(PharmaNewsWire.Com, November 07, 2019 ) Technological advancements in various fields such as biomarkers, imaging, biopsy, endoscopy; growing number of cancer cases, the rapid rise in geriatric population, awareness initiatives by governments, and increasing government funding are major factors driving the market growth. However, high capital investment and low benefit-cost ratio of biomarkers and dearth of skilled professionals pose restraints to the growth of this market. Improving healthcare infrastructure in emerging countries and growing demand for companion diagnostics offer growth opportunities for this market.
The global cancer diagnostics market is segmented based on technology, application, and region.
The platform-based technology is further segmented into next-generation sequencing, microarrays, PCR, flow cytometry, in situ hybridization, immunohistochemistry, and others. Instrument-based cancer diagnostics is further segmented into imaging systems and biopsy.
Based on region, the market is divided into North America, Europe, Asia, and Rest of the World (RoW). Rest of the World comprises Latin America, Pacific countries, and Middle East and Africa. North America is expected to account for the largest share in the cancer diagnostics market, followed by Europe and Asia. However, the Asian market is slated to grow at the highest CAGR in the coming five years and serves as a revenue pocket for the companies operating in the cancer diagnostics market.
Some of the major players in the global cancer diagnostics market include Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Becton, Dickinson and Company (U.S.), GE Healthcare (U.K.), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (U.S.), Roche Diagnostics (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (U.K.), and C.R. Bard, Inc. (U.S.).
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