Global Cancer Diagnostics Market Size Essential Factors and Trends Influencing Industry Growth till - 2025

 Global Cancer Diagnostics Market Size Research Report: Information by Type (Imaging Testing, Biomarkers Testing, In Vitro Diagnostic Testing, Biopsy and others), Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma Cancer, Prostate Cancer, Liver Cancer and others), End-User (Diagnostic Centers, Hospitals and Clinics, Research Institutes and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2025

Market Scenario

Cancer Diagnostics Market Size is expected to grow significantly over the forecast period. The market held a valuation of USD 122,000 million in 2018 and is projected to register a valuation of an estimated USD 163,000 Million by 2025 with 8.9% CAGR over the forecast period.

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Cancer Diagnostics Market Size-Overview

Cancer is a life threatening disease, creating economic burden on the population. Therefore, there is need to determine new diagnostic tools and techniques. Increasing prevalence of cancer such as lung cancer, breast cancer, liver cancer, and others will boost the market during the forecast period. Moreover, rising healthcare expenditures, increasing awareness for the disease, and investments in the R&D for treatment procedures is fuelling the market.

However, high cost of treatment and related side effects along with low healthcare expenditures in the developing economies is expected restrain the market during the forecasted period.

According to the Centres for Disease Control and Prevention (CDC), U.S. health care spending in 2015, reached USD 3.2 trillion or USD 9,990 per person which accounted for 17.8% of the total GDP. Moreover, the presence of the global market leaders like Pfizer Inc. and Bristol-Myers Squibb Company within the region fuels the market growth during the forecast period.

According to the American Cancer Society, in 2017, it is estimate that around 161,360 new cases of prostate cancer will get diagnosed and around 26,730 death occurs owing to prostate cancer in United States.

According to report published by breast cancer information and awareness, in 2017, around 252,710 new cases of invasive breast cancer are expected to be diagnosed in women, along with 63,410 new cases of non-invasive breast cancer.

According to Cancer research UK, in 2014, new cases of cancer are 356,860, including 579 cases of bone cancer.

Key Players in the Cancer Diagnostics Market Size:

Cancer Diagnostics, Inc. (US), Myriad Genetics (Switzerland), Cancer Genetics Inc. (US), Inspirata (U.S), Genomic Health, Inc. (U.S), Paradigm Diagnostics, Inc.(U.S), MEDITE Cancer Diagnostics, Inc. (U.S), MDxHealth (U.S), Biotheranostics (U.S), Pacific Edge (New Zealand), Ventana Medical Systems, Inc. (U.S.),  BioMark Diagnostics Inc. (Canada), 20/20 GeneSystems Inc. (U.S.), Provista Diagnostics, Inc. (U.S.), Armune BioScience (U.S.), Arquer Diagnostics Ltd, Oncimmune Limited (UK), MetaCell (Czech Republic), Progenics Pharmaceuticals, Inc. (U.S.), and others.

Key developments:

Strategic approaches adopted help the major players to sustain their growth in the market and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players. In January, 2015, Roche and Qualcomm Incorporated entered into a strategic collaboration to improve remote monitoring and management of chronic disease patients.

Most of the cancer is hard to catch, even if we are aware of the symptoms to search for. This leads to a late diagnosis and makes treatment more difficult. Thus, companies are more into merger and acquisition activity in order to introduce better diagnosis procedure. The key players are also engaged in research and development activities to development new devices for cancer diagnosis.

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North Americas Cancer Diagnostic Market

North America dominates the Americas Cancer Diagnostics Market Size. North America is further segmented into the U.S. and Canada. The U.S. holds the major share of the market owing to a well-developed economy and the government support for research & development. South America is still a developing region in terms of the infrastructure and technology. 

As per the American cancer society, in 2017, it is estimated that around 53,670 people are likely to diagnose with cancer diagnostics. This includes 27,970 men and 25,700 women. About 43,090 people are expected to die owe to cancer diagnostics that includes 22,300 men and 20,790 women.