Early detection of cancer is the key area of focus for the market players. Technological advancements and innovations are being focused on for the development of precise and efficient cancer diagnostics, thus, fueling demand in the market. The growth trajectory of the cancer diagnostic market growth is guided by the strategies implemented by the key players for accelerated revenue creation such as mergers and acquisitions, collaborations, etc.
The rising burden of cancer globally has necessitated the adoption of developed cancer diagnostic solutions in the healthcare sector. It has a positive impact on the growth and expansion of the cancer diagnostics market.
The prevalence of different types of cancer is one of the key factors driving the growth of the market. Presently, there are more than 200 types of cancer in the world. However, expensive treatments and poor reimbursement policies in developing nations are some of the factors poised to hold the proliferation of the cancer diagnostics market over the next few years.
Some of the key players profiled in the report are Armune BioScience, Inc. (U.S.), BioMark Diagnostics Inc. (Canada), Biotheranostics, Inc. (U.S.), Cancer Diagnostics, Inc. (U.S.), Arquer Diagnostics Ltd (U.K), Agilent Technologies, Inc. (U.S.), Becton, Dickinson and Company (U.S.), GE Healthcare (U.K), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Abbott Laboratories, Inc. (U.S.), Siemens Healthcare (Germany), Philips Healthcare (U.K.), Roche Diagnostics (Switzerland), and C.R. Bard, Inc. (U.S.).
By type, the cancer diagnostics market has been segmented into biopsy based, endoscopy based, imaging procedure, tumor cancer diagnostics, and others.
By application, the global cancer diagnostics market is segmented into lung cancer, breast cancer, colorectal cancer, cervical cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, liver cancer, pancreatic cancer, and others.
By end-user, the cancer diagnostics market has been segmented into diagnostic center, clinic, hospital, research institutes, and others.
By region, the global cancer diagnostics market has been segmented into Americas, Europe, Asia Pacific, and the Middle East Africa. Americas currently dominate the global market and is expected to retain a substantial share of the market towards the end of 2023. The factors favoring the growth of the market in the region include increasing patient pool, technological advancements, growing government support and funding in research development, etc.
Europe is an important growth pocket in the global cancer diagnostic market. The regional market is supposed to exhibit healthy growth due to catalyzed research development activities supported by the governments. Asia Pacific is projected to be the fastest growing regional market owing to factors such as developing healthcare sector, booming medical tourism, increasing healthcare expenditure, etc. Meanwhile, the Middle East Africa holds the least share of the market due to poor healthcare infrastructure.
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