Adroit Market Research launched a study titled, “Global Cancer Diagnostics Market Size 2017 by Technology, Application, Region and Forecast 2018 to 2025”. Global cancer diagnostics market is set for another strong year of growth. The report offers insightful and detailed information regarding key players operating in the market & their future strategies. The global cancer diagnostics industry report also includes qualitative insights of the market such as drivers, restraints, value chain, regulatory framework and trade statistics.
The global cancer diagnostics market size is estimated to be over USD 12.8 billion by 2025. Cancer being the second largest disease worldwide, the increasing number of cancer cases and rise in healthcare expenditure has led to a growth in cancer diagnostics procedures. Cancer Market value is expected to grow at a CAGR of 4.5% during the forecast period.
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Cancer if diagnosed early is more likely to be treated successfully, before it has metastasized. Several countries and market players are investing highly to develop methods for early cancer diagnostics. Thus, with an aim to achieve early cancer diagnosis, the U.K government launched NAEDI (National Awareness and Early Diagnosis Initiative) in 2008, the organization supports activities and research that promote early cancer diagnosis.
Factors contributing to the increase in the number of cancer patients are unhealthy lifestyle, geriatric population and environmental pollution. Sometimes unhealthy lifestyle can result in alcohol consumption, unhealthy diet, tobacco intake, lack of exercise and obesity. Smoking cigarettes is a prevalent cancer causing factor, amongst most developed and developing regions where lifestyle is imbalanced. Lifestyle factors contribute to majority of preventable cancers. For instance, in the U.S, people are more prone to high calories, low nutrient food which increases the risk of cancer substantially while in Japan, people have nutrient rich diet, for example, soy a rich source of protein, contains anti-cancer properties. The phytonutrients contained in the soy, are supposed to inhibit the growth of new blood vessels necessary for tumor growth.
Additionally, old age related cancer is also a concern in countries like Japan with population of over 127 million and life expectancy of over 80 years. Canada is also bound to accelerate its ageing population in the coming decades, as all members of the vast baby-boom cohort reach age 65. Ageing, accumulating errors in the DNA, which declines physiological organ function and leads to cancer over time.
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Economic growth, resident income and an increase in the demand for health care have resulted in an increased demand for medical and health care consumption, which contribute to rise in healthcare expenditure. Furthermore, rise in disposable income, aging, expensive technologies and procedures, medical malpractice liability, ever growing burden of diseases and government spending on health, are contributing to increase in the market size of cancer screening market. However, lack of awareness and efficacy of products is anticipated to hinder the cancer diagnostics market growth in the forecast period.
The global cancer diagnostic market is segmented based on technology, applications and regions. Cancer diagnostic market by technology is segmented as platform based and instrument based. In platform-based technology, Next Generation Sequencing is anticipated to rule and substitute PCR technology in the foreseeable years, while continuous innovation and improvisation will be seen in the imaging technologies. Application wise, high breast cancer incidence rate in women, leads to an increase in breast cancer diagnostic market size, whereas overall lung, prostate, colorectal and skin cancers are profound in both sexes worldwide. Region wise, North America is anticipated to grow at a highest CAGR, followed by Europe while Asia Pacific is seen as an emerging market due to rising investment in healthcare sector and various initiatives undertaken by the government to curb cancer.
Various big and small market players, are making high R&D investments, improving their product portfolios and collaborating with each other, with an attempt to steal profit and market share. The top players include Siemens Healthineers, Inc., Philips Healthcare, Thermo Fisher Scientific, Inc., Illumina, Inc., QIAGEN, Becton Dickinson & Company and GE Healthcare. Early stage cancer detection has been a perpetual trend amongst the market players. In September 2018, Philips moved into a 20 year partnership agreement with Illawarra Shoalhaven Local Health District and Nepean Blue Mountains Local Health District in Australia for Managed Equipment Services. Under these agreements, Philips will offer upgrade, delivery, replacement, maintenance services and optimization for all the key medical imaging solutions. The partnerships will support precision diagnosis and therapy and drive operational performance across hospital sites.
Key segments of the global cancer diagnostics market
Technology Overview, 2015-2025 (USD million)
- DNA Microarray
- Next generation Sequencing
- Lab on a chip (LoaC)
- Protein Microarray
- Immunohistochemistry (IHC)
- Flow Cytometry
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography – Computed Tomography (PET-CT)
Application Overview, 2015-2025 (USD million)
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Skin Cancer
Regional Overview, 2015-2025 (USD million)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
This post was originally published on Technology Trend