Worldwide Cancer Diagnostics Market is required to achieve USD 40.10 billion by 2024 from USD 16.55 billion out of 2016, at a CAGR of 11.7% in the conjecture time frame 2017 to 2024. The new market report contains information for noteworthy years 2015, the base year of computation is 2016 and the figure time frame is 2017 to 2024.
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Global Cancer Diagnostics Market is expected to reach USD 40.10 billion by 2024 from USD 16.55 billion in 2016, at a CAGR of 11.7% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The major factors driving the growth of this market are the growing aging population worldwide, government initiatives for funding, and awareness about cancer. These factors increase the demand for cancer diagnostic products.
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On the other hand, stringent regulations imposed by international and local authorities and shortage of skilled and trained professionals may hinder the growth of the market.
Market Segmentation: Cancer Diagnostics Market
- The global cancer diagnostics market is segmented on the basis of technology, application, and geography. The global cancer diagnostics market is segmented into two types, platform based and instrument based. In 2017, the cancer diagnostics instrument based segment is expected to dominate the market with a share of 68.8% and is expected to continue this trend till 2024.
- Cancer diagnostics platform based market is segmented into polymerase chain reaction (PCR), in situ hybridization (ISH), immunohisto chemistry (IHC), next generation sequencing (NGS), DNA microarrays, flow cytometry and others. Cancer Diagnostics instrument based market is segmented into imaging and biopsy. Imaging is further segmented into magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography- computed tomography (PET-CT), mammography, and ultrasound.
- On the basis of application, the market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma and others.
Key Drivers: Cancer Diagnostics Market
Some of the major factors driving the market for cancer diagnostics market are growing aging population worldwide, government initiatives for funding, and awareness about cancer. These factors increase the demand for cancer diagnostics products.
Increasing prevalence of cancer, key players focusing are on strategic decisions and technological advancements are the major factors driving the growth of the cancer diagnostics market.
- Stringent regulations imposed by the international and local authorities and shortage of the skilled and trained professionals are the factors which may hinder the growth of this market.
- Many companies are increasingly focusing on Next Generation Sequencing (NGS) and biopsy products in order to strengthen their product portfolios in the cancer diagnostics market.
- Increasing demand for Magnetic Resonance Imaging (MRI) and Next Generation Sequencing (NGS) will drive the market in future.
Key Points: Cancer Diagnostics Market
GE Healthcare is going to dominate the cancer diagnostics market, by imagingbased, following with Siemens Healthcare GmbH along with others such as Hologic, Inc, Becton, Dickinson and Company. Thermo Fisher Scientific, Inc. is going to dominate the cancer diagnostics market, by platform based, following with Illumina, Inc.
along with others such as Roche Diagnostics, Abbott, and QIAGEN.
- Next Generation Sequencing (NGS) market is growing with the highest CAGR.
- Globally biopsy is driving the market with the highest market share.
- Magnetic Resonance Imaging (MRI) is dominating the cancer diagnostics imaging market.
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