Hospital Cancer Diagnostics Market: Overview
Cancer is an acute disease caused by genetic malfunctions. Early diagnosis of cancer is very critical for providing accurate and effective treatment. A patient is subjected to variety of tests and exams in hospital as well as in the laboratories. Pap test was the first screening test used for detection of cancer which was promoted in the 1960s by the American Cancer Society. Significance of this test was that it helped in early diagnosis and treatment of cervical cancer leading to decline in death rate of cervical cancer patients by about 70%.
In recent years, cancer diagnostics have evolved rapidly with introduction of new technologies and applications. Today several types of cancers are diagnosed using wide array of methods. The global market for hospital cancer diagnostics is expanding at exponential rate due to rising prevalence of cancer across the globe. Additionally, the advancement in understanding and treating cancer coupled with high awareness about the disease has heightened the demand for cancer diagnosis worldwide.
Hospital Cancer Diagnostics Market: Segmentation
The global hospital diagnostics market is segmented on the basis of type of cancer, such as breast cancer, bladder cancer, lung cancer, leukemia, lymphoma, oral cancer, skin cancer, uterine cancer, ovarian cancer, colon and rectal cancer, prostate cancer, stomach cancer, and other cancers.
The most common methods utilized for cancer diagnosis in hospital include laboratory tests (blood & urine tests), biopsy, endoscopy, diagnostic imaging, genetic tests, nuclear medicine scans (bone scans, etc.), and hematology tests. Diagnostic imaging for cancer diagnosis used several techniques like x-rays, CT (computerized tomography) and CAT (computerized axial tomography) scans, magnetic resonance imaging (MRI), ultrasound, mammography and positron emission tomography (PET) scanning.
Next generation cancer diagnostics include lab-on-a-chip, microarrays, multiplexed assays, next generation sequencing (NGS), pyro-sequencing, RT-PCR, Spectral Karyotyping (SKY), and cellular capture and identification. These technological advancements are creating favorable conditions for market growth.
Hospital Cancer Diagnostics Market: Regional Overview
Geographically, the global market for hospital cancer diagnostics is segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the World. The World Health Organization has highlighted the disparity in policies on early cancer detection among several countries in the world. In developed countries such as the U.S., Canada, and some major countries in European Union, cancer screening programs for detecting cancer are common and more encouraged in comparison to least developed countries. Therefore, the present market for hospital diagnostic testing is dominated in North America and Europe while the future market lied in the potential markets of Asia-Pacific region.
According to WHO report, more than 60% of world’s total new annual cases occur in Africa, Asia and Central and South America. Lack of early diagnosis caused patients to die and these regions account for approximately 70% of the global cancer deaths. Such high prevalence of cancer disease in these regions will compel governments in these nations to implement cancer screening programs.
Hospital Cancer Diagnostics Market: Key Players
Some of the major companies which provide technology platforms and diagnostic technology for cancer diagnosis include Abbott, AdnaGen AG, Applied Genetic Technologies Corporation, Beckman Coulter/Danaher Corporation, Becton Dickinson and Company, Bio-Rad Laboratories, Inc., bioMerieux SA, Dako (a Agilent Technologies company), Cepheid, Inc., diaDexus, Inc., Myriad Genetics, Inc., QIAGEN N.V., Hologic Corporation, Ortho Clinical Diagnostics (a Johnson & Johnson company), F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Corporation, Sequenom, Inc. and GE Healthcare.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.