Cancer Diagnostics Market is Expected to Grow at CAGR of 7.6% From 2014 to 2020, to be Worth US$168,649.3 Million by 2020: Transparency Market Research

Jul 28, 2015, 11:30 ET from Transparency Market Research

ALBANY, New York, July 28, 2015 /PRNewswire/ --

Transparency Market Research (TMR) has announced the publication of a new report, titled "Cancer Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020". According to this report, the global cancer diagnostics market is expected to grow at a CAGR of 7.6% during the forecast period of 2014 to 2020. In 2013, the global cancer diagnostics market was valued at US$100,994.5 million and is expected to be worth US$168,649.3 million by 2020.The increasing prevalence of cancer is the primary factor driving the global cancer diagnostics market. According to the WHO, the number of new cancer cases is projected to grow by approximately 70% in the next two decades. The rapidly growing number of cancer cases will fuel the growth of several sectors related to cancer diagnostics. According to method, the global cancer diagnostics market is divided into tumor biomarker tests, endoscopy, imaging, and biopsy. The segment of cancer imaging diagnosis is anticipated to grow at a CAGR of 8.2% during the forecasting horizon.

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Imaging for cancer diagnosis has taken center stage in worldwide efforts aimed at cancer detection and prevention. Advanced diagnostics methods have achieved a reduction of 30% in mortality due to breast cancer. Hence, the imaging sector in the global cancer diagnostics market will continue its dominance in the foreseeable future. Application-wise, the global cancer diagnostics market is segmented into blood cancer, kidney cancer, colorectal cancer, breast cancer, prostate cancer, pancreatic cancer, ovarian cancer, lung cancer, and liver cancer. The global cancer diagnostics market is mostly driven by the growing demand for lung cancer, breast cancer, and colorectal cancer diagnosis. The lung cancer segment is leading the market, as it is the most common type of cancer.

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Approximately 1.8 billion new cases of lung cancer were diagnosed in 2012.Geographically, the global cancer diagnostics market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). North America is the leading region in the global cancer diagnostics market. This regional market held a market share of 40.7% in the 2013 global cancer diagnostics market. The next region in the global cancer diagnostics market's regional hierarchy is Europe, which held a 29.1% share in the global cancer diagnostics market in 2013.Asia Pacific will grow at the fastest CAGR of 8.2%, while North America will register a growth at a 7.0% CAGR during the forecasting horizon. The Asia Pacific cancer diagnostics market is driven by the increasing prevalence of breast cancer in this region. The RoW market for cancer diagnostics will also register good growth in the foreseeable future due to the increasing incidence of lung cancer.

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It is easier to receive regulatory approval for in-vitro cancer diagnostics in Europe as compared to the U.S., hence many companies are launching their products in Europe. Market players in the global cancer diagnostics market offer molecular diagnostic products, in-vitro diagnostic products, and imaging platforms. The top imaging equipment manufacturers are Siemens, GE Healthcare, and Philips Healthcare. The key vendors of oncology diagnostics tests and related products include Abbott Diagnostics, Roche, Myriad Genetics, Ambry Genetics, AstraZeneca, Eli Lily Company, and Pfizer.

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Market Segmentation of Cancer Diagnostics Market:

Cancer Diagnostics Market, by Method: 

  • Biopsy
  • Endoscopy
  • Tumor Biomarker Tests
  • Imaging

Major geographies analyzed under this research report are:  

  • Europe
  • North America
  • Asia-Pacific
  • Rest of the World

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