Market For Cancer Diagnostics will register above 8% CAGR up to 2024

Global Cancer Diagnostics Market will witness a significant growth due to rising incidences of cancer across the globe. As per National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer will be diagnosed in the United States. Increasing prevalence different types of cancer such as breast cancer, colon and rectum cancer coupled with growing awareness pertaining to the benefits of early diagnosis will fuel the market growth.

Innovation in development of cancer screening methods such as computed tomography (CT), magnetic resonance imaging (MRI) and rising government initiatives will increase the demand for cancer diagnostics market. Technological advancements such as spiral CT, multi-phase imaging and multi detector scanning enabling quick, accurate and minimal invasive diagnosis will drive the market growth.

High cost associated with diagnostic screening tests and strict established regulations associated with new product approvals will hamper the industry growth. Moreover, shortage of skilled and trained professionals will further impede the industry growth.

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Cancer imaging is projected to witness a significant growth due to several benefits associated with imaging such as early detection, less risk, elimination of exploratory surgery, shorter recovery time, reduced stay in hospitals and complete diagnosis. Furthermore, Imaging procedures such as CT scans, MRI, PET scan and x-ray are safe, quick and easy to perform and noninvasive.

Breast cancer is estimated to witness a significant growth in the forecast time-frame. In 2018, an estimated 266,120 cases of invasive breast cancer are anticipated to be diagnosed in women in the U.S. Technological advancements in mammography for screening and early diagnosis of breast cancer will drive the segment growth. Growing awareness and development of quick diagnostic methods will fuel the segment growth.

Hospital segment will experience a significant growth in the forecast period due to the availability of cutting edge screening technologies and skilled healthcare professionals. Increasing adoption rate of cancer diagnostic devices in hospitals due to high funding from government will lead to growth opportunities in this segment. Moreover, rising patient flow coupled with various reimbursement policies will drive segment growth.

US dominated the cancer diagnostics market in 2016 and is growing at 8.0% CAGR. In 2017, U.S. spent an estimated USD 147.3 billion on national expenditures for cancer care. Increasing cancer prevalence and rising healthcare expenditure will boost the industry growth over forthcoming years.

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Some of the key players are Agilent Technologies, Inc., Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., Illumina, Inc., GE Healthcare, Abbott Laboratories, Inc., Roche Diagnostics and Philips Healthcare. The strategic initiatives adopted by these companies are launch of innovative cost effective diagnostic products and collaboration with cancer research institutes to increase their R&D capabilities.

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