The latest market report published by Credence Research, Inc. “Cancer Diagnostics Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global cancer diagnostics market to reach US$ 115.3 Bn in 2026 expanding at a CAGR of 6.1% from 2018 to 2026.
Market Insights
Cancer diagnostics pave the way to understand the disease progression and the ways in which therapeutic treatment counteract the disease. Discovery of novel cancer diagnostic techniques are expanding at an unmatched rate due to investments in molecular biology and genomic sciences. Burgeoning prevalence of cancer across the globe expected to facilitate rise in demand for cancer diagnostics market during the forecast period. Cancer claims one in six life globally, accounting for more deaths than tuberculosis, AIDS and malaria combined. According to International Agency of Research on Cancer (IARC), there were 14.8 million new cases of cancer and 8.8 million cancer deaths in 2015 worldwide.
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This number is projected to grow to 21.7 million new cases and 13 million deaths due to cancer by 2030 owing to growing geriatric population. Growing awareness regarding the early diagnosis of cancer in developed and developing countries is the prime factor for the growth of cancer diagnostics market. This awareness is supported by favourable government initiatives to promote cancer testing, heightened research & development in the field of oncology and easy availability of point-of-care diagnostic kits are further driving the cancer diagnostics market. Number of biopharmaceutical companies are coming up with novel diagnostic technique that are highly accurate and pocket friendly. Number of health conscious people in the developed countries are opting for cancer tests for early traits and possibilities of oncogenic mutations to take prior steps in cancer prevention. These factors will assist the growth of cancer diagnostics market during the forecast period from 2018 to 2026.
In terms of disease conditions, breast cancer held the largest share in the global cancer diagnostics market. Breast cancer remains the most common form of cancer in women globally, with more than 2 million new cases diagnosed in 2018. European countries such as Belgium and Luxembourg show highest number of breast cancer rates due to high rate of diagnosis and high awareness among people. Breast cancer incidences and prevalence is high in North America and it is growing at an alarming rate in Asia Pacific. Breast cancer was responsible for 252,710 new cases in 2017. Moreover, estimated 1 in 8 women in the United States live with a risk of developing breast cancer during their lifetime. There has been a surge in the breast cancer incidence rate in China in last two decades, showing a growth of 3.5% per year during the period from 2000 to 2014. These factor will drive the growth of cancer diagnostics market during the forecast period.
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In terms of geography, North America dominated the global cancer diagnostics market owing to domicile of number of biopharmaceutical companies developing diagnostic kits for early cancer detection. Highly efficient reimbursement scenario in the United States have felicitated the rise in the number of people opting for cancer diagnostic testing at an early stages. Number of clinical laboratories and genomic companies providing cancer detection tests at low cost would further drive the adoption of cancer diagnostics; thereby driving the cancer diagnostics market. Asia Pacific expected to show fastest growth rate during the forecast period owing to growing cancer prevalence in the region, developing healthcare facilities to cater the unmet needs of the target population. Growing medical tourism in the region has urged the provision of sophisticated cancer treatment in the region. The prominent players participating in the cancer diagnostics market include Abbott Laboratories, Qiagen, F. Hoffman-La Roche, Alere, Inc., GE Healthcare, Siemens Healthineers, Agilent Technologies, among others.
Key Market Movements:
- Growing prevalence of cancer globally
- Growing research & development for early cancer detection and rising awareness among the masses
- Number of biopharmaceutical companies coming up with novel diagnostic technique for cancer detection
- Favorable government initiative in developed and developing countries to tackle the ever growing burden of cancer
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