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The latest market report published by Acute Market Reports, “Cancer Diagnostics Market By Test Type (Digital Pathology, Genomic Testing, Cancer Biomarker Tests, Imaging, Endoscopy, Biopsy, Others), By Disease Condition (Breast Cancer, Lung Cancer, Prostate Cancer, Blood Cancer, Colorectal Cancer, Ovarian Cancer, Liver Cancer, Other Cancers) – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” The worldwide market for cancer diagnostics is expected to achieve US$ 115.3 billion in 2026, increasing to CAGR by 6.1 per cent from 2018 to 2026.
Browse the full report at https://www.acutemarketreports.com/report/cancer-diagnostics-market
Market Insights
Cancer diagnostics pave the way for understanding the development of the disease and how therapeutic therapy can counteract the disease. The discovery of novel cancer diagnostic methods is growing at an unparalleled pace owing to investments in molecular biology and genomics. The burgeoning incidence of cancer worldwide is anticipated to promote an increase in demand for the cancer diagnostics industry during the forecast period. Cancer says one in six lives worldwide, accounting for more fatalities than tuberculosis, AIDS and malaria combined. According to the International Agency for Cancer Research (IARC), there were 14.8 million fresh instances of cancer and 8.8 million cancer fatalities globally in 2015. This number is expected to increase to 21,7 million fresh instances and 13 million cancer fatalities by 2030 due to an increasing geriatric population. Growing awareness of early diagnosis of cancer in advanced and developing nations is a key factor in the development of the cancer diagnostics industry. This awareness is backed by favorable public policies to encourage cancer testing, enhanced oncology research and development and simple accessibility of point-of-care diagnostic kits are driving the cancer diagnostics industry further. A number of biopharmaceutical firms are developing novel diagnostic techniques that are extremely precise and pocket-friendly. The number of health-conscious individuals in developed countries opts for early-stage cancer trials and the potential for oncogenic mutations to take previous action in cancer prevention. These variables will contribute to the development of the cancer diagnostics industry in the 2018-2026 forecast period.
In terms of disease conditions, breast cancer has had the largest share in the global market for cancer diagnostics. Breast cancer remains the most common form of cancer in women worldwide, with more than 2 million new cases diagnosed in 2018. European nations such as Belgium and Luxembourg have the largest rates of breast cancer owing to a high rate of diagnosis and a high level of consciousness among individuals. Breast cancer incidence and incidence is high in North America and is increasing at an alarming pace in Asia Pacific. Breast cancer has been liable for 252,710 fresh instances in 2017. Moreover, it is estimated that 1 in 8 females in the United States is at danger of developing breast cancer during their lifetime. There has been an increase in the incidence of breast cancer in China over the last two decades, with an increase of 3.5 per cent per year between 2000 and 2014. This factor will drive the development of the cancer diagnostics industry during the forecast period.
In terms of geography, North America dominated the global cancer diagnostics market owing to domicile of number of biopharmaceutical companies developing diagnostic kits for early cancer detection. Highly efficient reimbursement scenario in the United States have felicitated the rise in the number of people opting for cancer diagnostic testing at an early stages. Number of clinical laboratories and genomic companies providing cancer detection tests at low cost would further drive the adoption of cancer diagnostics; thereby driving the cancer diagnostics market. Asia Pacific expected to show fastest growth rate during the forecast period owing to growing cancer prevalence in the region, developing healthcare facilities to cater the unmet needs of the target population. Growing medical tourism in the region has urged the provision of sophisticated cancer treatment in the region. The prominent players participating in the cancer diagnostics market include Abbott Laboratories, Qiagen, F. Hoffman-La Roche, Alere, Inc., GE Healthcare, Siemens Healthineers, Agilent Technologies, among others.
Key Market Movements:
- Growing prevalence of cancer globally
- Growing research & development for early cancer detection and rising awareness among the masses
- Number of biopharmaceutical companies coming up with novel diagnostic technique for cancer detection
- Favorable government initiative in developed and developing countries to tackle the ever growing burden of cancer
By Test Type (2016–2026; US$ Bn)
- Digital Pathology
- Genomic Testing
- Cancer Biomarker Tests
- Circulating Tumor Cells (CTC) Tests
- Prostate Specific Antigen Tests
- Alpha-Fetoprotein (AFP) Test
- Cancer Antigen Tests (CA 19-9 Test, CA 125 Test)
- EGFR Mutation Tests
- HER2 Test
- BRCA Test
- Others (KRAS Mutation Tests, ALK Test and CEA Tests)
- Imaging
- Positron Emission Tomography (PET) Scan
- Magnetic Resonance Imaging (MRI) Scan
- Computed Tomography (CT) Scan
- Mammography
- Ultrasound
- Endoscopy
- Biopsy
- Others (Barium Enema, Bone Scan)
By Disease Condition (2016–2026; US$ Bn)
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Blood Cancer
- Colorectal Cancer
- Ovarian Cancer
- Liver Cancer
- Other Cancers (Skin Cancer, Kidney Cancer, Cervical Cancer)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
