The Global Cancer Diagnostics Market is expected to reach $13.1 Billion, at a CAGR of 12.9%
Technological advancements in various fields such as biomarkers, imaging, biopsy, endoscopy; growing number of cancer cases, rapidly rise in geriatric population, awareness initiatives by governments, and increasing government funding are major factors driving the market growth.
However, high capital investment and low benefit-cost ratio of biomarkers and dearth of skilled professionals pose restraints to the growth of this market. Improving healthcare infrastructure in emerging countries and growing demand of companion diagnostics offer growth opportunities for this market.
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Cancer Diagnostics Market segmentation:
• based on technology.
• based on application.
• based on regions.
The instrument-based segment is expected to account for a major share of this market. The platform-based technology is further segmented into next-generation sequencing, microarrays, PCR, flow cytometry, in situ hybridization, immunohistochemistry, and others. Instrument-based cancer diagnostics is further segmented into imaging systems and biopsy.
Cancer Diagnostics Market Key Drivers:
• Rising Prevalence of Cancer
• Technological Advancements
• Initiatives Undertaken by Governments and Global Health Organizations to Spread Awareness About Cancer
• Growth in the Number of Private Diagnostic Centers
• Launch of New Flow Cytometry Reagents for Diagnostics and Drug Discovery
Cancer Diagnostics Market Opportunities:
• Personalized Medicine
• Development of Mass Cytometry and the Combination of Cell-And Bead-Based Flow Cytometry Technologies
• Companion Diagnostics
• Improving Healthcare Infrastructure in Emerging Markets
• Miniaturized and Technologically Advanced Devices
The Major Players Operating in the Cancer Diagnostics Market:
Some of the major players in the Global Market include Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Becton, Dickinson and Company (U.S.), GE Healthcare (U.K.), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (U.S.), Roche Diagnostics (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (U.K.), and C.R. Bard, Inc. (U.S.), among others.
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Geographical Detailed Analysis for Cancer Diagnostics Market:
Based on region, the market is divided into North America, Europe, Asia, and Rest of the World (Row). Rest of the World comprises Latin America, Pacific countries, and Middle East and Africa. North America is expected to account for the largest share in the market, followed by Europe and Asia.
However, the Asian market is slated to grow at the highest CAGR in the coming five years and serves as a revenue pocket for the companies operating in the market.