Cancer Diagnostics Market Revenue, Growth, Key Players, Supply-Demand, Investment Feasibility and Forecast 2023 To 2028
- Hoffmann-La Roche Ltd. – Revenue [US$69.608 Billion]
- Thermo Fisher Scientific Inc. – Revenue [US$44.915 Billion]
- Abbott – Revenue [US$ 43.653 Billion] –
- Siemens Healthcare – Revenue [US$22.32 Billion] –
- Koninklijke Philips N.V. – Revenue [US$20.297Billion] –
- BD – Revenue [US$18.87 Billion]
- GE Healthcare – Revenue [US$18.3 Billion] Hologic Inc.
- Revenue [US$5.632 Billion]
- Illumina, Inc. – Revenue [US$4.526 Billion]
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Key Takeaways:
- Market Growth: The cancer diagnostics market has been experiencing steady growth due to factors such as an increasing global prevalence of cancer cases, advancements in diagnostic technologies, and a growing emphasis on early cancer detection.
- Early Detection Importance: Early detection of cancer is crucial for improving patient outcomes and survival rates. As a result, there’s a growing demand for accurate and efficient diagnostic tools that can detect cancer at its earliest stages.
- Technological Advancements: Rapid advancements in technologies such as genomics, proteomics, liquid biopsy, and molecular diagnostics have revolutionized cancer diagnostics. These technologies enable more precise and personalized diagnosis and treatment plans.
- Liquid Biopsy: Liquid biopsy, a non-invasive method of detecting and monitoring cancer through the analysis of biomarkers in blood or other bodily fluids, has gained significant attention. It allows for real-time monitoring of a patient’s cancer status and response to treatment.
Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown delayed the diagnosis of cancer for a long period as it affected the logistics and supply of cancer diagnosis tests kits and other products.
- Moreover, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market.
- Several hospitals and clinics witnessed a drop in patient visits during the pandemic. The global cancer diagnostics market is segmented on the basis of product, application, end use, and region. Based on product, the consumables segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the instruments segment is estimated to portray the highest CAGR of 7.5% during the forecast period.
Market Segmentation:
By Diagnostic Method:
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- Imaging Methods: This includes techniques like X-ray, MRI, CT scan, PET scan, ultrasound, and mammography used to visualize internal structures and identify tumors.
- Biopsy: Involves the removal and examination of tissue samples to determine the presence of cancer cells.
- Blood Tests: Blood-based tests measure biomarkers or tumor-specific antigens in the blood, such as PSA (Prostate-Specific Antigen) and CA-125.
- Genomic Testing: Involves analyzing a patient’s genetic material to identify specific genetic mutations or alterations associated with cancer.
By Cancer Type:
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- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Skin Cancer (Melanoma)
- Leukemia
By End-User:
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- Hospitals and Clinics
- Diagnostic Laboratories
- Research Institutes
- Pharmaceutical Companies
By Region:
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Regional Growth Dynamics
The global cancer diagnostics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 8.5% during the forecast period.
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Key Points Covered by the Report-
- What are the fundamental skills, core competencies, and key players in the industry we are examining?
- What are the opportunities for marketing strategies that are developing at a usual rate?
- What are the main competitive factors influencing the industry?
- What marketing tactics are suitable for a particular service or product?
- What geographical areas are covered by the Cancer Diagnostics Market report?
- What share of this market would each of the following regions hold during the forecast period: Asia-Pacific, Europe, North America, and LAMEA?
- How has COVID-19 impacted the Cancer Diagnostics Market?
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