Growth of the cancer diagnostics market is attributed to increase in prevalence of cancer across the globe. Furthermore, rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.
the global Cancer Diagnostics Market was pegged at $168.60 billion in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2020 to 2028.
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On the basis of application, the cancer diagnostics market is fragmented into breast cancer, lung cancer, blood cancer, colorectal cancer, skin cancer, ovarian cancer, prostate cancer, kidney cancer, liver cancer, pancreatic cancer, cervical cancer, and others. The breast cancer segment occupied the largest share of the cancer diagnostics market in 2020, owing to surge in prevalence of breast cancer across the globe and increase in population of women under the age of 50 to 74. Increase in number of initiatives taken by various organizations will help the industry gain traction in the coming years.
Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown delayed the diagnosis of cancer for a long period as it affected the logistics and supply of cancer diagnosis tests kits and other products.
- Moreover, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market.
- Several hospitals and clinics witnessed a drop in patient visits during the pandemic. The global cancer diagnostics market is segmented on the basis of product, application, end use, and region. Based on product, the consumables segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the instruments segment is estimated to portray the highest CAGR of 7.5% during the forecast period.
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Key Findings Of The Study
- By product, the consumables segment held the largest cancer diagnostics market share in 2020, and is expected to remain dominant during the forecast period.
- On the basis of application, the breast cancer segment held the largest cancer diagnostics market share in 2020, and is expected to remain dominant during the forecast period.
- On the basis of end use, the hospital & clinics segment held the largest market share in 2020, and is expected to remain dominant during the forecast period.
The global cancer diagnostics market includes an in-depth analysis of the prime market players such as Becton, Dickinson and Company, Abbott Laboratories, Roche Holdings AG (F. Hoffmann-La Roche Ltd.), Bio-Rad Laboratories, Inc., Hologic, Inc., Danaher Corporation (GE Healthcare), Qiagen N.V., Koninklijke Philips N.V. (Philips Healthcare), Thermo Fisher Scientific., and Siemens Healthcare GmbH.
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