Cancer Diagnostics Market worth $26.6 billion - Covid -19 Impact and Growing focus on personalized medicine

The Growth of the cancer diagnostics market is driven mainly by increasing incidence of cancer and growth in the number of private diagnostic laboratories.

How the Market Growth Will Impact In-terms of Revenue?

The Global Cancer Diagnostics Market size is projected to reach USD 26.6 billion by 2026 from USD 17.2 billion in 2021, at a CAGR of 11.5% during the forecast period 

The consumables segment is expected to grow at the highest CAGR during the forecast period 

Based on the product, the cancer diagnostics market is segmented into consumables and instruments. The consumables segment is projected to witness the highest growth during the forecast period. The repeated purchase and high consumption, and the high prevalence of diseases the major factors supporting the growth of this segment.

Covid -19 Impact on the Cancer Diagnostics Market? 

With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies and small startups has stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus. The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing inpatient and outpatient services for other diseases and implementing infection prevention and control measures. The number of cancer screening and diagnostic procedures declined precipitously, with countries worldwide being affected by the pandemic

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Recent Developments in Cancer Diagnostics Market: 

• In 2020, GE Healthcate entered into partnership with GenesisCare to improve patient outcomes for the two biggest health burdens globally, cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare’s 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain
  
  
• In 2020, Roche Diagnostics entered into partnership with Illumina to provide broad access to clinical oncology next-generation sequencing

Geographical Growth Scenario of Cancer Diagnostics Market: 

The cancer diagnostics market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the cancer diagnostics market. The large share of North America can be attributed to factors such as the increasing incidences of cancer, growing awareness early diagnosis and technological advancement.

Key companies and strategies adopted-

The major players in the cancer diagnostics market are Danaher Corporation (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US.), F. Hoffman-La Roche AG (Switzerland), QIAGEN N.V. (Netherlands), Fujifilm Corporation (Japan), Aglient Technologies (US) and Thermo Fisher Scientific Inc. (US) etc.

Becton, Dickinson and Company (US)

BD (US) accounted for the second-largest share of the global cancer diagnostics market (Pathology Based products) in 2020. The company provides its radiation dowing to its robust portfolio of cancer diagnostics products and efforts to develop innovative products by investing in R&D. With a strong footprint across North America, Latin America, Europe, the Middle East, Africa, and the Asia Pacific, as well as numerous subsidiaries and distribution channels.

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