Cancer Diagnostics Market Overview:
The cancer diagnostics market is expected to be valued at USD 163,000 million by 2025 with a CAGR of 8.9% during the forecast period (2019-2025). Market Research Future (MRFR) made several revelations regarding factors that can improve the market’s growth patterns.
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These factors are growing technological advancement, better funding for research and development, hike in awareness level, various government initiatives to build the awareness level, and others. Hospitals and diagnostic centers are also triggering the demand for the same by providing better structural setup. However, its high cost and poor reimbursement schemes can hold back the cancer diagnostics market growth.
Cancer Diagnostics Market Segmentation:
The global market for cancer diagnostics Market has been segmented on the basis of type, application, and end user. The report has valuable insights into these segments, which could be used later to develop advanced strategies and ensure a hike in profit margin.
By type, the market for cancer diagnostics can be segmented into biomarkers testing, imaging testing, biopsy, in vitro diagnostic testing, and others. The imaging testing segment includes computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET). The biomarker testing relies on molecules secreted by a tumor or it tracks a specific response from various body parts to identify cancer. Imaging testing is mainly needed in the early stages to identify cancerous growth. Biopsy has substantial market growth as it is needed to be certain whether the tumor is cancerous or not. The process includes the removal of tissue from the area and a detailed analysis of it. The in-vitro diagnostics segment is also expected to fetch revenues substantially as it depends much on blood and tissue collection.
By application, the market report contains segments like breast cancer, lung cancer, melanoma cancer, colorectal cancer, liver cancer, prostate cancer, and others. Breast cancer is more common in women but, in recent times, men are also getting diagnosed with it. The American Cancer Society identifies that in the US around 234,030 new lung cancer cases have been registered in 2018. Melanoma cancer is just 1% of all the skin cancer types but it is the deadliest. The colorectal cancer is the third most common cancer type in the US, as per the reports of cancer.org (skin cancer excluded). Liver cancer is more common in lesser developed countries. World Cancer Research Fund identifies that in 2018, 1.3 million new prostate cancer cases were registered.
Cancer Diagnostics Market Regional Analysis:
The Americas would take the lead of the global cancer diagnostics market. Structural and financial benefits would simplify the integration of cancer diagnostics procedures. This is due to the presence of countries like the US and Canada where growth gets backed by research funding. In Europe, similar scenarios would help market growth. Better technologies and a hike in awareness are going to influence the market outcome.
The Asia Pacific market would be the fastest-growing as the emerging countries are spending much to develop their healthcare sector.
Cancer Diagnostics Market Studied by Competitive Analysis:
The global report on the cancer diagnostics market would include various companies like Arquer Diagnostics Ltd, Exact Sciences Corporation, Biotheranostics, Cancer Diagnostics, Inc., BioMark Diagnostics Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Becton, Dickinson and Company (BD), Illumina, Inc., Siemens Healthcare, QIAGEN N.V., GE Healthcare, Roche Diagnostics, Abbott Laboratories, Inc., and Koninklijke Philips N.V., Inc.
Industry News:
In February 2020, researchers from the John Hopkins School of Medicine developed a new strategy where they used CRISPR-Cas9 gene-editing technology a nanowire sequencing technology to initiate better cancer diagnostic procedures.
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