Global Cancer Diagnostics Market: Snapshot
Owing to the increase in the number of incidences of cancer and rise in the expenditure of healthcare sector, the global market for cancer diagnostics is expected to make a remarkable growth in the future years. Moreover, the technological advancement along with government initiatives and fund contribution that work in favor of the market are also factors estimated to fuel the growth of the market.
The major factors expected to drive the market for cancer diagnosis is the demand for cancer diagnosis mainly from colorectal cancer, lung cancer, and breast cancer patients. The consumption of tobacco products in emerging economies especially in BRICS nations is also adding to the growth and prevalence of lung cancer worldwide. Similarly, breast cancer diagnosis rate is seen to be higher in the Asia Pacific region as compared to the other regions of the world.
However, the lack of skilled professionals in developing nations may act as a hindrance to the growth of cancer diagnostic market. Adding to that, there is lack of proper reimbursement in the emerging nations and this can also impede the market growth at a global level.
The global cancer diagnostics market is prognosticated to be worth US$168.6 bn by 2020 with a CAGR of 7.60%. The forecast period is set to 2014 to 2020 and is anticipated to be increasing from US$100.9 bn as per the 2013 records.
Cancer Diagnosis Segmentation Opening Lucrative Opportunities for Revenue Generation
The global cancer diagnostics market is categorized on the basis of applications and methods. Based on segmentation by application, the market is classified into Prostate Cancer, Pancreatic Cancer, Ovarian Cancer, Lung Cancer, Liver Cancer, Kidney Cancer, Colorectal Cancer (CRC), Breast Cancer, and Blood Cancer. On the basis of method, the cancer diagnosis market is differentiated by Tumor Biomarker Tests, Imaging, Endoscopy, and Biopsy.
Tumor Biomarker tests are further classified into Prostate Specific Antigen Tests, Alpha-Fetoprotein (AFP) Tests, Circulating Tumor Cells (CTC) Tests, CA 19-9 Tests, EGFR Mutation Tests, CA 125 Tests, Carcinoembryonic Antigen (CEA) Tests, HER2 Tests, Anaplastic Lymphoma Kinase (ALK) Tests, BRCA Tests, and KRAS Mutation Tests.
Imaging is further subdivided into Ultrasound, Mammography, Computed Tomography (CT) Scan, Positron Emission Tomography (PET) Scan, and Magnetic Resonance Imaging (MRI) Scan.
The endoscopy segment is further classified into Colposcopy, Bronchoscopy, Sigmoidoscopy, and Colonoscopy. Biopsy is again sub-categorized into Endoscopic Biopsy, Needle Biopsy, and Bone Marrow Biopsy
Asia Pacific to Witness Rapid Growth with Increase in Number of Tobacco Consumers Leading to Mouth Cancer
The global cancer diagnostics market is studied on the basis of key geographies North America, Europe, Asia Pacific, and the Rest of the World. Among these, the region with the most revenue share collection is North America. With more than 40% share, North America is seen to be leading the global market. This is because of the rise in government initiatives so as to support cancer and to create awareness about cancer all over the region. Adding to that, the increase in the number of diagnostic technique prevention is also boosting the cancer diagnostics market in North America.
Apart from North America, Europe is seen to be holding its second position in the cancer diagnostics market worldwide. However, the region prognosticated to show the most promising growth rate and that too at a rapid pace is the Asia Pacific region. This is because of the increase in the number of people consuming tobacco in the emerging nations and the higher level of cancer diagnosis in these nations of Asia Pacific.
Some of the key players in the global cancer diagnosis market are GlaxoSmithKline plc, Abbott Laboratories, bioMerieux, AstraZeneca, and Novartis, and Pfizer.
The global cancer diagnostics market has been witnessing a surge in its valuation, thanks to the rising demand for technically advanced cancer detection methods. The increasing prevalence of cancer around the world is driving this demand significantly. Apart from this, the introduction of non-invasive and advanced techniques for cancer detection is also expected to boost the worldwide cancer diagnostics market in the coming years.
The global cancer diagnostics market is broadly analyzed on the basis of the method of diagnosis and its regional distribution. Based on the method of diagnosis, the market is classified into endoscopy, biopsy, imaging, and tumor biomarker tests. Regionally, it is divided into North America, Europe, Asia Pacific, and the Rest of the World.
This market study has been prepared after extensive research of the worldwide cancer diagnostics market by analysts at TMR. It provides a comprehensive overview of this market on the basis of its historical as well as current performance. Prevailing trends, driving forces, challenges, opportunities, and future prospects of the global cancer diagnostics market have also been discussed at length in this report.
Overview of the Global Cancer Diagnostics Market
In 2013, the global cancer diagnostics market stood at US$101 bn. Expanding at an estimated CAGR of 7.60% between 2014 and 2020, the market is anticipated to reach a value of US$168.6 bn by the end of the forecast period.
The demand for the imaging technique for cancer detection has been constantly rising, enabling it to maintain its leadership among market segments based on detection method. MRI, mammography, CT, PET, and ultrasound are the prime imaging techniques used for the detection of cancer. Among these, the markets for ultrasound imaging and CT scan hold the leading positions at present.
North America leads the global cancer diagnostics market at present. In 2013, it held a share of 40.7% in the overall market. Europe is the second-largest regional market for cancer diagnostics, which accounted for a share of 29.1% in the global market in 2013.
Analysts expect Asia Pacific to report the fastest CAGR of 8.20% during forecast period. On the other hand, North America is likely to register a CAGR of 7.0% between 2014 and 2020. The increasing incidence of breast cancer in Asia Pacific is the key factor driving the growth of the cancer diagnostics market in this region.
The market for cancer diagnostics in the Rest of World is also expected to post healthy growth in the forthcoming years on account of the increasing prevalence of lung cancer.
On the whole, the global cancer diagnostics market looks will expand impressively over the forecast period. However, the lack of appropriate reimbursement policies is projected to restrict the growth of this market significantly in the near future.
Companies mentioned in the research report
The global cancer diagnostics market is moderately fragmented in nature. GE Healthcare, Siemens, and Philips Healthcare are the key manufacturers of imaging equipment for cancer diagnosis. Abbott Diagnostics, F. Hoffmann-La Roche Ltd., Ambry Genetics, Myriad Genetics, AstraZeneca, Pfizer, and Eli Lily Co. are the major suppliers of oncology diagnostics tests related products in the global arena.
Key Segments of Global Cancer Diagnostics Market
- Tumor Biomarker Tests
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments