Hospital Cancer Diagnostics Market Expected to Be Biggest Emerging Market by 2024

Hospital Cancer Diagnostics Market: Overview

Cancer is an acute disease caused by genetic malfunctions. Early diagnosis of cancer is very critical for providing accurate and effective treatment. A patient is subjected to variety of tests and exams in hospital as well as in the laboratories. Pap test was the first screening test used for detection of cancer which was promoted in the 1960s by the American Cancer Society. Significance of this test was that it helped in early diagnosis and treatment of cervical cancer leading to decline in death rate of cervical cancer patients by about 70%.

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In recent years, cancer diagnostics have evolved rapidly with introduction of new technologies and applications. Today several types of cancers are diagnosed using wide array of methods. The global market for hospital cancer diagnostics is expanding at exponential rate due to rising prevalence of cancer across the globe. Additionally, the advancement in understanding and treating cancer coupled with high awareness about the disease has heightened the demand for cancer diagnosis worldwide.

Hospital Cancer Diagnostics Market: Segmentation

The global hospital diagnostics market is segmented on the basis of type of cancer, such as breast cancer, bladder cancer, lung cancer, leukemia, lymphoma, oral cancer, skin cancer, uterine cancer, ovarian cancer, colon and rectal cancer, prostate cancer, stomach cancer, and other cancers.

The most common methods utilized for cancer diagnosis in hospital include laboratory tests (blood & urine tests), biopsy, endoscopy, diagnostic imaging, genetic tests, nuclear medicine scans (bone scans, etc.), and hematology tests. Diagnostic imaging for cancer diagnosis used several techniques like x-rays, CT (computerized tomography) and CAT (computerized axial tomography) scans, magnetic resonance imaging (MRI), ultrasound, mammography and positron emission tomography (PET) scanning.

Next generation cancer diagnostics include lab-on-a-chip, microarrays, multiplexed assays, next generation sequencing (NGS), pyro-sequencing, RT-PCR, Spectral Karyotyping (SKY), and cellular capture and identification. These technological advancements are creating favorable conditions for market growth.

Hospital Cancer Diagnostics Market: Regional Overview

Geographically, the global market for hospital cancer diagnostics is segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the World. The World Health Organization has highlighted the disparity in policies on early cancer detection among several countries in the world. In developed countries such as the U.S., Canada, and some major countries in European Union, cancer screening programs for detecting cancer are common and more encouraged in comparison to least developed countries. Therefore, the present market for hospital diagnostic testing is dominated in North America and Europe while the future market lied in the potential markets of Asia-Pacific region.

According to WHO report, more than 60% of world’s total new annual cases occur in Africa, Asia and Central and South America. Lack of early diagnosis caused patients to die and these regions account for approximately 70% of the global cancer deaths. Such high prevalence of cancer disease in these regions will compel governments in these nations to implement cancer screening programs.

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Hospital Cancer Diagnostics Market: Key Players

Some of the major companies which provide technology platforms and diagnostic technology for cancer diagnosis include Abbott, AdnaGen AG, Applied Genetic Technologies Corporation, Beckman Coulter/Danaher Corporation, Becton Dickinson and Company, Bio-Rad Laboratories, Inc., bioMerieux SA, Dako (a Agilent Technologies company), Cepheid, Inc., diaDexus, Inc., Myriad Genetics, Inc., QIAGEN N.V., Hologic Corporation, Ortho Clinical Diagnostics (a Johnson & Johnson company), F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Corporation, Sequenom, Inc. and GE Healthcare.

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