Increase in incidences and prevalence of various cancer types, government initiatives and other organizations to spread awareness about cancer, and surge in number of diagnostics laboratories in developed countries drive the growth of the global cancer diagnostics market. The market across North America held the lion’s share in 2021, accounting for more than two-fifths of the market.
Global Cancer Diagnostics Market was pegged at $168.60 billion in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2020 to 2028.
Growth of the cancer diagnostics market is attributed to increase in prevalence of cancer across the globe. Furthermore, rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.
The global cancer diagnostics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 8.5% during the forecast period.
On the basis of end use, the cancer diagnostics market is segregated into hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes. The hospitals & clinics segment occupied the largest share of the cancer diagnostics market in 2020, owing to increase in number of patients visiting hospitals, rise in number of in-house diagnostic procedures performed in hospitals, and increase in awareness regarding early diagnosis, which are the major driving factors for this market.
The global cancer diagnostics market includes an in-depth analysis of the prime market players such as Becton, Dickinson and Company, Abbott Laboratories, Roche Holdings AG (F. Hoffmann-La Roche Ltd.), Bio-Rad Laboratories, Inc., Hologic, Inc., Danaher Corporation (GE Healthcare), Qiagen N.V., Koninklijke Philips N.V. (Philips Healthcare), Thermo Fisher Scientific., and Siemens Healthcare GmbH.