The global cancer diagnostics market has been witnessing a surge in its valuation, thanks to the rising demand for technically advanced cancer detection methods. The increasing prevalence of cancer around the world is driving this demand significantly. Apart from this, the introduction of non-invasive and advanced techniques for cancer detection is also expected to boost the worldwide cancer diagnostics market in the coming years.
The global cancer diagnostics market is broadly analyzed on the basis of the method of diagnosis and its regional distribution. Based on the method of diagnosis, the market is classified into endoscopy, biopsy, imaging, and tumor biomarker tests. Regionally, it is divided into North America, Europe, Asia Pacific, and the Rest of the World.
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Global Cancer Diagnostics Market Witness Most Promising Rise in Demand:
The major factors expected to drive the market for cancer diagnosis is the demand for cancer diagnosis mainly from colorectal cancer, lung cancer, and breast cancer patients. The consumption of tobacco products in emerging economies especially in BRICS nations is also adding to the growth and prevalence of lung cancer worldwide. Similarly, breast cancer diagnosis rate is seen to be higher in the Asia Pacific region as compared to the other regions of the world.
However, the lack of skilled professionals in developing nations may act as a hindrance to the growth of cancer diagnostic market. Adding to that, there is lack of proper reimbursement in the emerging nations and this can also impede the market growth at a global level.
The global cancer diagnostics market is prognosticated to be worth US$168.6 bn by 2020 with a CAGR of 7.60%. The forecast period is set to 2014 to 2020 and is anticipated to be increasing from US$100.9 bn as per the 2013 records.
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The global cancer diagnostics market is categorized on the basis of applications and methods. Based on segmentation by application, the market is classified into Prostate Cancer, Pancreatic Cancer, Ovarian Cancer, Lung Cancer, Liver Cancer, Kidney Cancer, Colorectal Cancer (CRC), Breast Cancer, and Blood Cancer. On the basis of method, the cancer diagnosis market is differentiated by Tumor Biomarker Tests, Imaging, Endoscopy, and Biopsy.
Key Players of Cancer Diagnostics Market Report:
Some of the key players in the global cancer diagnosis market are GlaxoSmithKline plc, Abbott Laboratories, bioMerieux, AstraZeneca, and Novartis, and Pfizer.
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