Cancer Diagnostics Market to Advance at CAGR of 8.8% during the forecast period, says TMR Study

• Glaring burden of cancer worldwide underpins need for early diagnosis; substantial demand for diagnosing breast cancer and lung cancer underpins abundant opportunities
• Widespread commercialization of diagnostic biomarkers with good sensitivity and specificity to propel revenue growth; North America highly lucrative cancer diagnostics market propelled by prevalence of various cancers

ALBANY, N.Y., March 22, 2022 /PRNewswire/ -- Rise in incidence and prevalence of cancers has propelled the need for timely therapeutic management, driving the evolution of the cancer diagnostics market. The high mortality evident in massive cancer-related deaths every year due to colorectal, lung, gastric, breast, and hepatic malignancies have propelled the need for early diagnosis. The global valuation of the cancer diagnostics market is projected to reach US$ 311.1 Bn by 2027, advancing at a CAGR of 8.8% during 2019–2027.

The high global burden of cancer is spurring screening programs. The growing focus on managing cancer as a chronic illness has boosted the prospects of the cancer diagnostics market. The use of biomarkers for early diagnosis of specific malignancies has enriched the revenue streams, find the analysts at TMR making a market scrutiny on cancer diagnostics. Advancements in cancer biomarkers have boosted the prospects.

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Key Findings of Cancer Diagnostics Market Study

• Relentless Focus on Increasing Specificity and Sensitivity of Biomarkers to Generate Profitable Opportunities: In various cancer types, tumour markers have been growing in sensitivity and specificity, thus expanding the avenue in the cancer diagnostics market. R&D in novel diagnostic biomarkers are paving the way to new revenue streams, find the authors of the TMR study. A case in point is the launch of novel IVD immunohistochemistry antibody markers in the past couple of years.
• Global Burden of Cancers Propelling Sales: According to a report in the NCBI, new cancer cases are expected to rise remarkably over the next two decades. This is likely to augment the morbidity as well as mortality of cancer. The expanding armamentarium of circulating biomarkers is extending the horizon in the cancer diagnostics market. Cancer imaging diagnostics presents an enormous avenue.
• Massive Application in Breast Cancer Underpins Enormous Revenues: The demand for diagnostics for breast cancer is generating vast opportunities, assert the authors of the TMR study on the cancer diagnostics market. In-vitro diagnostics, particularly companion diagnostics, have benefitted clinicians and the patient population. Commercialization of products occupy vital role in enriching breast cancer management.

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Cancer Diagnostics Market: Key Drivers

• Indispensable role of early diagnosis of cancers in reducing their epidemiological burden is a key driver for advancements in the cancer diagnostics market
• Advancements in primary care infrastructure is driving the evolution of the cancer diagnostics market. The demand for cancer diagnostics in primary care centers has risen over the years, given their role in reducing the diagnostic interval and eventually in boosting patient outcomes.

Cancer Diagnostics Market: Regional Growth Dynamics

• North America held a major share of the global cancer diagnostics market in 2018. The regional dominance is expected to continue during the forecast period. Widespread awareness of mortality and morbidity of cancers has spurred several campaigns on cancer screening, thus bolstering the sales revenue in the cancer diagnostics market.
• The Asia Pacific cancer diagnostics market is anticipated tow witness massive avenues during the forecast period. Advancements made in lab infrastructure has boosted cancer diagnostics in the region. The high prevalence of breast cancer has presented abundant opportunities for companies in the cancer diagnostics market.

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Cancer Diagnostics Market: Key Players

Some of the key players in the cancer diagnostics market are Pfizer, Inc., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc., Genoptix, Inc., Eli Lilly and Company, bioMeriux SA, AstraZeneca plc., Ambry Genetics, and Abbott. The presence of several globally prominent pharmaceutical and biotech companies has rendered the landscape highly fragmented, observe the authors of the TMR study on the cancer diagnostics market.

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The global market has been segmented as follows:

• Global Cancer Diagnostics Market, by Methods
• Biopsy
• Bone Marrow Biopsy
• Needle Biopsy
• Endoscopic Biopsy
• Endoscopy
• Bronchoscopy
• Colonoscopy
• Sigmoidoscopy
• Colposcopy
• Others
• Imaging
• MRI Scan
• PET Scan
• CT Scan
• Mammography
• Ultrasound
• Tumor Biomarker Tests
• PSA Tests
• CTC Tests
• AFP Tests
• CA 19-9
• CA 125
• EGFR
• HER2
• CEA
• BRCA
• KRAS
• ALK
• Global Cancer Diagnostics Market, by Application
• Blood Cancer
• Breast Cancer
• Colorectal Cancer
• Kidney Cancer
• Liver Cancer
• Lung Cancer
• Ovarian Cancer
• Pancreatic Cancer
• Prostate Cancer
• Global Cancer Diagnostics Market, by Region
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific  
• China
• India
• Japan
• Australia & New Zealand
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

Ovarian Cancer Diagnostics Market: Ovarian cancer is perhaps the most well-known sorts of cancer among ladies. It is a cancer that beginnings in the ovaries. Ovary is a female regenerative organ wherein eggs or ova are created. The female conceptive framework includes two ovaries: one on one or the other side of the uterus. Ovaries produce chemicals including progesterone and estrogen. Ovaries additionally produce ova (eggs). Ovarian cancer is just recognizable after it spreads to the midsection and pelvis.

Next-generation Cancer Diagnostics Market: The cancer diagnostics industry is projected to witness lucrative growth in the next few years due to the increasing number of technologically advanced products providing accurate test results in the field of diagnostics. Additionally, they also help with therapeutic monitoring and early diagnosis of cancer. Significant improvements observed in the shift from traditional laboratory testing to rapid point of care testing (POC) drive this market.

In-vitro Cancer Diagnostics Market: A collection of various diseases caused due to the prevalence of several genetic malfunctions is known as cancer. Cancer is triggered by the uncontrolled growth of several tissues and organs. A human body can be affected by more than 100 types of cancer and each one of them is categorizes on the basis of the cell type that gets affected initially. When the damaged cells split irrepressibly to form tissue lumps and masses, it is when patients suffering from cancer are harmed more.

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