Cancer Diagnostics Industry Overview
The global cancer diagnostics market size was valued at USD 144. 4 billion in 2018 and is expected to register a CAGR of 7.0% over the forecast period.
Growing prevalence of oncologic cases, constant technological advancements in diagnostics, and increasing demand for effective screening tests are some of the prime factors spurring demand for screening tools and techniques across the world. Rising awareness and supportive government initiatives are some additional factors anticipated to boost market growth during the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Global Cancer Diagnostics market
Cancer is one of the leading causes of deaths across the world and prevalence of the disease has been escalating at an alarming rate. Therefore, healthcare professionals are focusing on development of effective diagnostic and treatment solutions to check prevalence level. Early detection increases the success rate of treatment regimens. As a result, healthcare agencies and market players, through various awareness programs, are promoting routine checkups.
Although various screening procedures, such as lab tests, imaging, and endoscopy, enable disease detection at an early stage, there are certain risk factors posed by medical imaging. These include excessive radiation exposure and administration of fluorescent and barium contrast media in imaging and endoscopic procedures, which cause several adverse effects such as nausea and diarrhea. In addition, the cost entailed in performing diagnosis is relatively high. Thus, the untoward effects associated with imaging solutions, coupled with the high cost of diagnosis, are anticipated to hinder market growth.
Browse through Grand View Research's Clinical Diagnostics Industry Related Reports
Ovarian Cancer Diagnostics Market - The global ovarian cancer diagnostics market size was estimated at USD 1.2 billion in 2018 and is expected to grow at a CAGR of 6.2% during the forecast period.
Next Generation Cancer Diagnostics Market - The global next-generation cancer diagnostics market was valued at over USD 4.38 billion in 2015 and is anticipated to experience significant growth over the forecast period. Rising incidence of oncology diseases is anticipated to drive the demand for next-generation cancer diagnostic tests.
Market Share Insights
January 2016 - 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.
Key Companies profiled:
Some prominent players in the global Cancer Diagnostics market include
- GE Healthcare
- Abbott
- Hoffmann-La Roche Ltd
- Siemens Healthcare GmbH
- Becton
- Dickinson & Company
- Illumina, Inc.
- Koninklijke Philips N.V.
- Hologic, Inc.
Order a free sample PDF of the Cancer Diagnostics Market Intelligence Study, published by Grand View Research.
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