Cancer Diagnostics Market To See Record Break Revenue $280.6 Billion By 2027, CAGR of 6.9%

Cancer Diagnostics Market

Cancer Diagnostics Market

Prevalence of various cancer types and initiatives by government and other organizations to spread awareness about cancer fuel the market growth

Rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.”
— Kishor Sherkar
PORTLAND, OREGON, UNITED STATES, August 11, 2021 /EINPresswire.com/ -- Increase in incidences and prevalence of various cancer types, initiatives by government and other organizations to spread awareness about cancer, and surge in number of diagnostics laboratories in developed countries drive the growth of the global cancer diagnostics market. However, risk of high radiation exposure by the use of CT scanners and high cost associated with diagnostics imaging systems hinder the market growth. On the contrary, development of diagnostic approaches for various cancer mutations is expected to create lucrative opportunities for the market players in the future.

As per the report, the global cancer diagnostics market was estimated at $168.60 billion in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.

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Covid-19 scenario:

The Covid-19 pandemic and followed lockdown delayed the diagnosis of cancer for a long period as it affected the logistics and supply of cancer diagnosis tests kits and other products.

Moreover, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market.
Several hospitals and clinics witnessed a drop in patient visits during the pandemic. The global cancer diagnostics market is segmented on the basis of product, application, end use, and region. Based on product, the consumables segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the instruments segment is estimated to portray the highest CAGR of 7.5% during the forecast period.

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The hospitals and clinics segment to dominate by 2028-

Based on end use, the hospitals and clinics segment held the highest market share in 2020, with more than two-fifths of the market. This is due to higher flow of patients in the premises. However, the diagnostic laboratories segment is projected to register the highest CAGR of 7.8% from 2021 to 2028. This is attributed to growth in the technological advancements aiding in efficiency in obtaining images of the targeted area.

The consumable segment to lead the trail by 2028-

Based on product, the consumables segment dominated with largest share in 2020, holding for around three-fifths of the market. This is due to increase in repetitive usage of the consumables for cancer diagnostics market. At the same time, the instruments segment is expected to showcase the highest CAGR of 7.5% during the forecast period. This is owing to the higher efficiency of the instruments aiding better diagnosis of cancer.

Key market players-

Becton, Dickinson and Company
Abbott Laboratories
Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
Bio-Rad Laboratories, Inc.
Hologic, Inc.
Danaher Corporation (GE Healthcare)
Qiagen N.V.
Koninklijke Philips N.V. (Philips Healthcare)
Thermo Fisher Scientific.
Siemens Healthcare GmbH.

The North America region to rule the roost by 2028-

Based on region, the market across North America held the lion's share in 2020, with more than two-fifths of the market. This is attributed to increase in number of patients suffering from cancer and growth in geriatric population in the region. However, the market across Asia-Pacific is expected to exhibit the highest CAGR of 8.5% during the forecast period. This is attributed to rise in focus of the key players on developing technologically advanced, cost-effective, and advanced safe products and high prevalence of cancer in the region.

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David Correa
Allied Analytics LLP
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