Cancer Diagnostics Market segmentation and growth outlook to 2026

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Cancer Diagnostics Market size is expected to witness high growth over the coming years impelled by rising cancer prevalence across the world.

The global cancer diagnostics market could record a yearly evaluation of USD 184.7 billion by 2026. Mounting investments in healthcare infrastructure to offer advanced services will lead to the development of cancer diagnostics techniques. Emerging technologies and offerings along with the streamlining of healthcare processes is likely to boost economical savings in the coming years. Rising cancer prevalence across the world is a prominent driver for the industry.

The World Cancer Report revealed that cancer prevalence may cross 50%, witnessing a spike of 15 million new cancer cases in 2020, resulting in continuous adoption of various cancer diagnostic tests.

Described below are some factors likely to impact the market forecast in the coming years.

Asia Pacific to witness increased adoption

The biopsy application in the cancer diagnostics market, owing to the prevalence of pancreas, liver, and breast cancer in India, China, and Japan contributed to nearly 6% of the overall industry share. Multiple non-invasive biopsy procedures are currently being implemented to support the good health of cancer patients. There is also an increased demand for high precision instruments and devices used in skin biopsy.

Regionally, the Asia Pacific cancer diagnostics market share is likely to gain traction in the coming years considering the consistent growth in cancer patients. There is a high emphasis on the early detection and eradication of contagious diseases through government initiatives and programs. A significant presence of a large patient population vulnerable to various types of cancer can be witnessed in China and India. For instance, China registered over 4 million new cancer cases in 2018.

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Consistent demand for endometrial cancer tests

Endometrial cancer originates from the lining of the uterus or womb, namely the endometrium, and can be touted as among the most common type of cancers affecting the female reproductive organs.

As per the American Cancer Society, the United States reported over 63,230 fresh cases of endometrial cancer and nearly 11,350 deaths in 2018, resulting in the large deployment of endometrial cancer diagnostics solutions. The segment accumulated an annual share of up to USD 4.7 billion in 2019, suggesting sustained growth over the next few years.

Cancer research institutes to bring in a significant share

Cancer research institutes led the cancer diagnostics end-user segment and were responsible for close to 6.7% of the business share in 2019. The institutes are home to numerous research scientists that perform research besides rendering support to biopharmaceutical and pharmaceutical firms for novel detection tests. For instance, the U.S based Cancer Research Institute consolidates nearly 3,100 scientists offering diverse solutions for the diagnosis and treatment of cancers.

The National Cancer Institute (NCI), announced its partnership with Cancer Research U.K. to raise funds for an initiative named Cancer Grand Challenges to carry out cancer research. The program is aimed to gather novel ideas from global multidisciplinary research teams to accelerate the development of enhanced solutions.

Leading cancer diagnostics companies are working on expanding their sales and supply by focusing on novel product developments, mergers as well as acquisitions. For instance, Roche announced the CE-IVD embarked launch of its digitally automated pathology algorithm, uPath PD-L1 (SP263) implemented to analyze images associated with non-small cell lung cancer (NSCLC).

Siemens Healthineers, Biocartis, GE Healthcare, Abbott, Becton, Dickinson and Company, Sysmex Corporation, and Janssen Diagnostic LLC are some of the renowned brands in the cancer diagnostics market.

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Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA