Cancer Diagnostics Market to Reach USD 249.6 Billion by 2026
by Susan Hill Business ConsultantThe global cancer diagnostics
market size is expected to reach USD
249.6 billion by 2026, according to a new report by Grand View Research, Inc.,
exhibiting a 7.0% during the forecast period. Continual introduction of
innovative products, coupled with increasing need for early diagnosis of various
diseases, is a prime factor driving the market. In addition, rapid growth of
the healthcare and diagnostics sector can be attributed to penetration of
technologically advanced laboratory systems that have improved oncological
screening in yielding accurate outcomes. Rising incidence of cancer is
triggering demand for these screening tests and imaging modalities used for
monitoring disease progression.
Collaborative and
independent initiatives led by governments and companies are striving to raise
cognizance about the benefits of early cancer diagnosis. In addition, cancer
research organizations, along with public and private entities, are investing
heavily on research projects to launch advanced diagnostic tools in the market,
which are capable of diagnosing the disease much before the symptoms appear.
Furthermore, giant players
are collaborating with governments and other agencies to enhance patient accessibility
to these tests and products. For instance, Illumina, Inc. launched a new
venture called GRAIL with investors, Jeff Bezos and Bill Gates, with an
investment of more than USD 100 million. GRAIL is mainly focused on blood-based
oncological screening for timely diagnosis of the most common tumor types
through simple laboratory tests.
Further key findings from the report suggest:
- Rapid adoption of technology and
escalating need for early diagnosis is augmenting the growth of imaging
systems. Thus, the segment is expected to exhibit the fastest CAGR at 8.0%
during the forecast period
- The breast cancer segment accounted for
the largest share based on application due to high incidence rate of
breast cancer triggering the need for its early diagnosis
- In 2018, North America dominated the
global space with the largest revenue share of 42.0%. Focused research
efforts in oncology for development of early tumor detection tools,
coupled with grants from government healthcare agencies, are contributing
to a strong medical ecosystem to fight cancer in this region
- Asia Pacific is expected to emerge as the
fastest growing region during the forecast period. Favorable regulatory
framework and growing patient pool in India, China, and Japan due to
support in diagnostic process at comparatively lower prices are some of
the factors boosting the market growth in this region
- Major players competing in this market
include GE Healthcare; Abbott; Hoffmann-La Roche Ltd.; and Siemens
Healthcare GmbH. Other prominent players include but are not limited to
Becton Dickinson & Company; Illumina, Inc.; Koninklijke Philips N.V.;
and Hologic, Inc.
Access full research report on global cancer diagnostics market: www.grandviewresearch.com/industry-analysis/cancer-diagnostics-market
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Created on Mar 19th 2020 05:57. Viewed 432 times.