In 2016, the global cancer diagnostics market was valued at an estimated $124 billion US dollars. By 2025, the market is expected to experience a compound annual growth rate of 7.2 percent. The continuing rise of cancer diagnoses throughout the world has lead to a surge in the global cancer diagnostics market.
The increased prevalence of oncologic cases, coupled with on-going technological advancements in diagnostics and the increased demand for effective screening tests have all contributed to the sharp rise in this market.
Moreover, more support from the government via initiatives and more awareness have also helped to enhance the growth of the global cancer diagnostics market, and are anticipated to aid in the forecasted growth.
Insight into the Global Cancer Diagnostics Market
Cancer is one of the primary causes of death worldwide. Additionally, the prevalence of this disease is continuously rising. With that said, medical professionals have focused a tremendous amount of effort on developing effective diagnostic and treatment solutions.
Early detection of cancer leads to a better success rate for treatment, which means a better overall outcome for patients. With that said, healthcare agencies across the globe are encouraging more awareness and examinations in order to identify cancer earlier. This, as a result, has lead to a surge in the global cancer diagnostics market.
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Factors Inhibiting the Growth of the Cancer Diagnostics Market
While screening procedures are highly recommended, there are certain risk factors that are posed with some certain types of screenings. For example, imaging and other types of medical imaging could lead to excessive exposure to radiation. The barium contrast and fluorescent media during endoscopic procedures have also been found to cause adverse effects. Add to these factors the fact that cancer diagnostics can be quite costly, and the growth of the cancer diagnostics market on a global scale could be inhibited.
Products Contributing to the Growth of the Global Cancer Diagnostics Market
In 2016, the imaging segment accounted for the largest market share in the global cancer diagnostics market. Moving forward, this segment is expected to remain prominent throughout the forecasted period.
Imaging modalities, including Computed Tomography (CT) scans and Magnetic Resonance Imaging (MRIs) are fast, non-invasive, relatively safe and pain-free diagnostics tests. These modalities are utilized to identify cancer along with other lab and genetic tests in order to pinpoint the location and size of the cancer, and the severity of the condition. These elements would help aid in choosing the best possible treatment for patients. These factors will contribute to the overall growth of the imaging segment of the global cancer diagnostics market, with an estimated compound annual growth rate of about 8 percent during the forecast period.
Insights in Regard to Application
The largest market share for the cancer diagnostics market was breast cancer, with a share of about 13 percent in 2016. Mammography played a key role in this market share, as it is the most commonly used screening test for breast cancer.
Further aiding the market share of the breast cancer segment is the growing rise of organizations launching initiatives to spread awareness for breast cancer screening; as a result, more women than ever are having mammograms.
The increased use of alcohol and tobacco has given rise to liver, lung and throat cancers. This has means that there is a greater demand for screenings of these types of cancers, and it is believed that this increased rise for these screenings will cause these segments to largely contribute to the global cancer diagnostic market.
Other sectors of the cancer diagnostic market that are expected to contribute to the overall compound annual growth rate for the forecasted period include colorectal cancer, prostate cancer, kidney cancer, cervical cancer, biopsies and genetic testing.
Cancer Diagnostic Market by Region
Of all of the countries that contribute to the cancer diagnostic market, North America contributes the most. This region’s revenue share was more than 41 percent in 2016. The development of various biotechnology companies and medical device companies in this part of the world are the prime factors that are contributing to the growth of the cancer diagnostic market in this region. North America is expected to capture the largest revenue share moving forward, as more funding is made available for research and development projects.
The region that is expected to exhibit the highest growth rate in the upcoming years is Asia Pacific. The reason for this projection is the fact that there is a large pool of patients in this region, and a wide availability of highly skilled technicians. Additionally, the price for cancer diagnostics is comparatively much lower, which will has to the booming growth in this region.
India and China are expected to contribute to the market share, too. Thanks to government incentives and the growth of the manufacturing industry that develops and creates cancer diagnostic equipment, this region’s market share is expected to grow.
Competition in the Global Cancer Diagnostics Market
There are several major companies that are contributing to the global cancer diagnostics market. Some of the most notable names include GE Healthcare, F Hoffmann-La Roche Ltd, Abbot, and Siemens Healthcare GmbH. All of these companies have a strong position in regard to the global market. This is largely to the use of the innovative products that they develop.
There are other notable companies that play a significant part in the global cancer diagnostics market. These companies include Becton, Dickinson and Company, Koninklijke, Philips NV, Illumina, Inc, and Hologic, Inc.
In the upcoming years, competition in this market is expected to become steeper as a result of several companies that are focusing their efforts on the research and development of cancer diagnostic products. These companies are expected to introduce new methods for cancer diagnostics in the near future, which will make the global market even more diverse and interesting.
The global cancer diagnostics market will likely see a steady incline for the next several years. However, as advancements in tools that can aid in earlier intervention and improved success rates regarding recovery, the hope is that this market will see eventually see a decline.