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According to Nova one advisor, the global Cancer Diagnostics market value was estimated at US$ 168,601.14 Million in 2020 and is projected to reach US$ 280,589.10 Million by 2027, registering a CAGR of 7.2% from 2020 to 2027. The report contains 150+ pages with detailed analysis.
Overview of Cancer Diagnostics Market Study
Cancer Diagnostics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
Cancer diagnostics is a method of identifying different biomarkers, proteins, and some signs that lead to the identification of the presence of a cancerous tumor. Efficient diagnostic testing is used to validate or rule out the existence of illness, monitor the progression of the disease, and schedule & review treatment outcomes. Diagnostic procedures for cancer may include imaging, tumor biopsy, laboratory tests (including tests for tumor markers), endoscopic examination, surgery, or genetic testing.
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Global Cancer Diagnostics Market DynamicsDRIVER: Growth in the number of private diagnostic centers
The number of private diagnostic centers is increasing across the globe as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals due to the limited number of imaging modalities at their disposal. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India. This medical screening center is operated by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty’s Healthcare (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture of FUJIFILM and Dr. Kutty’s Healthcare (DKH), which runs hospitals and screening centers in India and the Middle East.
OPPORTUNITY: Recommendations for cancer screening
In an attempt to detect cancer in the early stages and bring down the mortality rate, governments in developed countries and primary care doctors are recommending cancer screening tests for patients. The US Preventive Services Task Force (USPSTF) recommends screening for colorectal cancer starting at 50 years of age to 75 years of age in the US as a means of preventing disease incidence and ensuring early-stage treatment. Canada has also implemented guidelines for biennial colorectal cancer screening for people aged 50 to 74 years.
Many hospitals in developing countries cannot invest in diagnostic imaging equipment due to their higher cost, poor reimbursement rates, and budgetary constraints. However, due to the high demand for diagnostic imaging procedures in these nations, hospitals that cannot afford to invest in new imaging systems prefer to opt for refurbished ones. Refurbished systems are priced lower than new systems and are approximately in the range of 40% to 60% of the original price of the equipment.
Owing to this, many market leaders are now promoting refurbished devices through various programs. For instance, Siemens’ Medical Proven Excellence Program, GE Healthcare’s Gold Seal Program, and Philips’ Diamond Select Program are some noteworthy global refurbishing programs that promote the utilization of refurbished diagnostic imaging systems.
The consumables segment is expected to grow at the highest CAGR during the forecast period
Based on the product, the cancer diagnostics market is segmented into consumables and instruments. The consumables segment is projected to witness the highest growth during the forecast period. The repeated purchase and high consumption, and the high prevalence of diseases the major factors supporting the growth of this segment.
The technology segment accounted for the largest share of the cancer diagnostics market in 2020
By technology, the cancer diagnostics market is segmented IVD testing, imaging based and biopsy technique. The IVD testing segment accounted for the largest market share in 2020. The large share of this segment can be attributed to increasing incidence of cancer.
Hospitals for the largest share of the cancer diagnostics market in 2020
Based on end-users, the cancer diagnostics market is segmented into hospitals and diagnostic laboratories. The hospitals segment accounted for the largest share of the cancer diagnostics market in 2020. The increasing number of patients visiting hospitals, rising number of in-house diagnostic procedures performed in hospitals, and growing awareness regarding early diagnosis is are the major driving factor for this market.
Cancer Diagnostics Market by Region
North America accounted for the largest share of the cancer diagnostics market in 2020
Based on the region, the cancer diagnostics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the cancer diagnostics market. The large share of North America can be attributed to factors such as increasing incidence of cancer and technological advancement.
COVID-19 Impact on Cancer Diagnostics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Cancer Diagnostics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Cancer Diagnostics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Cancer Diagnostics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Cancer Diagnostics market include:
GE Healthcare (US), Abbott Laboratories (US), Hologic Inc. (US), Agilent Technologies Inc.(US), Roche Diagnostics (Switzerland), FUJIFILM Corporation (Japan), Danaher Corporation (US), DiaSorin S.P.A. (Italy), Myriad Genetics Inc. (US), Siemens Healthineers AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Cancer Diagnostics Inc. (US), Vela Diagnostics (Singapore), Roche Diagnostics (Switzerland), AMOY Diagnostics CO. LTD. (China), Quidel Corporation (US), Bio SB (US), Biocartis NV (Belgium), Exact Science (US)
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
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Why Buy this Report?
The purpose of Nova one advisor’s Cancer Diagnostics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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