The global cancer diagnostics market is estimated to grow at a CAGR of 7.5% during the forecast period (2018 - 2023). Cancer has become one of the major causes of death across the globe, with the prevalence increasing every year. As a result, healthcare professionals are concentrating on the development of diagnostic and treatment solutions, to check the prevalence level of disease. Early detection of disease increases the success rate of treatment.
Ease of cancer diagnosis has increased substantially over the past decade and is expected to increase further in the coming years. Currently, it is possible to diagnose different cancers, such as breast cancer and prostate cancer, with a simple blood test. The most widely accepted blood tests for breast cancer include BRCA1 and BRCA2. Similarly, conventional imaging technologies have also experienced considerable innovation in the recent past, and breast tomosynthesis is the best example. Breast tomosynthesis is less-painful and way more efficient than conventional mammography. More than 95% of the currently available cancer diagnostics require very minimal intervention and are capable of providing results with very high sensitivity and specificity. Due to this need of minimal intervention, patient compliance has increased in the recent years, which, in turn, has resulted in an increased number of tests, ultimately driving the market growth.
Other factors, such as increasing healthcare expenditure and the emergence of new technologies, like biomarkers and point of care testing, is increasing the growth of the cancer diagnostics market.
The emerging markets have the smallest market share in the overall cancer diagnostics market across the world, because of many region-specific factors. Limitations in the healthcare sector, in most emerging markets, are the reason behind the lack of universal health coverage. Most people cannot afford medical checkups that involve high expenditure, such as cancer diagnostics; lack of universal health coverage is worsening the situation. Along with this, most healthcare facilities in the region are not equipped to perform such high-quality tests. Other than this, the majority of the population in these markets lives in rural areas, with little or no access to even the basic healthcare facilities. Lack of disease awareness is also a major problem in the emerging markets, due to which, most of the population is diagnosed with cancer at a very late stage. These limitations are not only bound to blood tests, but also apply to that diagnosis, which uses imaging equipment and sampling devices. All these limitations are hindering the market growth. The other factor, where expensive diagnostic procedures and market being controlled by few players, are hindering the market growth of cancer diagnostics.
North America is dominating the cancer diagnostics market, due to the presence of many biotechnology companies, as well as many medical device manufactures in the region. Asia-Pacific is expected to record a substantial growth over the forecast period, due to the existence of a large patient pool, availability of skilled professionals at a reasonable cost, and a distinct regulatory framework supporting accelerated product approvals.
Major Players: Abbott, Qiagen, F. Hoffmann-La Roche Ltd, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., GE Healthcare, Hologic Inc., Illumina Inc ., Philips Healthcare, and Agilent Technologies Inc
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