Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Global Gastric Cancer Diagnostic Market: Analysis by Product Type, Disease Type, End User, Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global market for gastric cancer diagnostics witnessed a valuation of US$1.46 billion in 2022, with a projected growth to US$2.25 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 7.46% during the forecast period from 2023 to 2028.
Driving this expansion is the increasing incidence of gastric cancer worldwide, coupled with a heightened awareness among individuals about preventive measures. The emphasis on preventive healthcare, routine screenings, and the focus on high-risk populations contribute significantly to market growth. Supportive government initiatives, healthcare infrastructure development, increased research and development activities, and technological advancements further streamline diagnostic procedures, enhancing overall efficiency. The market is anticipated to thrive as the elderly population increases, and innovations such as liquid biopsies, advanced imaging techniques, molecular diagnostics, and AI integration gain popularity.
Market Segmentation Analysis
By Product Type: The global gastric cancer diagnostic market is categorized into Reagents & Consumables and Instruments. The Reagents & Consumables segment dominated the market in 2022, driven by the routine demand for consumables in various diagnostic techniques. The Instruments segment is the fastest-growing, propelled by global healthcare infrastructure development and increased accessibility to advanced medical equipment.
By Disease Type: Gastric cancer diagnostics are segmented into Adenocarcinoma, Gastric Lymphoma, and Others. Adenocarcinoma, the most prevalent stomach cancer type, holds the majority share and is poised for rapid growth. Future trends may involve the integration of liquid biopsy and personalized medicine approaches.
By End User: End users encompass hospitals, oncology specialty clinics, diagnostic labs, cancer research institutes, and others. Hospitals secured the majority share in 2022, offering comprehensive services from initial screenings to advanced diagnostics and treatment. Diagnostic Labs are expected to witness the fastest CAGR due to increased demand for laboratory-based services and advancements in molecular and genetic testing.
By Region: North America led the market in 2022, driven by a high prevalence of gastric cancer, an aging population, government investments, and increased awareness. The Asia Pacific market is expected to experience the fastest growth, fueled by a rising patient population, increased healthcare spending, and collaborations between APAC countries and international pharmaceutical companies.
Global Gastric Cancer Diagnostic Market Dynamics
Growth Drivers: The rising geriatric population, increasing disposable income, growing healthcare expenditure, and awareness about early detection contribute to market growth. Other drivers include the rising prevalence of gastric cancer and a focus on preventive healthcare.
Challenges: High diagnostic costs present challenges, particularly in regions with limited healthcare budgets. Additionally, a shortage of medical laboratory professionals poses a challenge to the market.
Trends: The incorporation of Artificial Intelligence (AI) and machine learning in gastric cancer diagnostics is a rising trend, enhancing precision and efficiency. Other trends include liquid biopsies and technological advancements.
Impact Analysis of COVID-19 and Way Forward: The pandemic negatively impacted the market, leading to a decline in gastric cancer screening rates. Post-COVID-19, the market is transitioning with strategic initiatives, increased adoption of personalized medicine, and advancements in diagnostic technologies.
Competitive Landscape and Recent Developments: The global gastric cancer diagnostic market is fragmented, with key players such as Bio-Rad Laboratories Inc, MiRXES Pte. Ltd., Agilent Technologies Inc, and others. Strategic initiatives, technological adoption, and market expansion efforts are prevalent among key players. For example, Agilent Technologies received FDA approval for the PD-L1 IHC 22C3 pharmDx diagnostic in November 2023.
Key Topics Covered
- Executive Summary
- Introduction
- Global Market Analysis
- Regional Market Analysis
- Impact of COVID-19
- Market Dynamics
- Competitive Landscape
- Company Profiles
Key Players Profiled
- Bio-Rad Laboratories Inc.
- MiRXES Pte. Ltd.
- Agilent Technologies Inc.
- F. Hoffmann-La Roche Ltd.
- Vela Diagnostics Holding Pte. Ltd.
- Myraid Genetics Inc.
- Abbott
- AdvaCare Pharma (diagnosis devices)
- Qiagen NV
- bioMerieux SA
- Illumina Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g818rp
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