“Cancer Diagnostics Market Worth $146.32 Billion in 2019”, says Visiongain report
19 December 2019
Visiongain’s new report the Cancer Diagnostics Market Report 2019-2029 : Forecasts Technology (Platform-Based, Instrument Based, Tumor Biomarker Tests), Application (Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Pancreatic Cancer, Ovarian Cancer, Others), End-User (Cancer Research Institutes, Diagnostic Laboratories, Hospitals, Others), plus analysis of leading companies indicates that the global Cancer Diagnostics Market will attain $294.3 billion revenue by 2029.
The global cancer diagnostics market is anticipated to expand due to increased cancer incidence, increased awareness of the disease and early detection combined with favorable public measures to decrease the incidence of disease. The market is expected to grow at a healthy CAGR of 7.2% over the projected period. There has been significant progress in the diagnosis and treatment of cancer in recent years, driven largely by the technological advancement in medical imaging technologies which is expected to revolutionize the cancer diagnosis process.
As the world's population grows older, the number of fresh cancer cases is set to increase to 21.7 million by 2030, thus requiring enhanced efficiencies in the use of imaging techniques.
As reported by the WHO, cancer is one of the most common illnesses, with as many as 14 million fresh instances annually and more than 8.8 million fatalities worldwide. These noteworthy numbers are further worsened by future projections of incidence and prevalence, in which it is anticipated that the complete amount of fresh cancer instances will rise by more than 70% over the next two decades, compared with a likewise growing amount of fatalities. In particular, total cancer expenditure in the United States amounted to approximately USD 125 billion in 2010 and is expected to rise to over USD 150 billion in 2020. Lung cancer is the world's most common cause of cancer death (1.6 million deaths) followed by hepatic malignancies (0.78 million deaths), colorectal (0.77 million deaths), gastric (0.75 million deaths) and breast (0.57 million deaths) cancers.
In 2019, North America Cancer Diagnostics Market accounted for more than 30% of overall market share owing to the presence of numerous biotechnology and medical device companies. Asia Pacific is anticipated to grow at the highest CAGR owing to the presence of a large and diverse patient pool, low labor cost, the largest hub of clinical trials and facilitated regulatory pathways favoring accelerated product approvals.
In addition, the booming medical tourism sector is anticipated to increase demand for oncological testing in nations such as India, China, and Malaysia. Also, favorable public policies that support manufacturing industry development, combined with reduced manufacturing costs in nations like India and China, are anticipated to attract worldwide players' attention to setting up their manufacturing plants in these nations. Furthermore, the expected increase in the patient base in the Asia Pacific is expected to spur the growth of the cancer diagnostics market in the region.
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