Cancer Diagnostics Market Size to Reach USD 280,590.21 Million by 2028 at a CAGR of 6.9% | Valuates Reports

BANGALORE, India, Jan. 31, 2022 The Global Cancer Diagnostics Market is Segmented by Product (Consumables and Instruments), Application (Breast Cancer, Breast Cancer, Lung Cancer, Blood Cancer, Colorectal Cancer, Skin Cancer, Ovarian Cancer, Prostate Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Cervical Cancer, and Others), and End Use (Hospitals & Clinics, Diagnostic Laboratories, Diagnostic Centers, and Research Institutes): Opportunity Analysis and Industry Forecast, 2021–2028. It is published in Valuates Reports under the Health Category.

The global cancer diagnostics market size was valued at USD 168,600.04 Million in 2020 and is projected to reach USD 280,590.21 Million by 2028, registering a CAGR of 6.9% from 2021 to 2028.

Major factors driving the growth of the cancer diagnostics market are:

The cancer diagnostics market will grow due to an increase in the incidence and prevalence of various types of cancer, such as breast cancer and lung cancer, over the forecast period. Furthermore, during the forecast period, the cancer diagnostics industry will benefit from a surge in technological advancements that aid in better imaging of cancerous cells, improvements in equipment to identify the type of cancer, and an increase in the efficiency of the results.

Increased government initiatives and other private organizations aimed at raising awareness about early cancer detection and prevention are expected to drive market growth in the coming years. Furthermore, in the coming years, the cancer diagnostics market is expected to be driven by an increase in the number of diagnostics laboratories in developed countries.

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TRENDS INFLUENCING THE GROWTH OF THE CANCER DIAGNOSTICS MARKET:

Globally, the adoption of a sedentary lifestyle involving relatively little physical activity has increased the number of cancer cases. This, in turn, is expected to propel the cancer diagnostics market forward. Furthermore, governments in developed countries and primary care doctors are recommending cancer screening tests for patients in an effort to detect cancer in its early stages and reduce mortality rates. The cancer diagnostics market is expected to grow as a result of these factors.

Imaging diagnostics have gained popularity over other diagnostic tests due to their non-invasive nature. Furthermore, as technology advances, new modalities and combinations of modalities that provide improved imaging are becoming more widely used around the world. This is expected to fuel the growth of the cancer diagnostics market.

The cost of imaging cancer diagnostics has risen due to the rising demand for cancer diagnostic tests and technological advancements that provide faster results and greater accuracy. However, it has been observed that several cancer diagnostic services are not fully covered by insurance in several countries. This could hamper the cancer diagnostics market growth over the forecast period.

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CANCER DIAGNOSTICS MARKET SHARE ANALYSIS

Based on product, the consumables segment is expected to hold the largest market share during the forecast period. Increased adoption of consumables for cancer diagnostics, an increase in cancer prevalence, an increase in R&D investment, an increase in the geriatric population, the introduction of technologically advanced products, and an increase in the launch of new & advanced kits and reagents are all driving the segments growth.

Based on application, the breast cancer segment is expected to hold the largest market share due to an increase in the number of women under the age of 50 and an increase in the population of women aged 50 to 74.

Based on end-users, the hospitals & clinics segment is expected to hold the largest market share.

The major driving factors for this segment are an increase in the number of patients visiting hospitals, an increase in the number of in-house diagnostic procedures performed in hospitals, and an increase in awareness about early diagnosis.

Based on region, North America is expected to hold the largest market share during the forecast period.

Key Market Players:

• Abbott Laboratories
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc.
• Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
• Danaher Corporation (GE Healthcare)
• Hologic, Inc.
• Koninklijke Philips N.V. (Philips Healthcare)
• Qiagen N.V.
• Siemens Healthcare GmbH
• Thermo Fisher Scientific Inc.

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SIMILAR REPORTS:

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