The global in-vitro cancer diagnostics market is expected to witness moderate growth during the forecast period between 2021 and 2031.
In-vitro cancer diagnostics refers to the deployment of software, reagents, and instruments to examine the presence of malignant tumor cells in a bid to diagnose the presence of cancer, within the human body.
Some of the common tests conducted to detect the presence of cancer include clinical chemistry, nucleic acid tests, immunohistochemistry, and immunoassay.
The outbreak of the COVID-19 pandemic adversely affected the growth in the global in-vitro cancer diagnostics market. With rising number of patients suffering from the virus getting admitted at hospitals, key resources such as doctors and nurses were assigned to cure patients, who had tested positive for the virus.
This led to reduced availability of resources to cure patients suffering from cancer and affected the overall in-vitro cancer diagnostics market, too.
Rising prevalence of different chronic disorders worldwide is the key growth driver for the in-vitro cancer diagnostics market.
Also, growing demand for point of care testing and personalized medicines among patients could fuel the growth in the global in-vitro cancer diagnostics market, in the coming years.
In addition to this, launch of new, condition-specific tests with advanced proteomics and genomics could propel the overall in-vitro cancer diagnostics market, in the years ahead.
Government initiatives and measures such as providing funding to leading market players for research and development activities could help bolster the overall in-vitro cancer diagnostics market, in future.
Other factors such as increasing aging population and changing lifestyles could contribute to overall market growth, in the years ahead.
Hospital end-use segment is expected to make the largest contribution to the overall market because of increasing number of patients getting admitted for treatment purposes.
The global in-vitro cancer diagnostics market is extremely competitive, with the presence of several prominent players, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in the coming years.
Research and development activities to produce improved quality of diagnostics could be a key growth strategy for leading in-vitro cancer diagnostics market players, in the coming years.
Growth strategies such as novel product launches could help leading in-vitro cancer diagnostics market players gain a competitive edge over other players, in future.
Prominent in-vitro cancer diagnostics market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
A few leading players in the global in-vitro cancer diagnostics market include Abbott Laboratories, Thermo Fischer Scientific, Siemens Healthcare, Johnson and Johnson, and Sysmex Corporation.
The global in-vitro cancer diagnostics market is divided into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to be the dominant region in the global in-vitro cancer diagnostics market because of the presence of several advanced technologies and the presence of several prominent market players in countries such as US and Canada.
Europe is expected to offer lucrative growth opportunities for the global in-vitro cancer diagnostics market because of increased opportunities for diagnostics in cancer screening and genetic testing.
Asia Pacific is expected to witness moderate growth in the overall in-vitro cancer diagnostics market owing to developing healthcare infrastructure facilities in countries such as India. Leading market players could establish R&D centers in Asia Pacific countries owing to ease of availability of key resources such as land and labor.
The rest of the world is expected to witness sluggish growth in the overall market, in the coming years.