Cancer Diagnostics Market to Record CAGR of 7.6% through 2020
Deerfield Beach, FL -- (SBWIRE) -- 07/06/2017 -- Zion Market Research has published a new report titled "Cancer Diagnostics Market by Methods (Tumor Biomarker Tests, Imaging, Endoscopy, Biopsy) for Blood Cancer, Breast Cancer, Colorectal Cancer (CRC), Lung Cancer, Others: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020" According to the report, global demand for cancer diagnostics market was valued at USD 80.67 billion in 2014, and is expected to reach USD 128.6 billion in 2020, growing at a CAGR of 7.6% between 2015 and 2020.
Cancer is also called as malignancy in which abnormal growth of cells form group diseases. Not all the cancer has potential of spreading to other parts of the body, there are two types of tumors, cancerous or malignant (spreads throughout the body) and benign tumors or static tumors which do not spread to other body parts. Prolonged cough, new lump, weight loss and abnormal bleeding are the commonly occurring symptoms in cancer. Cancer diagnostic deals with the management of cancer by providing a wide range of high-value tools for screening, diagnosis and monitoring of different cancer types. It is used to detect the cancer and also performs different treatments.
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The major driving factor for cancer diagnostics market is technological advancements, huge funds, and investments. Increasing demand for safe and cost-effective drugs for the treatment of cancer is expected to boost the cancer diagnostics market. The safe cancer screening methods due to technology advancements provide future growth opportunity to industry participants. Moreover, as cancer is a genetic disorder and increasing prevalence of cancer,growing development in new DNA sequencing and next generation sequencing technologies is expected to have a positive impact on cancer diagnostics market. Various initiatives undertaken by governments and global health organizations to spread awareness about cancer is also expected to drive the cancer diagnostics market.
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On the basis of method, the global cancer diagnostics market is divided into tumor biomarker tests, endoscopy, imaging, and biopsy. The cancer imaging method is the fastest growing segment of cancer diagnosis market. The imaging sector dominated the global cancer diagnostics with significant market share of the total market in 2014.
Blood cancer, breast cancer, colorectal cancer (CRC), kidney cancer, liver cancer, lung cancer, ovarian cancer, pancreatic cancer, prostate cancer are the key applications involved in the cancer diagnostics market. Breast cancer application was the largest segment of global cancer diagnostics market and accounted for majority share of the entire market in 2014. Lung cancer and colorectal cancer segments are emerging as potential applications of the cancer diagnostics market and expected to grow at a strong CAGR during the forecast period.
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North America was the dominating region in the global market of cancer diagnostics and accounted for over 40.7% share of the total market in 2014. It also expected to continue this development by the end of 2020 due to the rising advancement in technology associated with the methods and treatments of cancer.. North America is followed by Europe. The Asia Pacific cancer diagnostics market is driven by the increasing prevalence of breast cancer in this region.
Some of the key player for global cancer diagnostics market includes Abbott Laboratories, Inc., Ambry Genetics, AstraZeneca plc, bioMeriux SA, Eli Lilly and Company, Genoptix, Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., and Pfizer, Inc.
This report segments the global cancer diagnostics market as follows:
Methods Segment Analysis: Tumor Biomarker Tests, Imaging, Endoscopy, Biopsy
Application Segment Analysis: Blood Cancer, Breast Cancer, Colorectal Cancer (CRC), Lung Cancer, Others
Regional Segment Analysis: North America (US), Europe(Germany, France, UK), Asia Pacific(China, Japan, India), Latin America(Brazil), Middle East and Africa
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