Cancer Diagnostics Market Is Projected To Grow Due To Growing Prevalence Of Oncologic Cases Till 2025: Grand View Research, Inc.
The global cancer diagnostics market is expected to reach USD
232.7 billion by 2025, according to a new report by Grand View Research, Inc.
Continual introduction of innovative products coupled with increasing need for
early diagnosis of the disease is the prime factor driving the market growth.
In addition, rapid growth of the sector is attributed to the penetration of
technologically advanced laboratory systems that have improved oncological
screening in yielding accurate outcomes. Rising incidence of cancer is
triggering the demand for these screening tests and imaging modalities that are
used for monitoring disease progression.
Collaborative and independent
initiatives led by governments and companies are striving to raise cognizance
about the benefits of early diagnosis of the disease. 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 way before the symptoms appear.
Furthermore, giant players are
collaborating with governments and other agencies to enhance patient
accessibility of their products. For instance, Illumina, Inc. launched a new
venture named GRAIL with investors, Jeff Bezos and Bill Gates, with an investment
of more than $100 million. GRAIL is mainly focused on blood-based oncological
screening for timely diagnosis of the most common tumor types through simple
laboratory tests.
China cancer diagnostics market, by screening type, 2014
- 2025 (USD Billion)
Browse full research report on Cancer
Diagnostics Market Analysis:
Further key findings from the report suggest:
- Rapid
adoption of technology and escalating need for early diagnosis is
augmenting the growth of the imaging systems space. Thus, the segment is
expected to grow at the fastest CAGR at over 8.0% during the forecast
period.
- The breast
cancer segment, among other application segments, accounted for the
largest share due to the high incidence rate of breast cancer triggering
the need for its early diagnosis.
- In 2016,
North America dominated the global space with the largest revenue share of
more than 41%. Focused research efforts in oncology for the 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. The growing patient pool in India, China, and Japan; due to the
support in diagnostic process at comparatively lower prices; and a
favorable regulatory framework 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 operating in the
market include but are not limited to Becton Dickinson & Company;
Illumina, Inc.; Koninklijke Philips N.V.; .and Hologic, Inc.
For more information: http://www.grandviewresearch.com
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