Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Cancer Diagnostics Market.
Global Cancer Diagnostics Market stands at US$ 19.69 Billion in 2022 and is anticipated to grow at a CAGR of 11.3% over the following Six years to reach US$ 44.22 billion by 2029.
Cancer Diagnostics Market Growth in upcoming years
Furthermore, the development of new technologically advanced products for cancer diagnosis is expected to support the market growth. Over the projection timeframe, the cancer diagnostics market is expected to rise due to an increase in the incidence and prevalence of various types of cancer, including as breast cancer and lung cancer. Moreover, the cancer diagnostics industry will profit from a surge in technology advancements that aid in improved imaging of cancerous cells, improvements in equipment to diagnose the kind of cancer, and an increase in the efficiency of the results over the projected period. Increased government and private-sector efforts to raise awareness about early cancer detection and prevention are likely to fuel market growth in the coming years.
Furthermore, in the coming years, the market is likely to be driven by an increase in the number of diagnostics laboratories in developed countries. During the forecast period, a sharp increase in emphasis on health and safety laws, as well as a surge in popularity of yoga and other health-related practises, will provide a growth opportunity.
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Cancer Diagnostics Market Dynamics
Drivers: Increasing quantity of independent diagnostic facilities
Due to the rising demand for diagnostic imaging procedures and the limited number of imaging modalities available to public hospitals, the number of private diagnostic centers is expanding all over the world. In Bangalore, India, the FUJIFILM Corporation launched NURA in January 2021, a medical screening facility that specializes in cancer detection. Dr. Kutty's Healthcare and FUJIFILM DKH LLP (FUJIFILM DKH) run this medical examination facility. (DKH). A joint partnership between FUJIFILM and Dr. Kutty's Healthcare (DKH), which manages hospitals and screening facilities in India and the Middle East, is called FUJIFILM DKH LLP (FUJIFILM DKH).
Opportunities: Recommendations for cancer screening
Governments in developed nations and primary care physicians are advising cancer screening tests for patients in an effort to find cancer in the early phases and reduce the mortality rate. In order to avoid disease occurrence and ensure early-stage treatment, the US Preventive Services Task Force (USPSTF) advises colorectal cancer screening in the US beginning at age 50 and continuing until age 75. The guidelines for biennial colorectal cancer screening for people 50 to 74 years old have also been adopted in Canada.
COVID-19 Impact
The emergence of COVID-19 had a negative impact on the market examined in the region. According to the Union for International Cancer Controls (UICC), cancer diagnosis rates in the United States dropped significantly during the epidemic. According to the survey’s findings, the number of newly diagnosed metastatic non-small cell lung cancer patients decreased by just over 30% from February to March 2020. Colorectal cancer (14 percent), acute myeloid leukaemia (14 percent), breast cancer (8.4%), and ovarian cancer (14 percent) also saw declines (8.6 percent). Such occurrences point to a decrease in cancer diagnosis rates during the pandemic era.
Top Players in the Cancer Diagnostics Market:
- Abbott
- Agilent Technologies
- BD
- BioMérieux SA
- NeoGenomics Laboratories
- Telerad Tech
- F. Hoffmann-La Roche Ltd
- GENERAL ELECTRIC COMPANY
- Hologic Inc.
- Illumina
- QIAGEN
- BioGenex
- Siemens Healthcare GmbH
- BioNTech Diagnostics GmbH
- Thermo Fisher Scientific Inc.
- and Koninklijke Philips N.V.
Recent Developments
March 02, 2021 Agilent to Acquire Resolution Bioscience, Strengthening Leadership Position in Cancer Diagnostics
Agilent Technologies Inc. announced it has entered into a definitive agreement to acquire Resolution Bioscience Inc., a leader in the development and commercialization of next-generation sequencing (NGS)-based precision oncology solutions. The acquisition complements and expands Agilent’s capabilities in NGS-based cancer diagnostics and provides the company with innovative technology to further serve the needs of the fast-growing precision medicine market. Under the terms of the agreement, Agilent will pay $550 million in cash at closing and up to an additional $145 million based on achieving future performance milestones.
Abbott announced it has received approval from the U.S. Food and Drug Administration (FDA) for a new molecular diagnostic test designed to detect rearrangements of the anaplastic lymphoma kinase (ALK) gene in non-small-cell lung cancer (NSCLC). The new Abbott Vysis ALK Break Apart FISH Probe test is designed to identify ALK-positive NSCLC patients for Pfizer's approved NSCLC therapy, XALKORI® (crizotinib), an oral first-in-class ALK inhibitor.
Abbott is a globally diversified healthcare company with a central purpose to help people live their healthiest possible lives. We offer a broad portfolio of market-leading products that align with favourable long-term healthcare trends in both developed and developing markets.
Agilent Technologies, Inc. is an American analytical instrumentation development and manufacturing company that offers its products and services to markets worldwide.
NeoGenomics is a premier cancer diagnostic, pharma services, and information services company serving oncologists, pathologists, pharmaceutical companies, and academic centres in their pursuit of providing better futures for people living with cancer.
| Attributes | Value |
| Cancer Diagnostics market Share (2022) | US$ 19.69 Billion |
| Cancer Diagnostics market Projected Size (2029) | US$ 44.22 billion |
| Cancer Diagnostics market Growth (CAGR 2023-2029) | 11.3%. |
Browse the full “Cancer Diagnostics Market by Product (Consumables and Instruments), Application (Breast Cancer, Lung Cancer, Blood Cancer, Colorectal Cancer, Skin Cancer, Ovarian Cancer, Prostate Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Cervical Cancer, and Others), End Use (Hospitals & Clinics, Diagnostic Laboratories, Diagnostic Centers, and Research Institutes) and by Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/10927/cancer-diagnostics-market
Segment Overview
The global cancer diagnostics market is segmented by product, application, end use and region.
On the basis of product, the consumables segment is the major revenue contributor, and is projected to grow significantly during the forecast period. Increased adoption of consumables for cancer diagnostics, an increase in cancer prevalence, an increase in R&D investment, an increase in the geriatric population, the introduction of technologically advanced products, and an increase in the launch of new & advanced kits and reagents are all driving the segment’s growth. Due to the rise in breast cancer occurrence around the world and an increase in the population of women aged 50 to 74, the breast cancer segment is the largest stakeholder in the cancer diagnostics market, depending on application. In the next years, an increase in the number of efforts conducted by various groups will help the industry gain traction. The hospitals & clinics segment, based on end use, is the largest shareholder in the cancer diagnostics market, owing to an increase in the number of patients visiting hospitals, an increase in the number of in-house diagnostic procedures performed in hospitals, and an increase in awareness about early diagnosis, all of which are major driving factors for this market.
The Cancer Diagnostics market is segmented by product, by application, and end user.
| By Product | By Application | By end use Industry |
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Regional Analysis
North America is predicted to play a significant role in the growth of the cancer diagnostics industry.
Due to its highly developed healthcare infrastructure, high per capita healthcare spending, high awareness, and high literacy rate, North America commands the biggest market share, followed by Europe. Early diagnosis is one of the main causes of the decreasing cancer patient mortality rate in the United States. Some of the key factors influencing the development of the market in the region include the significant presence of medical device and biotechnology companies as well as the availability of skilled technicians. A few other elements that contribute to the market's expansion include intensive research and development and ample financing. The industry is expanding as Europe's geriatric population grows.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 - 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for until 2029
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/10927/cancer-diagnostics-market/#request-a-sample
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