Cancer Diagnostics Market To Reflect Significant Incremental Opportunity of USD 249.6 Billion By 2026 | Grand View Research, Inc.

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Cancer Diagnostics Market To Reflect Significant Incremental Opportunity of USD 249.6 Billion By 2026 | Grand View Research, Inc.

June 16
08:22 2020
Cancer Diagnostics Market To Reflect Significant Incremental Opportunity of USD 249.6 Billion By 2026 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Continual introduction of innovative products, coupled with increasing need for early diagnosis of various diseases, is a prime factor driving the cancer diagnostics market.

According to a report, “Cancer Diagnostics Market Size, Share & Trends Analysis Report By Type (Laboratory Tests, Genetic Tests, Imaging, Endoscopy), By Application (Breast, Lung, Liver, Cervical, Colorectal, Skin), By Region, And Segment Forecasts, 2019 – 2026”, published by Grand View Research, Inc.,The 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.

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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. 

China cancer diagnostics market

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.

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Application Insights

The breast cancer segment captured the largest share of 14.0% in 2018 in the cancer diagnostics market. Mammography is the most common and popular screening test employed for breast tumor screening. According to the United States Preventive Services Task Force (USPSTF), women aged between 50 and 74 years are at a higher risk of developing breast cancer. Thus, USPSTF recommends women above 40 years of age to undergo mammography every two years


Global cancer diagnostics market

In addition, many organizations such as the National Breast Cancer Foundation, Inc. are undertaking initiatives to spread awareness regarding breast cancer, benefits of early detection, and available treatment options. Increasing cognizance of the population, coupled with campaigns promoting routine mammography, is resulting in high demand for imaging solutions in breast cancer screening.

On the other hand, surging consumption of tobacco and alcohol is resulting in increased prevalence of tumor in the liver and kidney. Thus, demand for liver and kidney cancer screening is anticipated to rise significantly in the coming years.

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

  • Imaging

  • Endoscopy

  • Biopsy

  • 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

  • Others

Cancer Diagnostics Regional Outlook (Revenue, USD Billion, 2014 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Spain

    • Italy

    • France

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Columbia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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