According to the latest statistics provided by American Cancer Society (ACS), the number of deaths pertaining to cancer is expected to increase from 9 million to 13 million at 44% increase in the time span from 2016 to 2030. Cancer is the second largest cause of death worldwide, oncologist strongly believe that early diagnosis can cure cancer and drastically reduce the mortality rate associated with cancer.
Imaging modality is spearheading the technology segment for cancer diagnostics market. The market dominance is attributed to key factors such as physician’s choice of imaging technology such as CT scan, MRI and endoscopy to perform preliminary screening of cancer. The inherent features associated with imaging modalities are quick, painless noninvasive diagnostic procedure further propels its market growth. Molecular diagnostics will be showcasing magnificent growth in the near future on account of technological upgradation in the next generation sequencing technique and cancer biomarkers for accurate diagnosis of cancer.
Other cancers are dominating the application segment for cancer diagnostics market. As per the research findings of World Cancer Research Fund (WCRF) in 2018, approximately 18 million cases of cancer were reported worldwide. The primary factors driving its market growth are rising public health awareness resulting in early screening and detection of cancer worldwide. Lung cancer is anticipated to grow at a rampant pace during the forecast period owing to the incessant consumption of tobacco throughout the globe and constant rise in air pollution at an alarming rate.
North America is presently leading the regional segment for global cancer diagnostics market. The chief contributing factors engaged in its market dominance are presence of key players pioneering in cancer diagnostics such as Hologic, Inc., Agilent Technologies, Inc., Qiagen, Danaher Corporation etc. Europe is currently in the second position on account of the rising prevalence of cancer and strategic collaboration between research academia and medical device manufacturers to develop molecular diagnostics for the early diagnosis if different types of cancer. Asia Pacific is expected to grow at a rapid pace during the forecast period owing to developing healthcare infrastructure and constant rise in medical tourism.
The key players actively engaged in the production of cancer diagnostics are Agilent Technologies, Inc., Becton Dickinson & Company, bioMeriux SA, Danaher Corporation, GE Healthcare, Hologic, Inc., Illumina, Inc., Philips Healthcare, Qiagen, Siemens Healthineers and Thermo Fisher Scientific, Inc.
Key Segments of the cancer diagnostics market
By Technology, 2015-2025 (USD Billion)
- Molecular diagnostics
By Application, 2015-2025 (USD Billion)
- Breast cancer
- Lung cancer
- Prostate cancer
- Colorectal cancer
- Skin cancer
Regional Overview, 2015-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of MEA