a vital role in developing novel diagnostic devices that will further impact the market expansion.

Technological advancements in cancer diagnostics will create growth opportunities

Despite the availability of advanced cancer treatments like chemotherapy, immunotherapy, surgical among others, there is still a need for novel advanced diagnostics for controlling the prevalence of cancer. Early detection of the cancerous cell using a digital systems is necessary for better treatment. For instance, OncoRes Medical’s imaging device accurately detects tumor using artificial intelligence (AI). The device can differentiate tumor and healthy tissue, thus improving outcomes in surgery. Molecular cancer diagnostics has enabled precision in disease detection by understanding molecular genetic alterations. These technologies help in providing the right targeted therapy to a particular patient. The development of technologically advanced cancer diagnostics techniques have made tests more reliable and accurate.

Higher dose of radiation for various imaging modalities may hamper the cancer diagnostics market progression

Various imaging techniques such as CT scan and nuclear imaging have an exposure of higher radiation on the user. The radiation used in these imaging systems is ionizing radiation which has high-energy wavelengths penetrating the cells of the patient. Thus, altering or damaging the DNA. Although DNA repairs itself but some areas might lead to mis-repair resulting in DNA mutation. In addition, multidetector CT scan permits multiple contrast phases that further increase the radiation dose.

Biomarkers serve as an important test for the detection of cancers

The tumor biomarkers tests segment held more than 20% of cancer diagnostics market share in 2020. Biomarkers are considered an essential component in the cancer treatment, drug development, diagnostics as these also determine the prognosis. For instance, protein markers ER, HER2, and PgR are mainly used to categorize breast cancer subtypes. The demand and adoption for biomarkers have amplified in the industry over the recent past, as these tests are cost-effective and cancer-specific.

Browse key industry insights spread across 254 pages with 264 market data tables & 16 figures & charts from the report,Cancer Diagnostics Market Size By Application (Tumor Biomarkers Tests, Imaging {Ultrasound and Radiology, Mammography, MRI Scan, PET Scan, CT Scan, SPECT & Others}, 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:

Increasing prevalence of liver-lung cancer will positively influence the market value

The liver-lung cancer captured USD 21.8 billion in 2020. Liver cancer is one of the most commonly diagnosed cancers. Increasing prevalence of lung cancer coupled with the nature of its recurrence is driving the demand for cancer diagnostics.

Growing number of diagnostic laboratories will attract a significant customer base

Diagnostic laboratories segment in the cancer diagnostics market is anticipated to account for 35.6% of revenue share by 2027 owing to the increasing demand for diagnostic laboratories globally. Moreover, rising number of cancer cases globally is poised to upsurge the segment demand for cancer diagnostic laboratories.

Initiatives to promote the value of early cancer diagnosis will offer several opportunities for European region

Europe cancer diagnostics market held over 27.1% of share in 2020. Increasing proportion of geriatric population, rising cancer cases accelerate the demand for cancer diagnostics in the region. Furthermore, rapidly evolving techniques and technological advancements in diagnostics are predicted to stimulate the market value during the forecast period. Additionally, countries in Europe cumulatively account for around 22% of total cancer cases globally. Thus, compelling the government to take actions in order to control the high incidence rates.

Collaboration among key market participants allows business expansion as well as novel product development

The eminent companies operating in the market are Abbott, Becton, Dickinson and Company, Biocartis, Siemens Healthineers, GE Healthcare, Janssen Diagnostic LLC and Sysmex Corporation. These market players focus on strategies such as acquisitions & mergers, innovative product development and partnerships to garner more revenue, market position and sustain market competition.

Authors: Sumant Ugalmugle, Rupali Swain