In terms of market share and revenue, the North American market is predicted to be the most lucrative market for cancer diagnostics during the forecast period, 2022 and 2032. In 2021, the regional cancer diagnostics market boomed with a revenue share of 45%
NEWARK, DE / ACCESSWIRE / September 6, 2022 / During the forecast period 2022-2032, the cancer diagnostics market is expected to grow at a value of 7.1% CAGR, according to Future Market Insights. By the year 2032, the global market for cancer diagnostics is expected to rise up to a market valuation of US$ 379 Billion.
Cancer is one of the leading causes of death globally, and its prevalence is rising at an alarming rate. As a result, healthcare professionals are focusing on developing effective treatment and diagnosis options in order to minimize the incidence level. Early identification increases the likelihood of treatment regimen success. As a result, healthcare institutions and industrial firms are promoting routine checkups through various public awareness campaigns.
The increasing prevalence and incidence of various cancers, including lung cancer and breast cancer, will drive the cancer diagnostics market throughout the forecast period. Additionally, enhanced diagnostics laboratory infrastructure in developed countries is expected to fuel the market in the approaching years.
There will be a major increase in focus on health and safety rules throughout the forecast period, as well as a surge in adoption of yoga and other wellness practices. During the projection period, North America would dominate the worldwide cancer diagnostic market. The presence of many biotechnology and medical device enterprises is one of the key drivers fueling the diagnostics sector in the region.
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North America is expected to continue its dominance over the projected period due to factors such as increasing R&D investment and broad adoption of new technologies. Furthermore, the region's high concentration of key companies, expanding FDA approvals, strategic collaborations, and significant investment in R&D activities are expected to boost the market.
Key Takeaways from the Market Study
- In 2022, the global cancer diagnostics market is estimated to have a global market size of US$ 191 Billion.
- By test type, the imaging segment gained a 58% market share in 2021.
- By indication type, the breast cancer segment acquired a global market valuation of 34% in 2021.
- The North American market for cancer diagnostics expanded with a market share of 45% in 2022.
- The APAC cancer diagnostics market is expected to grow with a 6.9% CAGR during the forecast period.
- The European region is projected to grow with a 5.2% CAGR during 2022-2032.
"Increasing oncologic case incidence, continual technical improvements in diagnostics, and rising need for efficient screening tests are some of the primary drivers driving global demand for diagnostic tools and procedures." comments a Future Market Insights analyst.
Competitive Landscape
The market is expected to become more competitive in the near future, as many companies focus their efforts on research and the creation of innovative diagnostic techniques through product line expansions, acquisitions, and mergers.
- Bortezomib for Injection, a cancer therapy drug, was introduced in the United States in 2022 by Gland Pharma. According to the drug company, it has introduced the medicine in the US market through a partner who has obtained clearance from the US Food and Drug Administration (USFDA).
- Bristol-Myers Squibb K.K. declared in 2022 that the Japanese Ministry of Health, Labour, and Welfare had accepted Abecma (idecabtagene vicleucel), a BCMA-directed chimeric antigen receptor (CAR) T cell immunotherapy, for the treatment for adult patients with refractory or relapsed (R/R) multiple myeloma who had received at least three prior therapies. Abecma was the first CAR T cell therapy approved in Japan in 2021 for the treatment of R/R multiple myeloma.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global cancer diagnostics market, presenting historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of test type (tumor biomarkers tests, imaging, biopsy, liquid biopsy, immunohistochemistry, in situ hybridization), by indication (breast cancer, lung cancer, colorectal cancer, melanoma, blood cancer, prostate cancer, ovarian cancer, stomach cancer, liver cancer and others) and by end-user (hospital associated labs, independent, diagnostic laboratories, diagnostic imaging centers, cancer research institutes and others) and regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Market Dynamics
2.4. Inclusions and Exclusions
3. Market Background
3.1. Macro-Economic Factors
3.1.1. Global GDP Growth Outlook
3.1.2. Global Healthcare Expenditure Outlook
3.1.3. Growth of Healthcare Sector in Emerging Nations
3.2. Forecast Factors - Relevance & Impact
3.2.1. Global Increase in Healthcare Expenditure
3.2.2. Rising Prevalence of Cancer
3.2.3. Changing Regulatory Dynamics
3.2.4. Cost Impact
3.2.5. Regulatory Scenario
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Restraints
3.3.3. Opportunity Analysis
4. Market Context
4.1. Key Industry Developments
4.2. Disease Epidemiology
4.3. Regulatory and Reimbursement Scenario
4.4. Strategic Promotional Strategies by Manufacturer
5. COVID19 Crisis Impact Analysis
5.1.1. Current perspectives on the Coronavirus outbreak
5.1.2. Current GDP Projection and Probable Impact
5.1.3. Current Economic Projection as compared to 2008 Economic analysis
5.1.4. COVID19 and Impact Analysis
5.2. Cancer Diagnostics Market Revenue Impact Analysis
5.2.1. Historical (pre-COVID), Current (during-COVID), Future (post-COVID)
5.2.1.1. By Test Type
5.2.1.2. By Indication
5.2.1.3. By End User
5.2.1.4. By Region
5.2.2. 2020 Market Scenario
5.3. Impact on Trends Analysis
5.4. Recovery Scenario - Short term, Midterm and Long Term Impact
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