Cancer Diagnostics Market worth over $184.7bn by 2026

Cancer Diagnostics Market size is set to surpass USD 184.7 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Cancer diagnostics market growth is owing to advancement in technologies, novel product launches as well as increasing demand for cancer treatments. For instance, Biocare Medical launched seven novel IVD IHC antibody markers for clinical diagnostic and cancer research application. Novel product launch could enable market players to deliver an optimal consumer experience. Moreover, regulatory bodies play a vital role in managing and ensuring safety parameters of diagnostic devices that will further spur the market expansion.

 

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Detection of minute changes in cell using hi-tech computer system is necessary for identifying presence of cancerous tumor in the body. Computer system including Omnyx Precision Solution, helps pathologists to accurately detect tumor. Digital pathology has enabled precision in disease detection as well as faster delivery of test results. Technological advancements, development of cancer diagnostics technique and automation have made tests more accurate and easier to perform. Furthermore, the growth of home healthcare sector has stimulated demand for home based diagnostic tests. Liquid based cytology (LBC) tests were developed to overcome difficulties in conventional pap test for cervical cancer screening. LBC reduces specimen inadequacy by around 80%, thus allowing further application in diagnostic testing.
 

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

Indiscriminate use of CT scan has stimulated dose of radiation used in patients. Multidetector CT scan allows multiple contrast phases that further propels radiation dose. For example, patients suffering from renal calculi (kidney stone) are subjected to multiple urological CT scan when low dose non-contrast CT scan are ineffective. Such risk related with high radiation exposure will limit the market growth.
 

Biomarkers serve as an important test for detection of cancers

The tumor biomarkers tests segment held more than 20% cancer diagnostics market revenue share in 2019. The adoption and demand for biomarkers has increased in recent years, as biomarker tests are cost effective as compared to other diagnostic methods including medical imaging. Additionally, increasing demand for biomarkers due to easy cancer diagnosis at early stage will augment the segment growth.
 

Browse key industry insights spread across 244 pages with 257 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), 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, 2020 - 2026in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/cancer-diagnostics-market
 

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

The liver-lung cancer segment valuation was over USD 19.6 billion in 2019. Liver cancer is one of the most common cancers especially in developing economies. Metastatic liver cancer is a cancerous condition wherein cancer primarily originates in the liver and spreads to other organs in the body. Increasing prevalence of metastatic liver cancer among people will drive the demand for imaging tests such as CT scan, ultrasound and other cancer diagnosis tests.
 

Rising prevalence of lung cancer, coupled with the nature of its recurrence, has led to massive burden on health care system. For instance, lung cancer causes more than 1.6 million deaths each year across the globe. Similarly, high consumption of tobacco is responsible for the death of approximately 7 million people every year globally. This has led to an increase in the number of cancer patients.
 

Growing number of diagnostic laboratories will attract significant customer base

Diagnostic laboratories end use segment in the cancer diagnostics market is expected to show a reasonable growth during the forecast period led by the increasing number of pathology and diagnostic laboratories. According to a recent article, around 7 billion diagnostic tests are performed every year in the U.S. This has been a major factor for increase in the number of diagnostic laboratories. In addition, rising cases of cancers globally will upsurge the demand for diagnostic laboratories.
 

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

Europe cancer diagnostics market will observe a growth of 8.5%till 2026 on account of increasing number of diseases propelled by lifestyle factors, presence of huge elderly population base and developments in cancer diagnostic techniques. Furthermore, rapidly evolving techniques in molecular biology, growing sophistication in health care equipment and improvements and innovative approaches in technology will impel the industry growth.
 

Rising number of initiatives to promote the value of early cancer diagnosis in delivering effective treatment will provide an impetus to the market growth trends. High sensitivity of imaging modalities as compared to traditional diagnostics will be a major factor for the European market expansion.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the cancer diagnostics market include Abbott, Becton, Dickinson and Company, Biocartis, Siemens Healthineers, GE Healthcare, Janssen Diagnostic LLC and Sysmex Corporation among others.
 

These market leaders focus on strategies such as acquisitions & mergers, innovative product development and partnerships to garner more revenue and sustain market competition. For instance, in November 2019, Thermo Fischer Scientific launched its Ion Torrent Genexus system, a next generation sequencing platform. The system is fully integrated with an automated specimen-to-report workflow that provides result in single day. The launch helped firm to add value to their existing diagnostic portfolio.
 

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