Cancer Diagnostics 2026: Vendor Detail, Technologies, Regions, Applications
Posted by NickyArora on January 8th, 2020
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.
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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.
Grand View Research has segmented the global cancer diagnostics market on the basis of type, application, and region:
Cancer Diagnostics Type Outlook (Revenue, USD Billion, 2014 - 2026)
· Laboratory Tests
· Genetic Tests
· Others (barium enema)
Cancer Diagnostics Application Outlook (Revenue, USD Billion, 2014 - 2026)
· Breast Cancer
· Colorectal Cancer
· Cervical Cancer
· Lung Cancer
· Prostate Cancer
· Skin Cancer
· Blood Cancer
· Kidney Cancer
· Liver Cancer
· Pancreatic Cancer
· Ovarian Cancer
About Grand View Research:
Grand View Research is an India & 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. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 compnies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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Email: firstname.lastname@example.orgAlso See: View Research, Grand View, Cancer Diagnostics, Forecast Period, Research, Cancer, Market
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