Albany, NY , Sept. 08, 2016 (GLOBE NEWSWIRE) --
According to the research report, the global cancer diagnostic market is expected to be worth US$168.6 bn by 2020, as the market exhibits a CAGR of 7.6% between 2014 and 2020. Imaging has emerged as a significant segment as the government is making ardent efforts to increase awareness about cancer and cancer diagnostics to better the quality of life. Owing to this reason, imaging will be the most popularly used diagnostic method. The segment will progress at a CAGR of 9.7% between 2014 and 2020. Geographically, North America is anticipated to lead the global cancer diagnostics market at a CAGR of 7.3% between 2014 and 2020.
The leading players in the global cancer diagnostics market are F.Hoffmann-La Roche, Ltd., Novartis AG, Pfizer, Inc., AstraZeneca Plc., and Abbott Diagnostics. The collective share of these companies stood at 90% in the overall market as of 2013. These players are expected to focus on diversifying their product portfolio and strengthening their presence in the developing economies through mergers and acquisitions. Rigorous research and development activities are also expected to help these companies grow in line with their visions.
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“The wide range of cancer types will offer ample of growth opportunities to the players in the market,” states the lead author of this research report. Developing unique diagnostic solutions that offer accurate results will be the key to winning bigger market shares, observes the latest report by Transparency Market Research.
Diagnostics Capable of Determining Cancer at an Early Stage Boost Market
According to the World Cancer Report, there will be at least 25 million new cases of cancer every year for the next 20 years starting from 2012. This glaring statistic is the obvious driver for the soaring revenues of the global cancer diagnostics market. In the coming years, cancer diagnostics will be designed and developed to detect an abnormality at an early stage as well. This will help hospitals to offer better care to the patients and minimize the hospitalization costs, thus making the treatment economical. Early detection will play a key role in the prevention of unnecessary interventions, treatment costs, and reducing hospital stays as well. Most importantly, it will also help in improving the quality of life and the number of years gained by the patient.
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The rise of the cancer diagnostics will also be determined by the ongoing technological advancements in the field of biology and the improving capability of identifying potential cancer biomarkers. Commercialization of these biomarkers has opened up a new avenue for growth for the cancer diagnostics market. Furthermore, growing focus towards development of unique targeted therapies will also provide a boost to the overall market as the future of cancer diagnostics will rely on biomarkers and specific therapies.
Lack of Specificity Hampers Market Growth
The lack of specificity and sensitivity exhibited by cancer screening tests is the key restraint for the global market. Cancer diagnostics have to be designed to detect the minutest aspect of cancer in the body to prevent unnecessary biopsies. Furthermore, the poor reimbursement policies are also hampering the cancer diagnostics market as they limit patient’s access to targeted therapies. The lack of transparency and inefficiency in reimbursement schemes are also likely to have a negative impact on the overall market in the coming years. Despite the hurdles in the cancer diagnostics market, the possibility of developing non-invasive and painless screening methods are likely to open up new growth opportunities for the global market.
The aforementioned review has been conducted on the basis of Transparency Market Research’s report, titled “Cancer Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020.”
Cancer Diagnostics Market, by Method:
- Tumor Biomarker Tests
Cancer Diagnostics Market, by Geography
- North America
- Rest of the World
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Source:Transparency Market Research