Selbyville, DE -- (SBWIRE) -- 12/24/2018 -- The Cancer Diagnostics Market is set to exceed USD 156 billion by 2024; according to a new research report by Global Market Insights.

Increasing prevalence of cancer across the globe will be major driving factor for cancer diagnostics market. World Health Organization reported that cancer accounted for 8.8 million deaths in 2015 and was second leading cause of mortality. Unhealthy eating habits and changing lifestyle are further expected to boost prevalence in near future rendering significant positive impact on demand for better cancer diagnostic methods.

Recent technological advancements enabling quick and accurate diagnosis will propel global market growth. Patients are receiving treatment specifically tailored with accordance to their genetic makeup with the help of diagnosis based of next generation sequencing and liquid biopsy. Advent of such technologies in near future will support industry growth.

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Cancer imaging held largest market share in 2016 and is anticipated to follow similar trend during the forecast period. Availability of non-invasive rapid imaging modalities such as magnetic resonance imaging (MRI) along with several applications of imaging in disease management from diagnosis to treatment will drive cancer imaging market over the forecast period. Imaging is also used in assisting radiography and surgery coupled with identification of structural and cancer related changes.

Liquid biopsy market size will witness robust growth over the forecast timeframe. Growing demand for minimal invasive procedures, rising prevalence of cancer along with availability of funding for liquid biopsy R&D will drive industry growth over the coming years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Danaher Corporation
- QIAGEN
- Alere Inc.
- Janssen Diagnostics
- Myriad Genetics
- Biocartis
- Sysmex Corporation
- Cancer Genetics, Inc.
- Kalila Medical
- Biocare Medical
- Siemens Healthineers
- Agilent Technologies
- BD
- bioMérieux
- Bio-Rad Laboratories
- Hologic, Inc.

Breast cancer segment is estimated to witness significant growth during the forecast period. Rising incidences of breast cancer, growing disease awareness and early detection coupled with favourable government initiatives to reduce disease incidences will drive market growth. Favourable reimbursement policies related with breast cancer screening and treatment will fuel industry growth.

Growing geriatric population base will act as primary driver for prostate cancer. According to American Cancer Society, 6 in 10 cases of prostate cancer is observed in men older than 65 years of age. Rising incidences of target disease and growing awareness will drive market size growth over the forecast timeframe.

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U.S. dominated global market in 2016, due to high research and development activities focused at developing better diagnostic methods. Presence of leading medical technology and biotechnology firms coupled with high adoption rates of technologically superior diagnostic methods will drive the U.S. market growth over the forecast timeframe.

China cancer diagnostic market should witness robust growth due to presence of large patient pool and increasing disposable income. Growing awareness pertaining to benefits of early diagnosis will propel market growth. However, being a price sensitive market, inflated cost of some advanced diagnostic tests may limit regional growth to some extent.

Cancer Diagnostics Market by Application
- Tumor Biomarkers Tests
- Imaging
- Ultrasound and radiology
- Mammography
- MRI scan
- PET scan
- CT scan
- SPECT & others
- Biopsy
- Liquid biopsy
- Immunohistochemistry
- In Situ hybridization