Insights into Cancer Diagnostics Market and it’s growth outlook
Category: #business  By Rahul Varpe  Date: 2020-03-19
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Insights into Cancer Diagnostics Market and it’s growth outlook

Cancer Diagnostics Market will exceed USD 170.0 billion by 2025; as per a new research report.Growing number of diagnostic as well as research laboratories coupled with rising awareness about early disease diagnosis will surge the demand for cancer diagnostics over the forecast timeline. Increasing healthcare spending, emerging healthcare infrastructure of developing countries and growing awareness about cancer will positively impact the industry growth.

Increasing number of people suffering from cancer will act as primary factor for driving cancer diagnostics market. According to the WHO, cancer is second leading cause of mortality in the world and responsible for around 9.6 million deaths globally in 2018. Unhealthy diet, tobacco and alcohol consumption along with physical inactivity are major causative factors for target disease. Thus, rising causative factors will escalate number of cancer cases thereby, stimulating the industry growth.

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Advancements in cancer diagnostics allowing real time diagnosis and faster results will boost sales of cancer diagnostic kits. Development of liquid biopsy and other minimal invasive techniques to fulfil consumer demand of advanced and less invasive cancer diagnostic methods will drive the market growth over the coming years. However, high cost of cancer diagnostics coupled with risks related to exposure to radiation during cancer diagnosis will obstruct industry expansion to certain extent over the coming years.

In-situ hybridization market will expand at 10.5% CAGR between 2019 to 2025. Rising utilization of in-situ hybridization technique in determining the extra copies of HER2 gene during breast cancer screening will drive the in-situ hybridization market. Thus, rising prevalence of breast cancer, favorable government initiatives and growing adoption of fluorescent in situ hybridization (FISH) by diagnostic and research laboratories will drive the business growth.

Colon and rectal cancer type segment is estimated to witness significant growth during the forecast period to reach USD 16.9 billion by 2025. The rising incidence of colorectal cancer among young adults has elevated the demand for colon and rectal cancer diagnostic products. According to the American Cancer Society (ACS), cases of colorectal cancer among people aged under 50 years has increased by 51% since 1994. Over 16,000 people younger than 50 years are diagnosed annually with colorectal cancer, accelerating the demand for real time disease monitoring diagnostic kits. Aforementioned factors will drive colon and rectal cancer diagnostics market over the projected timeframe.

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Cancer research institutes end-use segment accounted for USD 6.4 billion in 2018 and will witness fastest growth during the forecast period owing to rising demand for advanced cancer diagnostic tools and heavy investment by industry players to accelerate research activities pertaining to cancer diagnosis. Major companies operating in the industry are collaborating with research institutes to strengthen their R&D and advanced new product development process will further propel segmental growth over the projected years.

Germany cancer diagnostics market is expected to witness 9.0% CAGR over the forecast timeframe. High technological adoption coupled with significant expenditure on healthcare will drive cancer diagnostics business growth in the country. Risk of several type of cancer increases with age, thus, growing geriatric population base will boost Germany cancer diagnostics market growth over the coming years.

Bio-Rad Laboratories, bioMerieux, Becton, Dickinson and Company (BD), Abbott Laboratories, Alere, Biocartis, Siemens Healthcare, GE Healthcare, Qiagen, BioCare Medical, Cancer Genetics, Hologic, Roche, and Sysmex Corporation are some the major players operating in the cancer diagnostics industry. Companies are focusing on new product development to gain significant share of lucratively growing industry. Additionally, strategic growth initiatives such as partnerships and collaborations are adopted frequently by these players.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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