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Cancer Diagnostics Market is expected to grow at a CAGR of 7.6% to reach an estimated value of USD 168,649.3 million by 2020
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The global cancer diagnostics market is moderately fragmented in nature. GE Healthcare, Siemens, and Philips Healthcare are the key manufacturers of imaging equipment for cancer diagnosis. Abbott Diagnostics, F. Hoffmann-La Roche Ltd., Ambry Genetics, Myriad Genetics, AstraZeneca, Pfizer, and Eli Lily Co. are the major suppliers of oncology diagnostics tests related products in the global arena.
North America leads the global cancer diagnostics market at present. In 2013, it held a share of 40.7% in the overall market. Europe is the second-largest regional market for cancer diagnostics, which accounted for a share of 29.1% in the global market in 2013. Analysts expect Asia Pacific to report the fastest CAGR of 8.20% during forecast period. On the other hand, North America is likely to register a CAGR of 7.0% between 2014 and 2020. The increasing incidence of breast cancer in Asia Pacific is the key factor driving the growth of the cancer diagnostics market in this region. The market for cancer diagnostics in the Rest of World is also expected to post healthy growth in the forthcoming years on account of the increasing prevalence of lung cancer.
On the whole, the global cancer diagnostics market looks will expand impressively over the forecast period. However, the lack of appropriate reimbursement policies is projected to restrict the growth of this market significantly in the near future.
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