Pune, India -- (SBWIRE) -- 02/21/2018 -- Global Cancer Diagnostics Market is expected to reach USD 40.10 billion by 2024 from USD 16.55 billion in 2016, at a CAGR of 11.7% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024. Cancer diagnostics market has the largest market segment in drug delivery market.

The global cancer diagnostics market is highly concentrated to a few big players and rest to local players who cater to domestic markets only. Thermo Fisher Scientific, Inc. dominated the cancer diagnostics market, by platform based accounting for the highest market share in 2016, followed by Illumina, Inc. and Roche Diagnostics. GE Healthcare dominated the cancer diagnostics market, by imaging accounting for the highest market share in 2016, followed by Siemens Healthcare GmbH and Hologic, Inc. Other players in this market include Agilent Technologies, Abbott, Becton, Dickinson and Company, and Koninklijke Philips N.V., among others holds 24.7% of the global cancer diagnostics market in 2016.

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Market Segmentation: Cancer Diagnostics Market

- The global cancer diagnostics market is segmented on the basis of technology, application, and geography. The global cancer diagnostics market is segmented into two types, platform based and instrument based. In 2017, the cancer diagnostics instrument based segment is expected to dominate the market with a share of 68.8% and is expected to continue this trend till 2024.
- Cancer diagnostics platform based market is segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohisto chemistry (IHC), next generation sequencing (NGS), DNA microarrays, flow cytometry and others. Cancer Diagnostics instrument based market is segmented into imaging and biopsy. Imaging is further segmented into magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography- computed tomography (PET-CT), mammography, and ultrasound.
- On the basis of application, the market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma and others.

Thermo Fisher Scientific Inc,:

Founded in 2006 as Thermo Fisher Scientific, Inc, and head quartered in Massachusetts, U.S. is focused on developing, manufacturing and sales of medical supplies, devices, laboratory equipment and diagnostic products. The company operates through four business segments: laboratory products and services, life sciences and solutions, analytical instruments and specialty diagnostic.

Recent Developments:

- In June 2017, Thermo Fisher Scientific Inc. established a partnership with the Institute Of Medical Genetics and Pathology at University Hospital Basel.
- In March 2017, Thermo Fisher Scientific Inc. introduced the QuantStudio 5 Real-Time PCR System, designed to use with HID real time PCR analysis that optimises the use by reducing the cost and increasing efficiency.

Illumina Inc.

Founded in 1998 and headquartered in San Diego, USA. Illumina, inc. is engaged in the development, manufacturing and market integration for analysis of genetic variation and biological function. The company operates through three business segments, namely research, applied science and clinical. The research segment includes the Molecular Biological research tool, Applied Genomics Solutions, Oncology, Microbial Genomics and Genomics in Drug Development. The Applied Science segment of company offers Forensic Genomics, Commercial Agricultural Applications, Molecular Epidemiology and Biobank Analysis Solution. The clinical segment includes Molecular Diagnostics, Reproductive and Genetic Health, Translational Research and others.

Key Drivers: Cancer Diagnostics Market

Some of the major factors driving the market for cancer diagnostics market are growing aging population worldwide, government initiatives for funding, and awareness about cancer. These factors increase the demand for cancer diagnostics products. Increasing prevalence of cancer, key players focusing are on strategic decisions and technological advancements are the major factors driving the growth of the cancer diagnostics market.

- Stringent regulations imposed by the international and local authorities and shortage of the skilled and trained professionals are the factors which may hinder the growth of this market.
- Many companies are increasingly focusing on Next Generation Sequencing (NGS) and biopsy products in order to strengthen their product portfolios in the cancer diagnostics market.
- Increasing demand for Magnetic Resonance Imaging (MRI) and Next Generation Sequencing (NGS) will drive the market in future.

Recent Developments:

- In June 2017, Illumina Inc. announced the FDA approval of Extended RAS Panel for the evaluation of colorectal cancer from the American Cancer Society for Clinical Pathology (ASCP).
- In April 2017, Illumina Inc. reported the launch of the VeriSeq NIPT solution, based on CE-IVD marked next-generation sequencing (NGS) approach for the non invasive pre-natal testing (NIPT), also including CE-IVD marked library prep and analysis software.
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GE Healthcare:

Founded in 1994 and headquartered in Chicago, U.S. GE Healthcare provides transformational medical technologies and services. GE healthcare operates through three business segments healthcare systems, life sciences, and healthcare digital.
Recent Developments:
- In March 2017, GE Healthcare introduced its latest product positron emission tomography/ computed tomography IQ PET/CT in Egypt for early detection of cancer and track patient's responses to cancer treatment.
- In March 2017, GE Healthcare launched Clariscan (gadoteric acid) at the European Congress of Radiology (ECR) meeting in Europe to detect abnormalities in the brain, spine and associated tissues.

Simens Healthcare GmbH:

Founded in 1847 and headquartered in Erlangen, Germany. Siemens Healthcare GmbH is engaged in medical technologies. The company operates through different business segments, such as medical imaging, laboratory diagnostic, point of care testing, healthcare IT services, and clinical specialities & diseases. The clinical specialties & diseases segment includes cardiology, neurology, oncology, surgery, women health and others. In oncology, Siemens Healthcare GmbH provides Imaging, Laboratory Diagnostics, Virtual MR/Ultrasound Guidance for TRUS Assisted Prostate Biopsy and others.

Recent Developments:
- In May 2016, Siemens Healthcare GmbH acquired NEO New Oncology AG. With this acquisition Siemens Healthcare will expand its portfolio with molecular testing related services and technologies for oncology and genomics

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