Cancer Diagnostics Market Size Worth USD 163,000 Million by 2025 at 8.9% CAGR – Report by Market Research Future (MRFR)

New York, US, Aug. 06, 2021 (GLOBE NEWSWIRE) — Cancer Diagnostics Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Cancer Diagnostics Market Information by Type, Application, End-User, and Region – Forecast till 2025”, the market is projected to reach USD 163,000 Million by 2025 registering a CAGR of 8.9%.

Major Growth Drivers

Cancer’s prevalence has been rising at an alarming pace, claiming lives all over the world. As a result, most of the focus is on developing effective diagnostic solutions for early and accurate detection. Early detection helps improve treatment regimens’ success rate. Therefore, healthcare agencies and market players, through various awareness programs, are promoting routine check-ups.  Manufacturers are taking up initiatives such as educational campaigns to spread awareness among people, which is resulting in a higher use of cancer diagnostics.  Surging prevalence of unhealthy lifestyle habits including excess alcohol consumption, smoking, and lack of exercise have given way to various cancer types, including breast cancer, lung cancer, and more.

The need for cancer diagnostics has also risen in line with the burgeoning ageing patient base worldwide. Aged patients can be characterised by reduced immunity levels and generally develop chronic disorders like cancer. Simply put, the expanding geriatric patient base across the globe will be favorable for the cancer diagnostics industry in subsequent years.

Government support and the surging healthcare spending should further benefit the worldwide industry in subsequent years. Rising collaborations and partnerships between the reputed manufacturers to meet with the soaring patient needs will be a major opportunity for the global market.

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Competitive Landscape:

Affluent manufacturers operating in the Cancer Diagnostics Industry are:

• Arquer Diagnostics Ltd
• BioMark Diagnostics Inc.
• Biotheranostics, Cancer Diagnostics, Inc.
• Agilent Technologies, Inc.
• Exact Sciences Corporation
• Thermo Fisher Scientific, Inc.
• Illumina, Inc.
• Becton, Dickinson and Company (BD)
• GE Healthcare
• QIAGEN N.V.
• Abbott Laboratories, Inc.
• Roche Diagnostics
• Siemens Healthcare
• Koninklijke Philips N.V., Inc.  

The companies are trying to further establish themselves by introducing novel tools and solutions via tactics including partnerships, acquisition, and collaborations. Most of the players also work on expanding their businesses geographically to further elevate their market positions. To illustrate, in July 2021, Biofidelity Ltd, a well-known cancer diagnostics firm confirmed its plan to open its US headquarters in North Carolina’s Research Triangle Park. The new location is expected to have a state-of-the-art cancer diagnostics laboratory for conducting ASPYRE-Lung assays for oncologists, laboratories, pharmaceutical vendors, and pathologists, backed by the company’s next-gen ASPYRE technology.

Market Restraints:

Low awareness level among the mass regarding cancer and its effective treatment options, especially in poor countries, could be a significant growth impediment in the next couple of years.

Browse In-depth Market Research Report (90 Pages) on Cancer Diagnostics Market: https://www.marketresearchfuture.com/reports/cancer-diagnostics-market-1962

COVID 19 Analysis

The Covid-19 pandemic has put a lot of pressure on the healthcare industry, as the entire focus shifted towards caring for patients affected by the novel coronavirus. The other focus is on finding vaccine and treatment options to curb the pandemic. There has been a notable decline in cancer screening as well as diagnostic procedures across the globe, with countries facing economic downfall as a result of the lockdown and increasing healthcare spending. This has had a grave effect on the cancer diagnostics market.

Market Segmentation

The cancer diagnostics industry has been categorized in terms of type, application, and end-user.

Types of diagnostics are In Vitro Diagnostic Testing, Biomarkers Testing, Imaging Testing, Biopsy and more.

Major applications of cancer diagnostics are in breast cancer, lung cancer, melanoma cancer, colorectal cancer, liver cancer, prostate cancer, and more. Breast cancer is the top application, as it is gaining significant prevalence among women worldwide, fostering the need for efficient diagnostics.

Main end-users are diagnostic centers, research institutes, hospitals and clinics, and more.

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Regional Status

The American market is in the lead, thanks to the escalating cancer cases, high healthcare spending and presence of a well-developed pharmaceutical sector. The alarming pace at which cancer cases is rising and the expanding geriatric population in the region are pushing the need for effective diagnostics. The National Institutes of Health confirms that in 2019, a total of 2,735,365 cancer cases were diagnosed in the United States alone. On the other hand, the American Cancer Society reveals that around 1.9 million new cases in the country are expected to be diagnosed in 2022.

The second position belongs to the European market, which has been growing relentlessly backed by the strong presence of several reputed diagnostic manufacturers. The surge in research & development activities to introduce more effective and advanced diagnostic tests, and the high awareness level among people regarding the diseases will also amplify the market growth in the years ahead.

The Asia Pacific market can procure the fastest growth rate in the years to come, backed significantly by the rapidly emerging economies like India and China. Improving healthcare infrastructure and the escalating number of people opting for early diagnosis in view of mounting awareness levels coupled with the growth in the prevalence of cancer also benefit the APAC market. Growth in research funding by major contenders in the region could also add to the market value in the following years.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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