NEW YORK, Nov. 30, 2021 /PRNewswire/ -- According to the latest trending report published by Growth Plus Reports Titled "Cancer Diagnostics Market by Type, Application – Global Outlook & Forecast 2021-2031" The global Cancer Diagnostic Market is expected to clock US$ ~317.9 billion by 2031 owing to the rising prevalence of cancer, increasing demand for imaging modalities, and increasing private-public funding and investments.
The prevalence of cancer is growing and so is the demand for diagnosis of cancer. Companies in the market have been continuously focused on developing advanced tests that can be used for diagnosis of various types of cancers.
For instance, in February 2021, Guardant Health launched Guardant Reveal blood-only liquid biopsy test for the detection of residual and recurrent disease from a simple blood draw and recurrence monitoring in patients with early-stage colorectal cancer.
The test can help detecting circulating tumor DNA (ctDNA) in blood after surgery to identify patients with residual disease. Such advanced product launches are anticipated to propel the growth of the cancer diagnostic market.
The global cancer diagnostic market has been analyzed from three perspectives: Type, Application, and Region.
Based on type, the cancer diagnostic market has been segmented into tumor biomarker testing, imaging, biopsy, endoscopy, and others. Imaging segment is further bifurcated into magnetic resonance imaging (MRI), computed tomography (CT), mammography, ultrasound, others (PET, SPECT, etc.). Imaging segment held the largest share of the cancer diagnostics market in 2020. The large share of this segment can be attributed to several factors including rising cancer prevalence, high usage of imaging modalities for detecting cancers, technological advancements, and growing demand for minimally invasive solutions.
Excerpts from 'By Region Segmentation'
Regionally, the global cancer diagnostic market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest share of the global cancer diagnostic market in 2020. Factors attributing to the growth of this segment include the rising geriatric population, growing number of cancer cases, increasing private-public funding, and developed healthcare infrastructure. Moreover, greater awareness for early detection of cancer among people is an important factor that has led to better adoption of cancer diagnostics in the region.
Excerpts from 'Competitive Landscape'
Some of the prominent players operating in the global cancer diagnostic market include
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