The
global Cancer Diagnostics Market size is expected to
reach USD 249.6 billion by 2026, according to a new report by Grand View
Research, Inc., exhibiting a 7.0% during the forecast period. Continual
introduction of innovative products, coupled with increasing need for early
diagnosis of various diseases, is a prime factor driving the market. In
addition, rapid growth of the healthcare and diagnostics sector can be
attributed to penetration of technologically advanced laboratory systems that
have improved oncological screening in yielding accurate outcomes. Rising
incidence of cancer is triggering demand for these screening tests and imaging
modalities used for monitoring disease progression.
Collaborative
and independent initiatives led by governments and companies are striving to
raise cognizance about the benefits of early cancer diagnosis. In addition,
cancer research organizations, along with public and private entities, are
investing heavily on research projects to launch advanced diagnostic tools in
the market, which are capable of diagnosing the disease much before the
symptoms appear.
Furthermore,
giant players are collaborating with governments and other agencies to enhance
patient accessibility to these tests and products. For instance, Illumina, Inc.
launched a new venture called GRAIL with investors, Jeff Bezos and Bill Gates,
with an investment of more than USD 100 million. GRAIL is mainly focused on
blood-based oncological screening for timely diagnosis of the most common tumor
types through simple laboratory tests.
Related Press Release@
https://www.grandviewresearch.com/press-release/global-cancer-diagnostics-market
Further key findings from the report suggest:
- Rapid
adoption of technology and escalating need for early diagnosis is
augmenting the growth of imaging systems. Thus, the segment is expected to
exhibit the fastest CAGR at 8.0% during the forecast period
- The breast
cancer segment accounted for the largest share based on application due to
high incidence rate of breast cancer triggering the need for its early
diagnosis
- In 2018,
North America dominated the global space with the largest revenue share of
42.0%. Focused research efforts in oncology for development of early tumor
detection tools, coupled with grants from government healthcare agencies,
are contributing to a strong medical ecosystem to fight cancer in this
region
- Asia Pacific
is expected to emerge as the fastest growing region during the forecast
period. Favorable regulatory framework and growing patient pool in India,
China, and Japan due to support in diagnostic process at comparatively
lower prices are some of the factors boosting the market growth in this
region
- Major
players competing in this market include GE Healthcare; Abbott;
Hoffmann-La Roche Ltd.; and Siemens Healthcare GmbH. Other prominent
players include but are not limited to Becton Dickinson & Company;
Illumina, Inc.; Koninklijke Philips N.V.; and Hologic, Inc.
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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