Cancer Diagnostics Technologies Market Size And Forecast

Cancer Diagnostics Technologies Market size was valued at USD 17.91 Billion in 2020 and is projected to reach USD 51.6 Billion by 2028, growing at a CAGR of 13.9% from 2021 to 2028.

The rapid rise in technological development, as well as its early detection of disease, drives the growth of the Cancer Diagnostics Technologies Market. The growth of various awareness programs by promoting routine checkups for patients will fuel the market growth. The Global Cancer Diagnostics Technologies Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Cancer Diagnostics Technologies Market Definition

Cancer is one of the most common widespread diseases in the world. Cancer deaths are prevented and controlled with proper and prior diagnosis. A cancer diagnosis is defined as the identification of cancer in patients who have developed the symptoms of the disease. Early diagnosis of this results in ineffective treatment and ensures the surviving chances of the patient. A cancer diagnosis always begins with a physical examination. Therefore, different tests and procedures are conducted for the prediction stage of the disease and progression to spot the sort, size, and site of the tumor. The rising prevalence of cancers has necessitated innovation in cancer diagnostics. The global market is set to grow at a faster pace over the forecast period.

The use of advanced technologies such as liquid biopsy for breast cancer, prostate cancer, and lung cancer diagnosis and treatment may result in favorable therapeutic outcomes. Furthermore, the increasing advancements in imaging technologies for early-stage diagnosis of cancer may boost the market for cancer diagnostics. Cancer diagnostics is the process of detecting various biomarkers, proteins, and certain symptoms that result in the detection of the presence of cancerous tumors in the patients. The detection of certain biomarkers and proteins that are prevalent in cancer disorders results in the diagnosis process. The process of detecting cancer includes the use of certain technology and devices that are used in its diagnosis. The rising technological advancements are the vital factor escalating the market growth.

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Increase in the initiatives that are taken by the governments and the global health organizations to spread awareness about cancer, rising in the number of private diagnostic centers, increasing public-private partnerships to enhance the infrastructure of diagnostic imaging centers, FDA support for biomarker development, the launch of new flow cytometry reagents for diagnostics and drug discovery are the factors that drive the Global Cancer Diagnostics Technologies Market. Moreover, rising personalized medicine, increasing development of mass cytometry, the combination of cell-and bead-based flow cytometry technologies, improving healthcare infrastructure in emerging markets, and rising miniaturized and technologically advanced devices create new opportunities for the cancer diagnostics market in the forecasted period.

Global Cancer Diagnostics Technologies Market Overview

Cancer is one of the leading causes of death across the planet, and the prevalence of the disease is escalating at an alarming rate. Therefore, healthcare professionals specialize in the development of effective diagnostic and treatment solutions to check the prevalence level of disease that drives the growth of this market. Early detection increases the success rate of treatment regimens. Through various awareness programs, healthcare agencies and market players are promoting routine check-ups. The growing prevalence of oncologic cases, constant technological advancements in diagnostics, and increasing demand for effective screening tests are a number of the prime factors spurring demand for screening tools and techniques across the planet.

Rising awareness and supportive government initiatives are the additional factors anticipated to increase the market growth during the forecast period. Improving healthcare infrastructure in emerging countries and the growing demand for companion diagnostics further offer growth opportunities for the global market. High capital investment, the low benefit-cost ratio of biomarkers, and the dearth of skilled professionals are restraints to the growth of this market. Although various screening procedures, such as lab tests, imaging, and endoscopy, enable disease detection at an early stage, certain risk factors are posed by medical imaging. These include excessive radiation exposure and administration of fluorescent and barium contrast media in imaging and endoscopic procedures that cause several adverse effects such as nausea and diarrhea.

In addition, the cost entailed in performing diagnosis is relatively high. Thus, the untoward effects associated with imaging solutions and the high costs of diagnosis are anticipated to hinder the market growth. Increasing patient acceptance for non-invasive tests & hospital laboratory needs presents several growth opportunities for developers and manufacturers of cancer diagnostic tests. Due to healthcare cost containment in the majority of markets, hospital-based laboratories are facing pressure to supply more services at a low cost. Healthcare facilities are facing challenges related to the increasing aging population and a rising prevalence of chronic diseases.

Global Cancer Diagnostics Technologies Market: Segmentation Analysis

The Global Cancer Diagnostics Technologies Market is segmented on the basis of Diagnostic Type, Cancer Type, And Geography.

Cancer Diagnostics Technologies Market, By Diagnostic Type

• Biopsy and Cytology Tests
• Diagnostic Imaging Tests
• Endoscopy
• Genetic Tests
• Others

Based on Diagnostic Type, The market is bifurcated into Biopsy and Cytology Tests, Diagnostic Imaging Tests, Endoscopy, Genetic Tests, and Others. Diagnostic Imaging Tests hold the largest market share.

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Cancer Diagnostics Technologies Market, By Cancer Type

• Breast Cancer
• Leukemia
• Pancreatic Cancer
• Prostate Cancer
• Colon and Rectal Cancer
• Others

Based on Cancer Type, The market is bifurcated into Breast Cancer, Leukemia, Pancreatic Cancer, Prostate Cancer, Colon and Rectal Cancer, and Others. Breast Cancer accounts for the largest market share of the Cancer Diagnostics Technologies Market.

Cancer Diagnostics Technologies Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, The Global Cancer Diagnostics Technologies Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is dominating the market of Cancer Diagnostics Technologies.

Key Players

The “Global Cancer Diagnostics Technologies Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Becton, Dickinson and Company (U.S.), GE Healthcare (U.K.), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (U.S.), Roche Diagnostics (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (U.K.), C.R. Bard, Inc. (U.S.), F. Hoffman-La Roche Ltd. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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