Cancer Diagnostics Market Regional Outlook, Trends, Demand and Potential of the Market by 2027
The surge in cancer diagnoses globally is estimated to fuel
the progress of the cancer
diagnostics market. The market's report is efficiently analyzed as per
MRFR, which provides outlooks for the global markets. By 2025, the market is on
track to earn USD 163,000 Million by 2025 with an 8.9% CAGR.
The advancement in diagnostic markers and science has led to
the development of the cancer
diagnostics market in the forthcoming period. The improvement in reimbursement
policies is estimated to support the expansion of the cancer diagnostics market
in the impending period.
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Segmental Analysis
The segmental
overview of the cancer diagnostics market is carried out on the basis of type,
application, end user and regions. The cancer diagnostics market's application
segment comprises breast cancer, colorectal cancer, melanoma cancer, lung
cancer, prostate cancer, and liver cancer. The cancer diagnostics market's end
user segment comprises hospitals and clinics, diagnostic centers, and research
institutes. The region segment of the cancer diagnostics market comprises of the
Americas, the Middle East, Africa, Europe, and the Asia Pacific. The type
segment of the cancer diagnostics market comprises of biomarkers testing,
biopsy, imaging testing, and in-vitro diagnostic testing.
Regional Overview
The regional
examination of the cancer diagnostics market comprises of the Americas, the
Middle East, Africa, Europe, and the Asia Pacific. The Americas cancer
diagnostics market governed the global market due to the mounting elderly inhabitants,
the firm healthcare sector, and growing healthcare spending. The European cancer
diagnostics market held the second major part of the cancer diagnostics market.
The growing awareness about cancer, technological developments in the region,
and mounting demand for efficient handling and diagnostics for cancer is anticipated
to drive the development of the regional cancer diagnostics market. Germany directed
the largest portion in the European market for cancer diagnostics. The Asia-Pacific
cancer diagnostics market is anticipated to register the fastest development in
the cancer diagnostics market throughout the forecast period owing to the incidence
of a large patient collection and snowballing government proposals for the
growth of the healthcare sector in the region. Nations in Asia-Pacific are implementing
advanced treatment options, which in turn powers the cancer diagnostics market growth
in this region.
Competitive Analysis
The market is
projected to witness a period of turbulence with the impact of the pandemic on
the workforce and the economy as a whole. The collaborative efforts of the
market contenders are expected to broaden the horizons for development in the
foreseeable future. The measures being undertaken to ensure seamless
functioning of the market is estimated to lay off in the long run. The
investment towards cutting-edge technology is anticipated to take a sharp surge
with amplified funding accessibility. The formation of strong trade relations
among several regions is forecasted to have a beneficial effect on growth. The
focus on the client's needs is estimated to be more important than before as
changes in living standards can have a notable bearing on the popularity of
certain market trends. The contenders in the market are likely to see
aggressive competition in the coming years. The reimagined market structure is
predicted to rely on a combination of robust online selling capabilities and a
capable supply chain.
The distinguished companies
in the cancer diagnostic market are Arquer Diagnostics Ltd, Illumina, Inc.,
Becton, Dickinson and Company (BD), BioMark Diagnostics Inc., Biotheranostics, Exact
Sciences Corporation, Cancer Diagnostics, Inc., Agilent Technologies, Inc.,
Thermo Fisher Scientific, Inc., GE Healthcare, QIAGEN N.V., Roche Diagnostics,
Siemens Healthcare, Abbott Laboratories, Inc., and Koninklijke Philips N.V.,
Inc.
Industry Updates:
Apr 2021 A novel study at El Camino Health found enhanced
precision and accuracy for lung nodule biopsies through the newest in robotics
technology. The Mountain View-based health system persists in advancing
medicine to identify and heal lung cancer and other ailments through the Ion
Endoluminal Robotic Bronchoscopy System. The novel study showed increased
access directing to better diagnoses and recognized that side effects were negligible.
Apr 2021 Castle Biosciences, Inc., a skin cancer
diagnostics business presenting personalized genomic data to improve cancer
treatment choices, declared it had signed a definitive contract to acquire all
of the equity of Myriad myPath, LLC, from Myriad Genetics. Myriad myPath
Laboratory is a CLIA-certified laboratory in the US, where the myPath Melanoma
23-gene expression profile (GEP) assay was developed and is presently owned and
presented. Castle is attaining Myriad myPath Laboratory for USD 32.5 million.
Castle will support the acquisition value with cash, and cash equals on hand.
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