OTTAWA, Feb. 03, 2021 (GLOBE NEWSWIRE) -- The global cancer diagnostics market size was estimated at USD 115.60 billion in 2020, according to new report study by Precedence Research.
Cancer is one of the leading causes of both illness and death around the world. In controlling these deaths, diagnosis of cancer at an early stage is equally important. At present, most of the death causing types of cancers is lungs, stomach, colorectal, liver, breast, and others. It is estimated that, more than 1.5 million individuals are losing their life in a year due to various kinds of cancer. The screening of the early symptoms is equally important. Technological advancement leads to new different methods for screening individuals. As per the professional, cancer-related death size can become down or the mortality rate can be reduced if the cases can be detected early and get treated on time. A cancer diagnosis can be performed by any one of the methods that depend upon the severity. These methods include a physical exam, laboratory test, biopsy, swab test, imaging test, and others.
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Growth Factors
The mortality rate of cancer is comparatively higher than chronic related death. Many key strategies are applied by the governments around the world in order to control cancer. The various awareness programs run by government for controlling tobacco, maintaining physical activity, limit the use of alcohol, vaccination against the HPV, and hepatitis B. The awareness also includes the limited exposure of carcinogen, diet and stress-free related life, effective public health activities, and others. In addition, rising number of cancer patients followed by an increasing number of private diagnostic centers is also considered as one of the major factors for promoting the growth of the market.
Since past couple of years, developing countries like India, China, and Indonesia saw a marked growth in healthcare infrastructure development. This is considered as on one of the major driving factors which promote the growth of the market. However, lacs of diagnostic centers facilities and lack of diagnosis is also considered as one of the major restraining factors which affect the growth of the market.
Report Highlights
- Advance infrastructure and high capita healthcare expenditure in the U.S. helps this region to grab largest market share
- High flow of COVID patients across the world is affecting the growth rate of cancer diagnostic market
- Major manufacturer in the global market is focusing on technological advancement in order to decrease the cost of screening per patients.
- Imaging Segment Appeared as Largest Segment and Occupied Remarkable Market Share
- Breast Cancer Application is Predicted to Advance at Rapid Rate During Estimate Period
- North America holds the largest market share in the global cancer diagnostics market
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Regional Snapshots
In North America, cancer is the leading cause of death and at present, lung cancer is the leading cause of death in the U.S. In addition, breast cancer is frequently diagnosed in the North American region. National Cancer Institute stated that the burden of cancer increasing day by day in the U.S. Rising geriatric problem and modern lifestyle is one of the major causes for cancer related death. On the other hand, Europe is mostly affected by the geriatric population with a low birth rate. Countries like Germany, France, and UK population are highly diagnosed with cancer.
High population of China and India provide huge patient base which further promote the growth of the market in the Asia Pacific. The countries like Brazil in the Latin America holds more than the 60% market share of the cancer diagnostic market. The rise of patients in this region compared to the Asia Pacific and Latin America is due to the new screening test. Middle East is showing a substantial amount of treatment in the upcoming years. Thyroid cancer is common in females of Gulf Countries. As per the study, males are mostly suffering from lung cancer in the Gulf countries. However, lack of medical facilities in Africa affects the growth of cancer diagnostic market in this region.
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Key Players & Strategies
Many firms are under huge competition for attaining the maximum profit and development. The company likes GE Healthcare, Abbott Laboratories Inc and many others undergo collaboration, merger and acquisition, partnership for their expansion and growth and development. Many firms are looking for technological advancement and new screening techniques to remain in competition for their growth. Illumina, the DNA sequencing giant developed technology on the oncology of fluid biopsy. IBM’s supercomputer Watson is continuously used for a better understanding of the problem associated with cancer. The DaVinci robots are commonly used by the oncologist for improving the skills of the professionals for the better viewing the sensitive organs of the human body.
Some of the prominent players operating in this market place are Agilent Technologies, Inc., Illumina, Inc., Thermo Fisher Scientific, Inc., GE Healthcare, Becton, Dickinson and Company, QIAGEN N.V., Abbott Laboratories, Inc., Roche Diagnostics, Philips Healthcare, Siemens Healthcare, and C.R. Bard, Inc. and others.
Market Segmentation
By Test Type
- Laboratory Tests
- Genetic Tests
- Imaging
- Endoscopy
- Biopsy
- Others (barium enema)
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 Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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