Global Cancer Diagnostics Market Thriving - Projected to reach USD 31.8 billion by 2027

Published | 24 June 2021

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global cancer diagnostics market was worth USD 15.4 billion in the year 2020. The market is estimated to grow at a CAGR of 11.0%, earning revenue of around USD 31.8 billion by the end of 2027. The global cancer diagnostics market is growing owing to several factors. For example, oncology diagnostics are gaining popularity as new technologies emerge, such as fluid biopsy procedures. Fluid biopsy detects the presence of cancer growth using a variety of markers found in the cancer patient's blood, spit, or pee. Furthermore, the fluid biopsy is noninvasive, which boosts the patient's willingness to undergo the diagnostic procedure.

Technological breakthroughs in target infection screening tests are likely to have a significant impact on the growth of the disease diagnostics market. The growing number of diagnostic and research labs in developing countries will also accelerate the growth of the cancer diagnostics industry.

Rising Adoption of Cancer Diagnostic Techniques in The Emerging Economies

Emerging economies with huge populations, such as India and China, have a high prevalence of cancer. As a result, these countries are focusing on establishing cancer diagnostic facilities to aid in the treatment of these diseases, which are becoming more prevalent. This is projected to propel significant market growth for cancer diagnostic equipment. Furthermore, the governments of these nations are launching several initiatives aimed at raising cancer awareness and promoting cancer detection, which will help to drive the cancer diagnostics market even further.

Diagnostic Imaging Test Segment Holds a Major Share in the Global Cancer Diagnostics Market

The most normally utilized screening test for cancer is diagnostic imaging tests. Imaging (Radiology) Tests for Cancer, CT Scans, MRI, Nuclear Medicine Scans, Ultrasound, Mammograms, X-beams, and other Radiographic Tests are some of the treatment technologies used for cancer detection. The growing awareness of the preliminary phase of cancer growth, the increasing incidence of various types of diseases, and the rising government efforts and support are all factors contributing to the growth of this sector. Mammograms are the most widely utilized as a screening method for early breast cancer detection. Technological developments are one of the primary elements driving the growth and use of digital mammography equipment.

Hospital Segment is Thriving in the Global Cancer Diagnostics Market

Based on end-users, the global cancer diagnostics market is categorized into hospitals, imaging centers, diagnostic laboratories, and cancer research institutes. The hospital sector has the biggest market share because, as compared to other end-users, the number of patients visiting hospitals for cancer diagnostics is very high. The early detection of diagnosis plays a very crucial role in the treatment of cancer and hospitals offer both diagnosis and in-house treatment of cancer, due to which this segment is presently expanding and is likely to maintain its dominance even during the forecast period.

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North America Dominates the Global Cancer Diagnostics Market

Geographically, the global cancer diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America holds the largest market share. With the rising prevalence of cancer in North America, interest in early diagnosis and therapy will grow in the coming years. The availability of precise and delicate cancer screening and diagnostics in the region would also boost the market growth. Similarly, many government authorities are sponsoring Cervical Cancer Early Detection Programs, which are aiding the growth of the cancer diagnostics market in North America. Furthermore, the growing number of mammography units in hospitals and diagnostic centers is also boosting the market growth. The availability of tailored breast cancer screening programs will also provide a significant boost to the growth of the cancer diagnostics market in the United States in the coming years.

Impact of COVID-19 on Global Cancer Diagnostics Market

Initially, the global cancer diagnostics industry was negatively impacted by COVID-19. Because the healthcare industry's entire focus was on controlling the huge spike of COVID-19 affected patients, the market had to witness a precipitous drop. However, the situation did not remain the same for a long time and the market regained its momentum very soon. This is because the early diagnosis of cancer is very crucial for controlling the severity of the disease. Therefore, since a cancer diagnosis could not be put on hold for a long time, the demand for cancer diagnosis equipment flourished again.

Global Cancer Diagnostics Market is Dominated by Global Players

The leading market players in the global cancer diagnostics market are GE Healthcare, Hologic, Inc., Janssen Diagnostics, LLC, Myriad Genetics, Inc., Qiagen N.V., Roche Diagnostics, Siemens Healthineers, Sysmex Corporation, Thermo Fisher Scientific, Inc., AB SCIEX, Agilent Technologies Inc., Abbott Laboratories, Becton, Dickinson, and Company (BD), Biocartis SA, Biocare Medical, LLC, bioMérieux SA, Bio-Rad Laboratories, Inc., Cancer Genetics, Inc., Danaher Corporation, and other prominent players.

The market has a high concentration of global players who account for a large portion of the market. The supremacy of these players can be attributed to the extensive research and development they undertake, as well as the fact that they offer a technologically advanced and diverse range of products. Furthermore, the use of competitive market strategies such as partnerships, mergers, acquisitions, and joint ventures is also very prominent in this market.

Don’t miss the business opportunity of the global cancer diagnostics market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global cancer diagnostics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global cancer diagnostics market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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