(PharmaNewsWire.Com, July 17, 2021 ) The study involved four major activities in estimating the current size of the cancer diagnostics market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
According to the new market research report "Cancer Diagnostics Market by Product (Consumables (Anitibodies, Probes), Instruments (Pathology Instruments, Imaging Instruments, Biopsy), Technology (IVD Testing), Application (Breast Cancer, Lung Cancer), End User (Hospitals)- Global Forecasts to 2026" published by MarketsandMarkets™, is projected to reach USD 26.6 billion by 2026 from USD 17.2 billion in 2021, at a CAGR of 11.5% during the forecast period.
GROWTH DRIVER: Growth in the number of private diagnostic centers;
The number of private diagnostic centers is increasing across the globe as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals due to the limited number of imaging modalities at their disposal. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India. This medical screening center is operated by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty’s Healthcare (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture of FUJIFILM and Dr. Kutty’s Healthcare (DKH), which runs hospitals and screening centers in India and the Middle East.
Geographically; Segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the cancer diagnostics market. The large share of North America can be attributed to factors such as the increasing incidences of cancer, growing awareness early diagnosis and technological advancement.
The major players in the cancer diagnostics market are Danaher Corporation (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US.), F. Hoffman-La Roche AG (Switzerland), QIAGEN N.V. (Netherlands), Fujifilm Corporation (Japan), Aglient Technologies (US) and Thermo Fisher Scientific Inc. (US) etc.
The company has a strong geographic presence across the US, Asia, Europe, Middle East and Africa, & the Americas. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the cancer diagnostics market is its key strength. BD held the second position in the market in 2020.
Consumables accounted for the larger share of the cancer diagnostics market in 2020
Based on the product, segmented into consumables and instruments. In 2020, the instruments segment accounted for the larger share of the market. The large share of this segment can be attributed to the increasing incidence of cancer and increasing number of cancer diagnostics test.
The IVD testing segment accounted for the largest market share in 2020
Based on the technology, the cancer diagnostics market is segmented into IVD testing, imaging based technique and biopsy technique. The IVD testing segment accounted for the largest market share in 2020. The increasing incidence of cancer and technological advancement are major driving factors for this market.
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