Cancer Diagnostics Market Research Report Up to 2031
This report evaluates the cancer diagnostics market for the period, 2021-2031. According to Visiongain analysis, the global cancer diagnostics market was estimated to be valued at US$45,106.5 million in2020 and is expected to reachUS$74,798.0 million in 2026 from its previous value of US$48,989.7 million in 2021. Visiongain further anticipates that the market will reach US$1,16,276.2 million in 2031.
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COVID-19 Impact on Cancer Diagnostics Market
COVID-19 pandemic is one of the most unprecedented situations, the world has faced nearly in a century. Due to the rapid transmittal of the disease, there has been a sharp increase in number of cases worldwide. While some countries have crossed their peak and are returning to normal, many others are seeing ever-rising numbers. Growing funding from governments and companies can help combat this highly contagious disease. There are some sectors that are struggling while others are thriving. Overall, almost every industry including global cancer diagnostic market is anticipated to be hit by the pandemic. Increasing adoption of telehealth, current scale of COVID-19 vaccination, increasing efforts put by pharma companies for COVID treatment and high investment by government bodies are expected to help this market to recover soon.
Rising Funding for Cancer Research to Augur Cancer Diagnostics Market Growth
Governments in countries such as the U.S. are raising funds to assist cancer research. Clinical studies are also sponsored by governments to enable businesses to build successful cancer screening tests. The U.S. government allocated US$ 5.8 billion for cancer research and training to the National Cancer Institute (NCI), a federal government agency for FY 2018 to FY 2020. As opposed to the previous year, the budget rose by 5.3 percent. This is anticipated to fuel cancer diagnostics market growth over the forecast period from 2021 to 2031.
Inclusion of Cancer Screening Tests in National Screening Programs
Early cancer detection requires appropriate diagnostic procedures to screen an asymptomatic population at an average cancer risk, particularly for breast cancer, cervical cancer, colon cancer and melanoma. Introduction of routine mammography by major developed economies where breast cancer incidence is high have added cancer screening test in national cancer programs. For example, the U.S. government has combined the national cancer screening services with the national mammography program. This is projected to offer lucrative growth opportunities for the market players over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global cancer diagnostics market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the cancer diagnostics market.
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How the Cancer Diagnostics Market report helps you
In summary, our 590+ page report provides you with the following knowledge:
• Revenue forecasts to 2031 for Cancer Diagnostics Market, with forecasts for production process, application, product, and material, each forecasted at a global and regional level– discover the industry’s prospects, finding the most lucrative places for investments and revenues
• Revenue forecasts to 2031 for 5 regional and 21 key national markets– See forecasts for the Cancer Diagnostics market in North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Also forecasted is the market in the US, Canada, Germany, UK, France, Italy, Russia, Japan, China, India, Australia, Brazil, Mexico, GCC, and South Africa among other prominent economies.
• Prospects for established firms and those seeking to enter the market– including company profiles for 16 of the major companies involved in the Cancer Diagnostics Market.
Agilent Technologies, Inc.
Bio Rad Laboratories Inc.
BioMark Diagnostics Inc.
F. Hoffmann-La Roche Ltd.
Genomic Health (Exact Sciences Corporation)
Koninklijke Philips N.V.
Thermo Fisher Scientific Inc.
Toshiba Medical Systems Corporation
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