Chicago, March 23, 2023 (GLOBE NEWSWIRE) -- The cancer diagnostics industry is expected to experience significant growth in the near future as a result of technological advances, such as artificial intelligence (AI) and machine learning (ML). AI and ML are already being used to detect cancer in its early stages, helping to increase the accuracy and reduce the cost of cancer diagnostics. Additionally, advancements in genomics, biomarkers, and imaging technologies are providing more accurate and reliable methods for cancer diagnosis. Furthermore, the emergence of personalized and targeted treatments for cancer is driving the demand for more precise and accurate diagnostics. As a result, the cancer diagnostics industry is expected to continue to grow in the near future as new technologies are developed and deployed.
Cancer Diagnostics market in terms of revenue was estimated to be worth $17.2 billion in 2021 and is poised to reach $26.6 billion by 2026, growing at a CAGR of 11.5% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growth in this market is attributed to the prevalence of cancer, the increasing number of private diagnostic centers. Moreover, the growth opportunities in emerging markets are expected to provide growth opportunities for players in the cancer diagnostics market during the forecast period.
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Cancer Diagnostics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $17.2 billion |
| Estimated Value by 2026 | $26.6 billion |
| Growth Rate | Poised to grow at a CAGR of 11.5% |
| Market Size Available for | 2019–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Products, Cell Type, Application, End User and Region |
| Geographies Covered | North America (US, Canada), Europe (Germany, France, UK, Spain, Italy, and RoE), APAC (China, India, Japan and the RoAPAC), and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Recommendations for cancer screening |
| Key Market Drivers | Growth in the number of private diagnostic centers |
By product, the cancer diagnostics market is segmented into consumables and instruments. In 2020, the instruments segment accounted for the larger share of the cancer diagnostics market. The large share of this segment can be attributed increasing incidence of cancer.
Based on the technology, the cancer diagnostics market is segmented into IVD testing, Imaging Based and biopsy techniques. In 2020, the IVD testing segment accounted for the largest share of the cancer diagnostics market. The large share of this segment can be attributed to incidences of cancer and technological advancement.
Based on application, the cancer diagnostics market is segmented into breast cancer, lung cancer, colorectal cancer, melanoma, and other cancer. The breast cancer segment accounted for the largest market share in 2020. The increasing incidence of breast cancer are the major driving factors for this market.
By end user, the cancer diagnostics market is segmented into a hospitals and diagnostic laboratories. The hospitals segment accounted for the largest market share in 2020. The increasing number of patients visiting hospitals, rising number of in-house diagnostic procedures performed in hospitals, are the major driving factors for this market.
The cancer diagnostics market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the cancer diagnostics market, followed by Europe. The large share of North America can be attributed to factors such as the increasing incidences of cancer, growing awareness early diagnosis and technological advancement.
Key Market Players:
The major players in the cancer diagnostics market are Danaher Corporation (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US.), F. Hoffman-La Roche AG (Switzerland), QIAGEN N.V. (Netherlands), Fujifilm Corporation (Japan), Aglient Technologies (US) and Thermo Fisher Scientific Inc. (US) etc.
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Hypothetic Challenges of Cancer Diagnostics Market in Near Future:
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