The global cancer diagnostics market size is expected to reach USD 249.6 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a 7.0% during the forecast period. Continual introduction of innovative products, coupled with increasing need for early diagnosis of various diseases, is a prime factor driving the market. In addition, rapid growth of the healthcare and diagnostics sector can be attributed to penetration of technologically advanced laboratory systems that have improved oncological screening in yielding accurate outcomes. Rising incidence of cancer is triggering demand for these screening tests and imaging modalities used for monitoring disease progression.
Collaborative and independent
initiatives led by governments and companies are striving to raise cognizance
about the benefits of early cancer diagnosis. In addition, cancer research
organizations, along with public and private entities, are investing heavily on
research projects to launch advanced diagnostic tools in the market, which are
capable of diagnosing the disease much before the symptoms appear.
Furthermore, giant players are
collaborating with governments and other agencies to enhance patient accessibility
to these tests and products. For instance, Illumina, Inc. launched a new
venture called GRAIL with investors, Jeff Bezos and Bill Gates, with an
investment of more than USD 100 million. GRAIL is mainly focused on blood-based
oncological screening for timely diagnosis of the most common tumor types
through simple laboratory tests.
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Further key
findings from the report suggest:
- Rapid adoption of technology
and escalating need for early diagnosis is augmenting the growth of
imaging systems. Thus, the segment is expected to exhibit the fastest CAGR
at 8.0% during the forecast period
- The breast cancer segment
accounted for the largest share based on application due to high incidence
rate of breast cancer triggering the need for its early diagnosis
- In 2018, North America
dominated the global space with the largest revenue share of 42.0%.
Focused research efforts in oncology for development of early tumor
detection tools, coupled with grants from government healthcare agencies, are
contributing to a strong medical ecosystem to fight cancer in this region
- Asia Pacific is expected to
emerge as the fastest growing region during the forecast period. Favorable
regulatory framework and growing patient pool in India, China, and Japan
due to support in diagnostic process at comparatively lower prices are
some of the factors boosting the market growth in this region
- Major players competing in
this market include GE Healthcare; Abbott; Hoffmann-La Roche Ltd.; and
Siemens Healthcare GmbH. Other prominent players include but are not
limited to Becton Dickinson & Company; Illumina, Inc.; Koninklijke
Philips N.V.; and Hologic, Inc.
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Grand View Research has segmented
the global cancer diagnostics market on the basis of type, application, and
region:
Cancer Diagnostics
Type Outlook (Revenue, USD Billion, 2014 - 2026)
- Laboratory Tests
- Genetic Tests
- Imaging
- Endoscopy
- Biopsy
- Others (barium enema)
Cancer
Diagnostics Application Outlook (Revenue, USD Billion, 2014 - 2026)
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Blood Cancer
- Kidney Cancer
- Liver Cancer
- Pancreatic Cancer
- Ovarian Cancer
- Others
Cancer
Diagnostics Regional Outlook (Revenue, USD Billion, 2014 - 2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Asia Pacific
- Japan
- China
- India
- Thailand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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