The global cancer diagnostics market was valued at USD 100,994.5 million in 2013, and is expected to grow at a CAGR of 7.6% to reach an estimated value of USD 168,649.3 million by 2020.
Albany, NY -- (SBWIRE) -- 01/06/2016 -- Cancer is a complex and potentially fatal disease. It is caused by environmental factors that cause gene mutations adversely affecting critical cell-regulatory proteins. These factors either act as a unit or in sequence to spur tumor formations. The World Health Organization (WHO) has identified cancer as one of the most leading causes of death around the world. The WHO reported that globally, there were 8.2 million cancer-related deaths and 14 million new cancer cases were registered in 2012. The globally rising incidence of cancer and escalating healthcare expenditure are the key factors expected to boost the global cancer diagnostics market.
The market study evaluates the global cancer diagnostics market by profiling it in terms of applications, technology, supply chain networks, and geography. Based on the various cancer diagnostic methods, the market is segmented into biopsy, endoscopy, tumor biomarker tests, and imaging. Of these, imaging for cancer diagnosis dominates the global cancer diagnostics market, since the technique is used for the detection of a majority of cancer types.
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This is a comprehensive report presenting an analytical overview of the global cancer diagnostics market. The leading causes of cancer are identified in the report, which also enumerates its different types and potential cancer diagnostic techniques that can be used for the detection of the distinct types of cancer. Using industry-leading analytical tools such as SWOT analysis and Porter's five forces analysis, the report evaluates the competitive landscape of the market. Based on information sourced through primary and secondary research, the report provides refined growth forecasts for the market.
Overview of the Global Cancer Diagnostics Market
The study reveals that the global cancer diagnostics market will reach an estimated valuation of US$168.6 billion in 2020 as against US$100.9 million in 2013, developing at a positive CAGR of 7.6% between 2014 and 2020.
The global healthcare industry is demonstrating a paradigm shift, inclined towards cost-effective modalities of treatment, point-of-care diagnostics, and personalized medicine. These modalities not only facilitate early diagnosis of disease but also significantly reduce healthcare expenditure and financial burden of the disease. Cancer diagnostic or profiling is a similar technology with the potential to revolutionize cancer therapeutics in the healthcare industry.
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Exponential growth is forecasted for the global cancer diagnostics market. Factors such as robust technological advances, favorable government initiatives, and increase in research & development funding will give the cancer diagnostics market an incredible boost. Additionally, recent developments in companion diagnostics and innovation of breakthrough diagnosis methods such as genomics, metabolomics, proteomics, and transcriptomics will fuel the demand for cancer diagnostics devices globally.
Cancer screening ensures early detection of cancer types, which consequently speeds up the treatment process. A majority of the global populace has exhibited a rising trend in cancer awareness and screening of the chronic ailment. This in turn has aided early diagnosis of cancer and subsequent decrease in mortality. However, the report notes that significant reduction of the mortality rate in the late stages of the disease is yet to be achieved by the industry.
Companies mentioned in the research report
The dominant players in the market profiled in the report include Ambry Genetics, Abbott Laboratories, Novartis, bioMerieux, GlaxoSmithKline plc, Roche, AstraZeneca, Pfizer, and Eli Lilly and Co.
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