Cancer diagnostics market estimated to be $311.1 billion by 2027

Cancer diagnostics market estimated to be $311.1 billion by 2027
Cancer diagnostics market estimated to be $311.1 billion by 2027

 

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Cancer Diagnostics Market

Transparency Market Research (TMR) has released a new report titled “Cancer Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027”. According to the report, the global cancer diagnostics market was valued at $146.2 billion in 2018 and is expected to grow at a CAGR of 8.8% from 2019 to 2027.

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Overview
• Cancer is a complex and potentially fatal disease caused primarily by environmental factors resulting in gene mutations affecting critical cell regulatory proteins. Such changes cause aberrant cell behavior leading to uncontrolled proliferation of cells (tumor formation) and subsequent destruction of surrounding normal tissues. Tumors are benign or malignant. Benign tumors are slow-growing tumors and do not invade other tissues, while the malignant tumors are characterized by rapid growth, invasiveness and the potential to colonize in distant organs. Global cancer prevalence rates are rising sharply due to factors such as changing lifestyles and an aging population.
• North America dominated the global cancer diagnostics market in 2018 and this trend is expected to continue over the forecast period. Primary factors contributing to the growth of the cancer diagnostic test market in North America are the increasing use of preventive diagnostic techniques and increasing government cancer awareness initiatives. In addition, the high prevalence and incidence of cancer, especially lung, breast and prostate cancer, among the population is driving the growth of the market.
• Asia-Pacific is likely to be a highly lucrative market for cancer diagnostics and is expected to grow at a high CAGR over the forecast period due to factors such as a highly untapped market, improving health care spending and increasing cancer education programs through government as well as private sector.

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Cancer Incidence Rising and Cancer Awareness Programs by Governments to Boost Market
• Cancer has a major impact on society around the world. It is one of the leading causes of death around the world and is more common in developed and emerging markets.
• More than 1.7 million new cancer cases are expected to be diagnosed in the US in 2019, according to data from the American Cancer Society. disease were reported in Europe in 2018.
• To reduce mortality and morbidity, governments in developed and developing countries are conducting awareness campaigns to encourage people to choose early cancer diagnosis. This, in turn, is expected to drive the growth of the cancer diagnostics market over the forecast period. For example, Public Health England, an executive agency of the Department of Health in the UK, launched the “Be Clear on Cancer” campaign to improve early cancer diagnosis by raising public awareness
Image segment to dominate market
• Based on methodologies, the global cancer diagnostics market is divided into biopsy, endoscopy, imaging and tumor biomarker tests. Tumor Biomarker Tests is further divided into PSA Tests, CTC Tests, AFP Tests, CA 19-9, CA 125, EGFR, HER2, CEA, BRCA, KRAS, ALK. Imaging can be further divided into MRI scan, PET scan, CT scan, mammography, ultrasound. Endoscopy is segmented into bronchoscopy, colonoscopy, sigmoidoscopy, colposcopy, and others. Biopsy is further segmented into bone marrow biopsy, needle biopsy and endoscopic biopsy.
• The non-invasive features of imaging diagnostics have made it popular over other diagnostic tests. Moreover, with the advancement of technology, new modalities and combinations of modalities that provide enhanced imaging are increasingly used around the world. Imaging diagnostics is expected to continue its dominance in cancer diagnostics over the forecast period due to increased cancer prevalence

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Breast cancer as a very lucrative segment
• In terms of application, the global cancer diagnostics market is classified into blood cancer, breast cancer, colon cancer, kidney cancer, liver cancer, lung cancer, ovarian cancer, pancreatic cancer, prostate cancer.
• Lung cancer segment dominated the cancer diagnostics market, but the breast cancer segment is expected to grow at the highest CAGR over the forecast period. The rising prevalence of breast cancer in women around the world, particularly in Asia-Pacific, is expected to boost the breast cancer diagnostics market.
North America dominates the global market
• By region, the global cancer diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominated the global cancer diagnostics market in 2018, followed by Europe.
• North America accounted for a large share of the global cancer diagnostics market in 2018. This is attributed to the established health care infrastructure coupled with an efficient reimbursement system and the increasing prevalence of cancer in the country. According to the American Cancer Society, an estimated 1.8 million new cancers will be diagnosed in 2020 and 606,520 cancer deaths in the United States. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is expected to increase to 22.2 million by 2030.
• The cancer diagnostics market in Asia-Pacific is expected to grow at a high CAGR from 2019 to 2027. This is attributed to the improvement of healthcare infrastructure, increasing awareness about cancer diagnosis in humans and growing demand for technologically advanced products in the country . In addition, companies collaborate with research institutes and hospitals to develop and commercialize testicles for the diagnosis of cancer. In May 2015, Datar Genetics Limited, in India, entered into a strategic partnership with Apollo Hospitals Educational and Research Foundation (AHERF) to detect glioblastoma (GBM) through exosome-based diagnostics. This collaboration provides clinicians with a non-invasive tool for prognosis, diagnosis, cancer recurrence, and therapy monitoring for brain tumors.

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Competitive landscape
• The global cancer diagnostics market is fragmented in number of players. Major players in the global market include Abbott, Ambry Genetics, AstraZeneca plc, bioMeriux SA, Eli Lilly and Company, Genoptix, Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Pfizer, Inc.

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