Cancer Diagnostics Market to Record CAGR of 7.6% through 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/17/2017 -- According to the report, global demand for cancer diagnostics 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. 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"
Cancer is a disease in which uncontrolled growth of cells forms a tumor. It also called as malignancy. Rising number of cancer patients worldwide and increasing healthcare expenditure are expected to support the global cancer diagnostics market. Not all cancer has the potential of spreading to other parts of the body. There are two types of tumors namely cancerous or malignant (spreads throughout the body) and benign tumors or static tumors which do not spread to other body parts. Some commonly occurring symptoms in cancer are prolonged cough, new lump, weight loss and abnormal bleeding. Cancer diagnostic deals with the management of cancer by providing a wide range of high-value tools for screening, diagnosis, and monitoring of different types of cancer. It is used to detect cancer and also performs different treatments.
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Cancer diagnostics market is mainly driven by technological advancements, huge funds, and investments across the world. Use of microscopy devices has become necessary to prepare a required sample. Rapid progress in technology is another important factor that has been resulted in growing exploitation for microscopy devices. The safe cancer screening methods due to technology advancements provide future growth opportunity to industry participants. Cancer is a genetic disorder and increasing prevalence of cancer, growing development in new DNA sequencing and next-generation sequencing technologies are expected to trigger the growth of this industry in the coming years across the globe.
On the basis of the method, the global cancer diagnostics market is divided into tumor biomarker tests, endoscopy, imaging, and biopsy.
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The cancer imaging method is the fastest growing segment of cancer diagnosis market. The imaging sector dominated the global cancer diagnostics with a 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 a 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.