Cancer Diagnostics Market-Overview
The prevalence of cancer cases in a broader section of society than before has paved the way for its development in terms of its treatment methods and diagnostics. Reports created by MRFR detail the developments of the industry that can be expected in the market through the forecast period. The global Cancer Diagnostics Market is estimated to rake in revenues of USD 163,000 Million with an 8.9% CAGR by 2025.
The late detection of cancer is a major cause for the fatality rates due to various cancer forms, and improvement in detection and diagnosis due to improvement in knowledge and technology is predicted to empower the cancer diagnostics market companies. Furthermore, advanced investments in the field of research are estimated to open up new options for progress in the cancer diagnostics market in the future.
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Segmental Analysis
The segmental evaluation of the cancer diagnostics market is conducted based on application, type, end-user, and region. The type segment of the cancer diagnostics market comprises of biopsy, biomarkers testing, imaging testing, in vitro diagnostic testing, and others. The application segment of the cancer diagnostics market comprises of prostate cancer, breast cancer, colorectal cancer, lung cancer, melanoma cancer, liver cancer, and others. The end-user segment of the cancer diagnostics market comprises of hospitals and clinics, research institutes, diagnostic centers, and others. The regions included in the cancer diagnostics market are the Americas, Europe, Asia Pacific, and other notable regions.
Detailed Regional Analysis
The regional examination of the cancer diagnostics market covers regions such as the Americas, Europe, Asia Pacific, and other notable regions. The Americas cancer diagnostics market governed the global market due to the increasing elderly population, prepared healthcare sector, and growing healthcare spending in the region. The European cancer diagnostics market held the second main share of the worldwide market. The growing understanding of technological advancements in the region, cancer type, and symptoms, and the rising demand for effective medicine and diagnostics for cancer is anticipated to push the development of the regional market. The Asia Pacific regional market for cancer diagnostics is anticipated to list the speediest growth during the forecast period owing to the incidence of a large patient group and snowballing government proposals for the evolution of the region’s healthcare sector. The Middle Eastern & African regions are projected to hold the minimum portion of the cancer diagnostics market owing to the minimal economic development, particularly in the African region.
Competitive Analysis
The optimism about COVID-19 related treatment methods such as the vaccines being rolled out in various regions is estimated to further improve the overall sentiment in the market. The improvement in core industries performance on a global scale is estimated to fast track the development of the worldwide market in the upcoming period. The role of governmental bodies in facilitating the development of the market is estimated to be vital through the grant of special incentives to attract global titans to certain regions and contribute to the development of the market in the forecast period. Furthermore, the presence of better trade relations between several nations is estimated to offer more options for growth in the upcoming period. The overall development prospects of the market players are estimated to improve steadily with the effect of the COVID-19 pandemic reducing. The entry of global players in key developing regional markets is predicted to have a favorable effect that will ripple into other areas of the market as well.
The renowned players in the cancer diagnostics market are Arquer Diagnostics Ltd, QIAGEN N.V., Abbott Laboratories, Inc., BioMark Diagnostics Inc., Biotheranostics, Siemens Healthcare, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., Becton, Dickinson and Company (BD), Cancer Diagnostics, Inc., Exact Sciences Corporation, GE Healthcare, Roche Diagnostics, and Koninklijke Philips N.V., Inc.
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Industry Updates:
Feb 2021 A research has been submitted that lifts the substantiation for using AI solutions in skin cancer diagnostics. By using an algorithm devised by them, the experts at the University of Gothenburg show the ability of technology to perform at a similar level as dermatologists in evaluating the seriousness of skin melanoma. Its purpose was by way of machine learning (ML), to direct an algorithm to control whether skin melanoma is aggressive and there is a danger of it persisting (metastatizing), or whether it stays at a growth phase in which it is limited to the epidermis, with no danger of metastasis.
Feb 2021 Google Cloud will incorporate its machine learning expertise into the cervical cancer diagnostic screening system of Hologic, a medical technology company. Hologic's cytology platform is the first to mix artificial intelligence with progressive digital imaging to determine cervical cancer cells and pre-cancerous lesions. Its alliance with Google Cloud announced lately, will grant the system to produce even more understandings from cytology slides. Google Cloud will also offer its secure cloud data architecture so the system can additionally develop its potentials.
