Steady technological advancements in diagnostics, rising occurrence of oncologic cases and rising requirement for effective screening tests are a few of the major aspects impelling the demand for the screening tools globally. Additionally, increasing understanding and favorable government initiatives are a few added aspects which are likely to enhance the expansion of the market over the estimated period.
Based on the test type, the overall market is categorized into imaging (mammography, ultrasound, PET scan, MRI scan, SPECT, CT scan & others), tumour biomarkers tests (CTC tests, PSA tests, CA-19 tests, AFP tests, BRCA tests, HER2 tests, CEA tests, ALK tests, KRAS mutation tests, EGFR mutation tests and others), biopsy (bone marrow biopsy, endoscopic biopsy, needle biopsy and others), in situ hybridisation, immunohistochemistry and liquid biopsy. The biopsy test type category was estimated to dominate the worldwide market for cancer diagnostics in terms of revenue during 2016 and is expected to remain dominant during the estimation period. This largest category was expected to be valued at over US$ 11 Billion during 2016 and will be reflecting a healthy 7.4% CAGR over the decade 2016-2026. The liquid biopsy test type category is projected to reflect the fastest growth all through the assessment period. Although the liquid biopsy category is gaining popularity because of its non-invasive character, to attain a correct diagnosis, tissue biopsies or solid tumor biopsies are nevertheless favoured.
The overall market on the basis of the end user is divided into independent diagnostic laboratories, hospital-associated labs, cancer research institutes, diagnostic imaging centers and others.
Based on the basis of the indicated type, the worldwide market is categorized into liver cancer, lung cancer, breast cancer, melanoma, colorectal cancer, prostate cancer, blood cancer, stomach cancer, ovarian cancer and others.
The overall market on the basis of the region is analyzed across Japan, Asia Pacific excluding Japan, Eastern Europe, Western Europe, Latin America, North America and Middle East and Africa. The North America region has dominated the overall market during 2015 and is likely to remain dominant during the conjecture time frame. The biopsy test type category is projected to be largely lucrative in North America along with the Western European region in the worldwide market for cancer diagnostics over the conjecture time frame of 2016-2026.
Some of the prominent companies in the worldwide market for cancer diagnostic are Abbott, Roche Diagnostics, etc. Most of cancer diagnostic companies are implementing inorganic growth approaches to continue to increase the competitive demands. These companies in the overall market are vigorously occupied in M&A since the business is in its expansion phase owing to constant technology upgrades along with initiation of new blood tests to identify cancer.
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