Cancer Diagnostics Market Revenue to Cross USD 184B by 2026: Global Market Insights, Inc.
Major cancer diagnostics market players include Abbott, Becton, Dickinson and Company, Biocartis, Siemens Healthineers, GE Healthcare, Janssen Diagnostic LLC and Sysmex Corporation.
SELBYVILLE, Del., September 3, 2020 (Newswire.com) - According to the latest report “Cancer Diagnostics Market by Application (Tumor Biomarkers Tests, Imaging {Ultrasound and Radiology, Mammography, MRI Scan, PET Scan, CT Scan, SPECT & Others}, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), Cancer Type (Bladder Cancer, Breast Cancer, Colon and Rectal Cancer, Endometrial Cancer, Kidney Cancer, Leukemia, Liver-Lung Cancer, Melanoma, Non-Hodgkin Lymphoma, Pancreatic Cancer, Prostate Cancer, Thyroid Cancer), End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of cancer diagnostics will cross $184 billion by 2026.
The growing prevalence of cancer across the globe, increasing investment towards improving healthcare infrastructure and rising demand for advanced healthcare services will drive the cancer diagnostics' market growth. For instance, as per the World Cancer Report, the prevalence of cancer is estimated to increase by approximately 50%, reaching over 15 million new cancer cases in 2020. This led to an increase in demand for various cancer diagnostic tests. Furthermore, the implementation of advanced technologies and streamlining of healthcare processes will enable cost-saving in the near future.
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Biopsy application accounted for around 6% of cancer diagnostics market share in 2019 due to increasing cases of pancreas, liver and breast cancer in emerging economies such as India, China and Japan. Currently, non-invasive biopsy procedures are developed that help in sustaining the health of cancer patients. Moreover, high precision instruments and devices utilized in the process of skin biopsy have proven beneficial for segmental growth.
The endometrial cancer segment's valuation was more than USD 4.7 billion in 2019. Endometrial cancer is a cancer that arises from the endometrium that is the lining of uterus or womb. It is one of the most common type of cancer of female reproductive organs. According to the American Cancer Society, endometrial cancer accounted for about 63,230 new cases and around 11,350 deaths in the U.S. in 2018. This has led to an increase in the adoption of endometrial cancer diagnostics.
Cancer research institutes held over a 6.7% revenue share in 2019. Cancer research institutes are run by research scientists that carry out research and support biopharmaceutical as well as pharmaceutical companies for novel detection tests. For instance, the Cancer Research Institute located in the U.S. has around 3,100 scientists and have focused their efforts on providing solutions for the diagnosis and treatment of cancers.
The cancer diagnostics market in the Asia-Pacific is expected to grow at a significant pace during the forecast timeframe, owing to the growing prevalence of cancer in the region. Increased focus of government for early detection and eradication of such diseases will escalate regional market growth. Additionally, the presence of a large patient pool in highly populous countries such as China and India are prone to various types of cancer that will favor business expansion.
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A few notable companies operating in the cancer diagnostics market include Abbott, Becton, Dickinson and Company, Biocartis, Siemens Healthineers, GE Healthcare, Janssen Diagnostic LLC and Sysmex Corporation among others. Industry players are focusing on various strategies such as acquisition, business expansion and novel product launches to consolidate their market presence. For instance, in June 2020, Roche announced the CE-IVD launch of its uPath PD-L1 (SP263), an automated digital pathology algorithm. The uPath PD-L1 (SP263) is used for image analysis for non-small cell lung cancer (NSCLC). This strategy is expected to help the company add value to their business portfolio as well as customer acquisition.
Table of Contents (ToC) of the report:
Chapter 3. Cancer Diagnostics Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By application
3.4.2. By cancer type
3.4.3. By end-use
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Competitive landscape
3.7.1. Company matrix analysis, 2019
3.8. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.
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Tags: Cancer Diagnostics Market, Imaging, Immunohistochemistry, In Situ Hybridization, Liquid Biopsy, Tumor Biomarkers Tests
