The latest research study “Cancer Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global cancer diagnostics market size reached US$ 174.22 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 252.35 Billion by 2027, exhibiting a growth rate (CAGR) of 6.15% during 2022-2027.
Cancer diagnostics represents a field of procedures and assessments executed using sophisticated technologies to identify proteins, tumor type, biomarkers, location, and signs about the stage and presence of various cancerous tumors. They contain laboratory tests, immunohistochemistry genetic testing, imaging, biopsy, and endoscopic examination as standard assessments. Cancer diagnostics methodologies are conducted based on the patient condition and severity of disorders. These procedures are mainly available in fluorescent in situ and comparative genomic hybridization technologies. In addition, cancer diagnostics aid healthcare practitioners in evaluating specific antigens in a sample tissue by using antibodies, developing a personalized treatment plan, and providing satisfactory clinical outcomes through early diagnosis and care. As a result, these assessments find widespread applications in hospitals and laboratories to examine lung, breast, melanoma, and colorectal cancer.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Cancer Diagnostics Market Trends and Drivers:
The escalating prevalence of cancer, owing to the rising consumption of alcoholic beverages and tobacco-based products, and the elevating need for preventive, diagnostic technologies for adequate therapeutic effects are among the primary factors driving the cancer diagnostics market. Besides this, various advancements in the healthcare sector and the introduction of progressive oncological imaging modalities and imaging technologies to detect infections with enhanced accuracy are further augmenting the market growth. Moreover, the increasing investments by pharmaceutical companies to engineer cancer vaccines and novel biomarkers for identifying potential tumors are also catalyzing the global market. Apart from this, the launch of several policies by the government bodies to create awareness among the masses toward the benefits of early cancer diagnosis, such as instant decision-making and consequent treatment, is acting as another significant growth-inducing factor. Furthermore, the development of effective product variants with reduced treatment, hospitalization, and unavoidable intervention costs is expected to bolster the cancer diagnostics market in the coming years.
Cancer Diagnostics Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Company, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG (Roche Holding AG), GE HealthCare (General Electric Company), Hologic Inc., Illumina Inc., Koninklijke Philips N.V., Pfizer Inc., Qiagen N.V, Quest Diagnostics, Siemens Healthineers AG (Siemens AG) and Thermo Fisher Scientific Inc.
The report has been segmented the market into following categories:
Breakup by Product:
- Kits and Reagents
- Pathology-based Instruments
- Imaging Instruments
- Biopsy Instruments
Breakup by Technology:
- IVD Testing
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Next-generation Sequencing (NGS)
- Flow Cytometry
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography (PET)
- Biopsy Technique
Breakup by Application:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
Breakup by End User:
- Hospitals and Clinics
- Diagnostic Laboratories
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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