Increased investments in the field of cancer diagnostics is one of the significant factors influencing the cancer diagnostics market growth.
Increased investments in the field of cancer diagnostics is one of the significant factors influencing the cancer diagnostics market growth.
The global cancer diagnostics market is forecasted to reach USD 252.22 Billion by 2027, according to a new report by Reports and Data. The market is observing high growth due to the growing awareness for the early detection of cancer. Detection of cancer at an early stage significantly increases the chances for survival. Creating awareness to encourage early diagnosis and screening are the crucial steps responsible for early detection of the disease comprising colorectal, lung, breast, blood, and cervical, among others. Identifying likely warning symptoms of cancer and taking rapid measures is necessary for early diagnosis. Greater awareness of probable symptoms of the disease amongst physicians, nurses, and other healthcare providers, in addition to the general public, would positively impact the survival rate and hence would be instrumental in increasing the market demand.
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The COVID-19 impact:
The COVID-19 pandemic has made it essential to repurpose the operating rooms for surgeries into intensive care units (ICUs) and pushed hospitals to accommodate patients beyond their full capacity of beds. As a result, in several cases, cancer patients were categorized as non-urgent. Further, the psychological influence of postponed diagnosis as a result of the COVID-19 pandemic cannot be undermined as when psychological, physical, and social health of patients are handled in a positive way, chances of patients’ survival have been seen to improve from a state of illness towards recovering from the disease. COVID-19 has had a significant and negative impact on cancer treatment and research, making a new health emergency for cancer patients’ management a necessity.
Further key findings from the report suggest
- Technological advancements, including ABUS (automated breast ultrasound), continue to increase the workflow and precision of ultrasound breast diagnostics. ABUS decreases the dependency on operator and time that is required for conventional ultrasound diagnostic process, which deploys a transducer to make a quick automatic scan of the breast and obtains volumetric image datasets to address challenges about dense, overlapping tissue.
- The occurrence of lung cancer is a significant driver of the market. It may occur due to various reasons, including smoking, genetic, and exposure to toxic gases. The American Cancer Society projects over 228,000 lung cancer cases, with the occurrence of the disease being higher in men than women. It is a significant cause of death in both US men and women dying due to cancer.
- The high precision, wide dynamic range, and sensitivity, as well as medium to high-throughput capabilities, make mass spectrometry an excellent platform for several biomolecules analysis in oncology diagnostics.
- The market in the Asia Pacific region is projected to grow at the fastest rate in the forecast period attributed to the presence of a large pool of patients, growing awareness about cancer diagnostics, and improving healthcare infrastructure in the region.
- Key participants include Thermo Fisher Scientific, Hologic Inc., Abbott Laboratories, Siemens Healthineers, GE Healthcare, Illumina Inc., F. Hoffmann-La Roche Ltd., Koninklijke Philips NV, Qiagen, and Becton, Dickinson, and Company, among others.
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For the purpose of this report, Reports and Data has segmented into the global cancer diagnostics on the basis of test type, application, end-user, and region:
- Test Type Outlook (Revenue, USD Billion; 2017-2027)
- Imaging
- Laboratory Test
- Genetic Test
- Biopsy
- Endoscopy
- Others
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Blood Cancer
- Ovarian Cancer
- Others
- End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Diagnostic Centers
- Research Institutes
- Others
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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