Albany, NY, Nov. 21, 2014 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Cancer Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global cancer diagnostics market was valued at USD 101.0 billion in 2013 and is expected to grow at a CAGR of 7.6% from 2014 to 2020, to reach an estimated value of USD 168.6 billion in 2020.
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Cancer is a group of several diseases, each with certain risk factors. Cancer is caused by both external factors such as tobacco, sun exposure, chemicals, alcohol, infectious organisms and internal factors such as inherited gene mutations, immune conditions, hormones, and random mutations. Any particular risk factor increases the likelihood of developing a cancer. Increasing incidences of cancer are expected to drive the demand for specific and effective cancer diagnostics. According to the International Agency for Research on Cancer (IARC), approximately 14.1 million new cases of cancer and 8.2 million deaths were recorded globally. Moreover, the number of newly diagnosed cancer patients is expected to rise to 17.1 million by 2020. The Patient Protection and Affordable Care Act (PPACA), popularly known as Obamacare was introduced in 2010 and is expected to enhance the insurance access to more than 25 million U.S. citizens which is eventually expected to escalate demand for cancer diagnostics in the imminent years of the decade.
Tumor marker tests, imaging modalities, endoscopies, and biopsies comprise the major market segments in the global cancer diagnostics market. Cancer diagnosis through imaging modalities constitutes largest portion in the global market. It is expected that the global market for cancer imaging diagnosis will grow at a CAGR of 8.2% from 2014 to 2020. Imaging for cancer diagnosis has been the center-stage in global efforts focused at cancer prevention and cancer detection. It is well accepted that mammography screening and other imaging modalities has several benefits over other cancer diagnostics and have helped in achieving 30% mortality reduction in breast cancer patients. Therefore, imaging segment is expected to continue to be the largest market segment in the near future.
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Tumor biomarker tests provide an emerging market in the cancer diagnosis arena. Recently introduced tumor biomarkers tests such as GUARDANT360 blood test, Cobas HPV Test, 'Cologuard' test, and myRisk Hereditary Cancer multigene molecular diagnostic test are expected to significantly drive the global cancer diagnostics market in the near future. Moreover, a paradigm shift has been observed in the pharmaceutical industry with companies shifting their focus towards novel targeted cancer therapies. This change will drive the overall cancer diagnostics market in the long run. High cost of treatment for any cancer type is a key driver for increasing market for the diagnostics tests and procedures. Cancer diagnosis does not necessarily mean cost savings in treatment costs of the disease, but it enables early treatment resulting into improved quality of life and 'quality adjusted life years' (QALY) gained.
Geographically, the global cancer diagnostics has been categorized into four major regions: North America, Europe, Asia Pacific and Rest of the World. North America is the dominant regional market for cancer diagnostics with a share of approximately 40.7% of the overall cancer diagnostics market in terms of revenue in 2013, followed by Europe which accounted for around 29.1% share in the market. The increasing base of cancer patients in these regions would require preliminary as well as most advanced diagnostic technologies for better prevention, detection, diagnosis, monitoring and treatment of the disease. It is easier to get regulatory approval for an in vitro cancer diagnostics in Europe than in the U.S. Therefore, most of the diagnostic companies are launching their products in Europe and subsequently apply for approval in the U.S. This phenomenon will propel the overall growth of cancer diagnostics market in Europe. The changing regulatory scenario among the high growth countries in Asia Pacific is attracting leading companies in the cancer diagnostics market. Moreover, increasing insistence to receive best-in-class healthcare service with high accuracy and efficiency is expected to drive the market for cancer diagnostics in the region.
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The global cancer diagnostics market includes players offering in vitro diagnostic (IVD) products, molecular diagnostic products and imaging platform manufacturers. The key imaging equipment manufacturers are GE Healthcare, Siemens, and Philips Healthcare. Major manufacturers of oncology diagnostics tests and products include Roche, Abbott Diagnostics,Myriad Genetics, bioMerieux SA, Ambry Genetics, AstraZenceca plc, Pfizer and Eli Lilly Company.
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The global cancer diagnostics market is segmented as follows:
Cancer Diagnostics Market, by Method
Tumor Biomarker Tests
- PSA Tests
- CTC Tests
- AFP Tests
- CA 19-9
- CA 125
- MRI Scan
- PET Scan
- CT Scan
- Bone Marrow Biopsy
- Needle Biopsy
- Endoscopic Biopsy
Cancer Diagnostics Market, by Applications
- Blood Cancer
- Breast Cancer
- Colorectal Cancer
- Kidney Cancer
- Liver Cancer
- Lung Cancer
- Ovarian Cancer
- Pancreatic Cancer
- Prostate Cancer
Cancer Diagnostics Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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