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Cancer Diagnostics Market Size
Cancer diagnostics market was estimated at $168.60 Bn in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.
Rise in incidences and prevalence of various cancer types and initiatives by government and other organizations to spread awareness about cancer fuel the global cancer diagnostic market growth” — Onkar Sumant
PORTLAND, OREGON, UNITED STATES, July 14, 2022 /EINPresswire.com / -- According to the report published by Allied Market Research, the global cancer diagnostics market was estimated at $168.60 billion in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth of the cancer diagnostics market is attributed to increase in prevalence of cancer across the globe. Furthermore, rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.
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Rise in incidences and prevalence of various cancer types, initiatives by government and other organizations to spread awareness about cancer, and growth in number of diagnostics laboratories in developed countries propel the growth of the global cancer diagnostics market. On the other hand, risk of high radiation exposure by the use of CT scanners and high cost of diagnostics imaging systems hamper the market growth. Conversely, development of diagnostic approaches for various cancer mutations is expected to present opportunities for the industry in the future.
Increase in incidences and prevalence of various cancer types, initiatives by government and other organizations to spread awareness about cancer, and surge in number of diagnostics laboratories in developed countries drive the growth of the global cancer diagnostics market. However, risk of high radiation exposure by the use of CT scanners and high cost associated with diagnostics imaging systems hinder the market growth. On the contrary, development of diagnostic approaches for various cancer mutations is expected to create lucrative opportunities for the market players in the future.
Covid-19 scenario:
The outbreak of the Covid-19 pandemic led to delayed diagnosis of cancer due to disrupted` logistics and supply of cancer diagnosis tests kits and other products.
Furthermore, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market. Several hospitals and clinics witnessed a drop in patient visits during the pandemic.
The Covid-19 pandemic and followed lockdown delayed the diagnosis of cancer for a long period as it affected the logistics and supply of cancer diagnosis tests kits and other products.
Moreover, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market.
Several hospitals and clinics witnessed a drop in patient visits during the pandemic. The global cancer diagnostics market is segmented on the basis of product, application, end use, and region. Based on product, the consumables segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the instruments segment is estimated to portray the highest CAGR of 7.5% during the forecast period.
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The hospitals and clinics segment to dominate by 2028-
Based on end use, the hospitals and clinics segment held the highest market share in 2020, with more than two-fifths of the market. This is due to higher flow of patients in the premises. However, the diagnostic laboratories segment is projected to register the highest CAGR of 7.8% from 2021 to 2028. This is attributed to growth in the technological advancements aiding in efficiency in obtaining images of the targeted area.
On the basis of end use, the cancer diagnostics market is segregated into hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes. The hospitals & clinics segment occupied the largest share of the cancer diagnostics market in 2020, owing to increase in number of patients visiting hospitals, rise in number of in-house diagnostic procedures performed in hospitals, and increase in awareness regarding early diagnosis, which are the major driving factors for this market.
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List Of Key Players Profiled In The Report
Abbott Laboratories
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
Danaher Corporation (GE Healthcare)
Hologic, Inc.
Koninklijke Philips N.V. (Philips Healthcare)
Qiagen N.V.
Siemens Healthcare GmbH
Thermo Fisher Scientific Inc.
We also Offers Regional and Country Reports-
Japan Cancer Diagnostics Market
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China Cancer Diagnostics Market
Indonesia Cancer Diagnostics Market
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Taiwan Cancer Diagnostics Market
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
David Correa
Allied Analytics LLP
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