Rising number of cancer cases is catalyzing growth of cancer diagnostics market
According to our latest market study on "Cancer Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Technology, Application, End User, and Geography," the market is expected to grow from US$ 18.23 billion in 2021 to US$ 54.62 billion by 2028; it is expected to grow at a CAGR of 11.7% from 2022 to 2028.
Cancer Diagnostics Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Download Free SampleCancer Diagnostics Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Product (Consumables and Instrument), Technology (IVD Testing, Imaging, and Biopsy Technique), Application (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, and Other Cancers), End Users (Hospitals and Diagnostic Laboratories), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Based on product, , the market is segmented into consumables (antibodies, kits & reagents, probes, and other consumables) and instruments [pathology-based instruments (slide staining systems, tissue processing systems, cell processors, PCR instruments, NGS instruments, microarrays, and other), imaging instruments (CT systems, ultrasound systems, MRI systems, mammography systems, nuclear imaging systems, and biopsy instrument), and biopsy instruments]. The consumables segment held a larger market share in 2021, and it is expected to retain its dominance during the forecast period. Increasing demand for consumables in cancer diagnostics, followed by the rise in R&D, is the key factor promoting the growth of the market.
Based on application, the cancer diagnostics market is segmented into breast cancer, lung cancer, colorectal cancer, melanoma, and other cancer. The breast cancer segment held the largest market share in 2021. Breast cancer is the most common cancer across the world and the second-leading cause of death in the US.
According to WHO, nearly 290,560 women were diagnosed with breast cancer in the US in 2022. A huge share of this portion can be accredited due to the increasing number of breast cancer cases globally.
Based on end user, the cancer diagnostics market is segmented into hospitals and diagnostic laboratories/centers. The hospital segment accounted for more than 60% of the market share in 2021 and is likely to witness a faster growth during the forecast period. Emergence of advanced healthcare facilities in developing countries is the major factor driving the growth of the market.
GE Healthcare, Abbott Laboratories, Hologic Inc., Agilent Technologies Inc., Roche Diagnostics, FUJIFILM Corporation, Danaher Corporation, DiaSorin S.P.A., Myriad Genetics Inc., Siemens Healthineers AG, BD, bioMérieux SA, Bio-Rad Laboratories, Cancer Diagnostics Inc., Vela Diagnostics, Roche Diagnostics, AMOY Diagnostics CO. LTD., Quidel Corporation, Bio SB, Biocartis NV, and Exact Science are the key players profiled during the study of the cancer diagnostics market. Several other major companies were analyzed during this study to get a holistic view of the cancer diagnostics market and its ecosystem.
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