Increasing incidences of cancer across the globe will boost the global cancer diagnostics market over the forecast timeframe. Increasing geriatric population vulnerable to wide range of cancers and increasing urbanization leading to lifestyle changes, one of the major causes of cancer, will further contribute to increasing number of cancer incidences.
Cancer diagnosis is cost intensive hence developed economies such as U.S. and developing economies such as India are struggling to cope with rapidly increasing financial burden of the disease. Early diagnosis is the key to reduce economic burden of cancer. As a result, government in these economies are taking several initiatives to increase early diagnosis and awareness pertaining to benefits of early diagnosis. Such initiatives will render significant positive impact on cancer diagnostics market growth. Technological advancements in diagnostic capabilities will serve to be high impact rendering factor.
Advance fluid biopsy techniques, real time cancer diagnostics, increasing automation enabling faster test results will allow early and precise diagnosis of the condition. Such technological advancements are predicted to boost adoption rates fueling cancer diagnostics market growth over foreseeable future.
However, high cost of diagnosis and side effects associated with diagnostic imaging is predicted to hinder cancer diagnostics market growth to certain extent. Moreover, low awareness pertaining to benefits of early diagnosis in underdeveloped economies will impede industry growth.
Imaging segment currently dominates the industry and trend is anticipated to continue over forecast timeframe. Advent of sophisticated imaging technologies such as positron emission tomography, that provides better quality results with low side effects will drive segment growth. However, reluctance among people to use X-ray and other imaging devices due to high exposure to radiation will impede segment growth.
Browse key industry insights spread across 250 pages with 84 market data tables & 10 figures & charts from the reportCancer Diagnostics Market in detail along with the table of contents:
Lung-liver cancer accounted for largest market share due to high and rapidly increasing number of incidences. Aging demographics coupled with lifestyle changes such as increasing smoking habits will favor segment growth.
Cancer research institutes, end user segment is predicted to grow at highest CAGR over the forecast period. However, hospital end user segment accounted for largest market share in 2016 due to increasing accessibility to healthcare services and availability of advanced diagnostics technologies in the hospitals.
UK cancer diagnostics market is expected to witness significant growth over the forecast timeframe due to rapidly increasing cancer rates. Favorable demographic trends such as aging population and decreasing fertility rates coupled with early adoption of new diagnostic tests will escalate the growth.
Increasing disposable income, healthcare infrastructure developments and growing accessibility to healthcare services will propel cancer diagnostics market growth in Asia Pacific region. Furthermore, presence of large patient pool will favor industry growth. China and India dominated Asia Pacific region and is forecasted to continue to dominate the industry over the coming years.
Some of the notable industry players are Abbott Laboratories, Alere, Becton, Dickinson and Company (BD), Biocartis, BioCare Medical, bioMérieux, Bio-Rad Laboratories, Cancer Genetics, GE Healthcare, Hologic, QIAGEN, Roche, Sysmex Corporation and Siemens Healthcare. Industry players are focusing on research and development activities focused at development of innovative and better diagnostics methods. The players are further adopting strategic growth initiatives such as collaboration and partnerships to garner higher market share.
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