Global Cancer Diagnostics Market is expected to reach USD 40.10 billion by 2024 from USD 16.55 billion in 2016, at a CAGR of 11.7% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Cancer Diagnostics Market: Key Points
• Next Generation Sequencing (NGS) market is growing with the highest CAGR.
• Globally biopsy is driving the market with the highest market share.
• Magnetic Resonance Imaging (MRI) is dominating the cancer diagnostics imaging market.
GE Healthcare is going to dominate the cancer diagnostics market, by imagingbased, following with Siemens Healthcare GmbH along with others such as Hologic, Inc, Becton, Dickinson and Company. Thermo Fisher Scientific, Inc. is going to dominate the cancer diagnostics market, by platform based, following with Illumina, Inc. along with others such as Roche Diagnostics, Abbott, and QIAGEN.
Cancer Diagnostics Market: Key Drivers
• Stringent regulations imposed by the international and local authorities and shortage of the skilled and trained professionals are the factors which may hinder the growth of this market.
• Many companies are increasingly focusing on Next Generation Sequencing (NGS) and biopsy products in order to strengthen their product portfolios in the cancer diagnostics market.
• Increasing demand for Magnetic Resonance Imaging (MRI) and Next Generation Sequencing (NGS) will drive the market in future.
Some of the major factors driving the market for cancer diagnostics market are growing aging population worldwide, government initiatives for funding, and awareness about cancer. These factors increase the demand for cancer diagnostics products. Increasing prevalence of cancer, key players focusing are on strategic decisions and technological advancements are the major factors driving the growth of the cancer diagnostics market.
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Cancer Diagnostics Market: Market Segmentation
• The global cancer diagnostics market is segmented on the basis of technology, application, and geography. The global cancer diagnostics market is segmented into two types, platform based and instrument based. In 2017, the cancer diagnostics instrument based segment is expected to dominate the market with a share of 68.8% and is expected to continue this trend till 2024.
• Cancer diagnostics platform based market is segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohisto chemistry (IHC), next generation sequencing (NGS), DNA microarrays, flow cytometry and others. Cancer Diagnostics instrument based market is segmented into imaging and biopsy. Imaging is further segmented into magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography- computed tomography (PET-CT), mammography, and ultrasound.
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