Cancer Diagnostics Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Mounting investments in healthcare infrastructure to offer advanced services will lead to the development of cancer diagnostics techniques. Emerging technologies and offerings along with the streamlining of healthcare processes is likely to boost economical savings in the coming years. Rising cancer prevalence across the world is a prominent driver for the industry.
The World Cancer Report revealed that cancer prevalence may cross 50%, witnessing a spike of 15 million new cancer cases in 2020, resulting in continuous adoption of various cancer diagnostic tests. Reportedly, global cancer diagnostics market could record a yearly evaluation of USD 184.7 billion by 2026.
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In terms of application, the cancer diagnostics industry is categorized into imaging, in situ hybridization, tumor biomarker tests, immunohistochemistry, liquid biopsy, and biopsy. Of these, the biopsy segment held nearly 6% of the overall market share. This is ascribed mainly to the proliferating number of liver, breast and pancreatic cancer cases, especially in emerging economies such as China, Japan and India.
Recent years have seen the emergence of several non-invasive biopsy technologies and procedures that are designed to sustain the health of cancer patients. For instance, a research team from NUS (National University of Singapore) recently developed a new technology, dubbed Sequence-Topology Assembly for Multiplexed Profiling, or STAMP, to more accurately and sensitively identify and classify cancer cells and determine the aggressiveness of the disease, from the least invasive biopsy procedures such as FNA (fine needle aspiration).
Additionally, the increasing use of high precision devices and instruments for skin biopsies is also expected to present opportunities for cancer diagnostics market growth from this segment.
With regards to cancer type, the cancer diagnostics industry outlook is segmented into breast cancer, leukemia, bladder cancer, thyroid cancer, colon and rectal cancer, melanoma, prostate cancer, endometrial cancer, liver-lung cancer, non-Hodgkin lymphoma, kidney cancer, pancreatic cancer, and others.
Among these, the endometrial cancer segment was worth over $4.7 billion in 2019 and is anticipated to witness a similar growth trajectory over the projected timeline. endometrial cancer is a type of oncological disorder that occurs from the lining of the womb or uterus, known as the endometrium, and is among the most commonly occurring types of cancer affecting female reproductive systems. Based on estimates from the American Cancer Society, endometrial cancer represented over 63,230 new cases and almost 11,350 fatalities in the United States, in 2018.
These high statistics have thereby led to a considerable rise in the adoption of diagnostic tests for endometrial cancer, which will in turn augment segmental market trends.
Based on the end-use spectrum, the cancer diagnostics market is bifurcated into cancer research institutes, diagnostic laboratory, diagnostic imaging centers and hospitals. The cancer research institutes segment held a market share of over 6.7% in 2019. These facilities operated predominantly by research scientists that are involved in research efforts and support for pharmaceutical and biopharmaceutical companies in order to develop advanced detection tests. For example, the U.S-based Cancer Research Institute involves over 3,100 scientists working towards developing diagnostic solutions and treatments for cancers.
Asia Pacific cancer diagnostics market is slated to observe a commendable growth trajectory over the estimated timeline. This growth is attributed majorly to the high prevalence of cancer in the region. Furthermore, favorable government initiatives pertaining to early discovery and eradication of contagious diseases will also augment regional industry trends. Additionally, Proliferating patient pools in populous regions such as India and China, due to high vulnerability to various cancer types is anticipated to boost cancer diagnostics market penetration.
Prominent players operating in the cancer diagnostics industry include Siemens Healthineers, Abbott, GE Healthcare, Becton, Janssen Diagnostic LLC, Dickinson and Company, Sysmex Corporation, Biocartis, and among others. These companies are engaged in several strategic activities including business expansions, product launches and partnerships, in order to consolidate their presence and further enhance market dynamics. To illustrate, in January 2020, Roche and Illumina joined hands in a 15-year partnership for genomic testing, in an effort to revolutionize cancer diagnostics. The non-exclusive alliance is aimed at broadening the adoption scope of distributable cancer tests based on NGS (next-generation sequencing).
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Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Cancer diagnostics industry 360° synopsis, 2015-2026
2.1.1. Business trends
2.1.2. Application trends
2.1.3. Cancer type trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Cancer Diagnostics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
188.8.131.52. Rising incidence of cancer globally
184.108.40.206. Several initiatives undertaken by government and other organizations to spread disease awareness
220.127.116.11. Growing number of diagnostic laboratories in developed countries
18.104.22.168. Technological advancements in developed countries
3.3.2. Industry pitfalls & challenges
22.214.171.124. High capital investment coupled with high cost associated with diagnostic imaging system
126.96.36.199. Risk related with high radiation exposure affecting use of CT scanner
3.4. Growth potential analysis
3.4.1. By application
3.4.2. By cancer type
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Competitive landscape
3.7.1. Company matrix analysis, 2019
3.8. PESTEL analysis