19 April 2021
Visiongain has published a new report on Cancer Diagnostics Market Report 2021-2031: Forecasts by Test Type (Tumor Biomarkers Tests (PSA Tests, CTC Tests, AFP Tests, BRCA Tests, CA-19 Tests, CEA Tests, HER2 Tests, KRAS Mutation Tests, ALK Tests, EGFR Mutation Tests, Others), Imaging (Mammography, Ultrasound, PET Scan, MRI Scan, CT Scan, SPECT & Others), Biopsy (Endoscopic Biopsy, Needle Biopsy, Bone Marrow Biopsy, Others), Immunohistochemistry, Liquid Biopsy, In Situ Hybridization), by Cancer Type (Lung Cancer, Melanoma, Breast Cancer, Colorectal Cancer, Blood Cancer, Prostate Cancer, Ovarian Cancer, Stomach Cancer, Liver Cancer, Others), by End-user (Hospital Associated Labs, Diagnostic Imaging Centers, Independent Diagnostic Laboratories, Cancer Research Institutes, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Cancer Diagnostics Companies AND COVID-19 Recovery Scenarios.
According to Visiongain analysis, global cancer diagnostics market is estimated to be valued at US$ xx billion in 2020. The global market is expected to witness a CAGR of xx% from 2021 to 2026 and is expected to reach US$ xx billion in 2026 from its previous value of US$ xx billion in 2021. Visiongain further anticipates that the global cancer diagnostics market will reach US$ xx billion in 2031 while growing at a CAGR of xx% from 2021 to 2031.
COVID-19 Impact on Cancer Diagnostics Market
COVID-19 pandemic is one of the most unprecedented situations, the world has faced nearly in a century. Due to the rapid transmittal of the disease, there has been a sharp increase in number of cases worldwide. While some countries have crossed their peak and are returning to normal, many others are seeing ever-rising numbers. Growing funding from governments and companies can help combat this highly contagious disease. There are some sectors that are struggling while others are thriving. Overall, almost every industry including global cancer diagnostic market is anticipated to be hit by the pandemic. Increasing adoption of telehealth, current scale of COVID-19 vaccination, increasing efforts put by pharma companies for COVID treatment and high investment by government bodies are expected to help this market to recover soon.
Rising Funding for Cancer Research to Augur Cancer Diagnostics Market Growth
Governments in countries such as the U.S. are raising funds to assist cancer research. Clinical studies are also sponsored by governments to enable businesses to build successful cancer screening tests. The U.S. government allocated US$ 5.8 billion for cancer research and training to the National Cancer Institute (NCI), a federal government agency for FY 2018 to FY 2020. As opposed to the previous year, the budget rose by 5.3 percent. This is anticipated to fuel cancer diagnostics market growth over the forecast period from 2021 to 2031.
Inclusion of Cancer Screening Tests in National Screening Programs
Early cancer detection requires appropriate diagnostic procedures to screen an asymptomatic population at an average cancer risk, particularly for breast cancer, cervical cancer, colon cancer and melanoma. Introduction of routine mammography by major developed economies where breast cancer incidence is high have added cancer screening test in national cancer programmes. For example, the U.S. government has combined the national cancer screening services with the national mammography program. This is projected to offer lucrative growth opportunities for the market players over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global cancer diagnostics market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the cancer diagnostics market. Some of the companies profiled in this report are mentioned below:
• Agilent Technologies, Inc.
• Bio Rad Laboratories Inc.
• BioMark Diagnostics Inc.
• F. Hoffmann-La Roche Ltd.
• GE Healthcare
• Genomic Health (Exact Sciences Corporation)
• Hologic, Inc.
• Illumina, Inc.
• Koninklijke Philips N.V.
• Quest Diagnostics
• Siemens AG
• Thermo Fisher Scientific Inc.
• Toshiba Medical Systems Corporation
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