Global Cancer Diagnostics Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

The Cancer Diagnostics Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2026.

The Cancer Diagnostics Market Report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global cancer diagnostics market report has been segmented on the basic method, application, and region.

Cancer Diagnostics Market Overview: 

The Cancer Diagnostics Market was valued at $124.4 billion in 2021 & is projected to reach $257.4 billion by 2027. It is expected to grow at an 8.9% CAGR between 2021 and 2027.

Cancer is the second most frequent cause of death in humans around the world. Cancer is a class of diseases characterized by the uncontrolled growth of cells.

A cancer diagnosis is currently undergoing a paradigm shift with the incorporation of molecular biomarkers as part of the routine diagnostic panel.

Cancer diagnosis begins with a physical exam and laboratory tests to assess the staging of the disease which is necessary for the planning of treatment. Multiple platforms and growing technological advances enable faster and cheaper analysis of cancer.

The ultimate goal of cancer diagnosis is to identify the correct stage of disease and guide the therapy so that every patient received precision medicine that is the right drug at the right dose. According to WHO, in 2015 8.8 million people worldwide died from cancer.

A key driver of the global cancer diagnostics market is the increasing global incidence of cancer along with different forms of cancer.

In addition, change in lifestyle, increasing consumption of cigarette smoking, physical inactivity, excess alcohol consumption, and poor nutrition are the factors anticipated to propel growth of the global cancer diagnostics market.

However, the high cost of diagnostics procedures and poor reimbursement policies may hinder the growth of the global cancer diagnostics market.

Various trends witnessed in the cancer diagnostics market are new technologies and therapies such as fluid biopsy, real-time cancer diagnostics, and networking sites such as smart patients, etc. The government and other local bodies are taking initiative in spreading the awareness of treatment and diagnosis of cancer.

The player in this industry is Focusing on diagnostics, quality, and payment for genetic cancer tests.

The market in North America is expected to dominate the market of global cancer diagnostics market, due to the increasing incidence of cancer in this region. According to the American Cancer Society, in 2016 about 595,690 Americans died of cancer.

The market in the Asia Pacific is expected to be an emerging market of the global cancer diagnostics market, owing to rising initiatives of the government to support cancer awareness, and the high adoption rate of preventive diagnostic techniques.

Asia Pacific cancer diagnostics market is also projected to register the highest growth in terms of revenue in the next five years.

Global Cancer Diagnostics Market Segmentation:

Segmentation by the method:

• Laboratory Tests
• Imaging
• Genetic Tests
• Biopsy
• Endoscopy
• Others (microarray, barium enema, serological method etc.)

Segmentation by application:

• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Skin Cancer
• Blood Cancer
• Ovarian Cancer
• Other (Liver Cancer, Kidney Cancer, Esophageal Cancer, Brain Cancer, etc.)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa