The cancer diagnostics market was valued at $168,600.04 million in 2020, and is projected to reach $280,590.21 million by 2028, registering a CAGR of 6.9% from 2021 to 2028. The major factor that contributes to the growth of the cancer diagnostics market includes surge in government initiatives and other private organizations to spread awareness regarding early diagnosis and prevention of cancer, which is anticipated to boost the growth of the market in the coming years. Furthermore, the growth in the number of diagnostics laboratories in developed countries is expected to drive the market growth in the next few years. Increase in incidences and prevalence of various types of cancer, such as breast cancer and lung cancer, are expected to drive the growth of the market.
Cancer diagnostics is the process of detecting biomarkers, proteins, and other indicators that contribute to the detection of a cancerous tumor. Effective diagnostic testing is used to confirm or rule out the presence of infection, monitor disease severity, and plan & evaluate clinical outcomes. Diagnostic procedures for cancer may include imaging, laboratory tests (including tests for tumor markers), endoscopic examination, tumor biopsy, surgery, or genetic testing.
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However, huge cost associated with diagnostic imaging system and development of different diagnostic approaches for various cancer mutations may hinder the growth of the market. Conversely, increase in emphasis over health & safety regulations and surge in popularity of yoga and other health related practices will act as a growth opportunity during the forecast period.
The cancer diagnostics market is segmented on the basis of basis of product, application, and end use to provide a detailed assessment of the market. By product, the market is bifurcated into consumables and instruments. Further, consumables are divided into antibodies, kits & reagents, probes, and other consumables. Instruments include pathology-based instruments, imaging instruments, and biopsy instruments. On the basis of application, the market is fragmented into breast cancer, lung cancer, blood cancer, colorectal cancer, skin cancer, ovarian cancer, prostate cancer, kidney cancer, liver cancer, pancreatic cancer, cervical cancer, and others. Based on end use, the market is classified into hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
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KEY BENEFITS FOR STAKEHOLDERS
– The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
– It offers a quantitative analysis from 2020 to 2028, which is expected to enable the stakeholders to capitalize on the prevailing market opportunities.
– A comprehensive analysis of factors that drive and restrain the growth of the market is provided.
– The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the market.
LIST OF KEY PLAYERS PROFILED IN THE REPORT
– Abbott Laboratories
– Becton, Dickinson and Company
– Bio-Rad Laboratories, Inc.
– Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
– Danaher Corporation (GE Healthcare)
– Hologic, Inc.
– Koninklijke Philips N.V. (Philips Healthcare)
– Qiagen N.V.
– Siemens Healthcare GmbH
– Thermo Fisher Scientific Inc.
KEY MARKET SEGMENTS
By Product
– Consumables
o Antibodies
o Kits & Reagents
o Probes
o Other consumables
– Instruments
o Pathology-based Instruments
o Imaging Instruments
o Biopsy Instruments
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By Application
– Breast Cancer
– Colorectal Cancer
– Cervical Cancer
– Lung Cancer
– Prostate Cancer
– Skin Cancer
– Blood Cancer
– Kidney Cancer
– Liver Cancer
– Pancreatic Cancer
– Ovarian Cancer
– Others
By End Use
– Hospitals & Clinics
– Diagnostic Laboratories
– Diagnostic Imaging Centers
– Research Institutes
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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- And so forth of the fundamental players, which assists the peruses with distinguishing the indispensable contenders and profoundly know the opposition instance of the market.
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- This document will aid companions with grasp contenders higher and collect experiences to reinforce their scenario in their organizations. The serious scene region contains the piece of the pie and rank (in extent and worth), contender environment, new object improvement, development, and obtaining.
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