Transparency Market Research (TMR) has published a new report titled, ‘Cancer Diagnostics Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global cancer diagnostics market was valued at US$ 146.2 Bn in 2018 and is projected to expand at a CAGR of 8.8% from 2019 to 2027. Overview
Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting into gene mutations affecting critical cell-regulatory proteins. Such changes trigger aberrant cell behavior leading to uncontrolled proliferation of cells (tumor formation) and subsequent destruction of surrounding normal tissues. Tumors are either benign or malignant. Benign tumors are slow growing tumors and do not invade into other tissues while the malignant tumors are characterized by rapid growth, invasiveness, and potential to colonize in distant organs. The global cancer prevalence rates are on high rise due to factors such as changing lifestyle and aging population. North America dominated the global cancer diagnostics market in 2018 and the trend is anticipated to continue during the forecast period. Primary factors contributing to the growth of the cancer diagnostic tests market in North America are increasing adoption rate of preventive diagnostic techniques and increasing government initiatives on cancer awareness. Moreover, high prevalence and incidence rate of cancer, particularly lung, breast, and prostate cancer, among the population is driving the growth of the market. Asia Pacific is likely to be a highly lucrative market for cancer diagnostics and it is expected to expand at a high CAGR during the forecast period due to factors such as highly untapped market, improving healthcare expenditure and increase in cancer awareness programs through government as well as private sector.
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Cancer has a major impact on society across the world. It is one of the leading causes of death across the globe and is more prevalent in developed and emerging markets. According to American Cancer Society data, over 1.7 million new cancer cases are expected to be diagnosed in 2019 in the U.S. According to information published in the European Journal of Cancer, an estimated 3.9 million new cases of cancer and 1.9 million deaths due to the disease were reported in Europe in 2018. In order to reduce mortality and morbidity rate, governments in developed and developing countries are conducting awareness campaigns to encourage people to opt for early diagnosis of cancer. This in turn is expected to boost growth of the cancer diagnostics market during the forecast period. For instance, Public Health England, an executive agency of the Department of Health in the U.K., started “Be Clear on Cancer” campaign aimed at improving early diagnosis of cancer by raising public awareness
Imaging Segment to Dominate Market
Based on methods, the global cancer diagnostics market has been divided into Biopsy, Endoscopy, Imaging and Tumor Biomarker Tests. Tumor Biomarker Tests is further segmented