Crisis-driven Growth Opportunities Cancer Diagnostics Market
Increasing prevalence of cancer cases, constant technological and medical advancements in the diagnosis of cancer, and growing demand for highly efficient screening tests are some of the key factors that are shaping the growth of the global cancer diagnostics market. Increasing awareness and supportive regulatory and governmental initiatives are some of the other important driving factors for the overall development of the global market.
Cancer is among the most common cause of death across the globe. And the prevalence of the disorder has been on the rise since past few years. Thus, the healthcare professionals are concentrating on developing highly effective diagnostic and treatment services and solutions to keep the prevalence levels of cancer in check. It has been a widely proven theory that early detection of cancer gives a patient with a great chance of surviving the disease. Moreover, the overall success rate is also quite high. This has thus increased the importance of cancer diagnostics market and helped in driving its growth. In addition to this, the concerned healthcare and regulatory authorities are raising awareness about early detection of cancer and its benefits and are prompting regular checkup camps. This too has helped in driving the growth of the global market.
There are certain risks involved while person undergoes cancer diagnostics. Medical imaging poses a key threat among several different diagnostic tests as it exposes the patient to excessive radiation and administration of barium and fluorescent contrast media in endoscopic and imaging procedures. At times it can cause severe side effects such as diarrhea and nausea. Such side effects are acting as a key restraining factor for the overall development of the global cancer diagnostics market. Moreover, the high costs associated with these tests also discourage several people from undertaking them. Nevertheless, the companies in the global cancer diagnostics market are working towards developing cost effective and more reliable tests.
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Global Cancer Diagnostics Market: Snapshot
Owing to the increase in the number of incidences of cancer and rise in the expenditure of healthcare sector, the global market for cancer diagnostics is expected to make a remarkable growth in the future years. Moreover, the technological advancement along with government initiatives and fund contribution that work in favor of the market are also factors estimated to fuel the growth of the market.
The major factors expected to drive the market for cancer diagnosis is the demand for cancer diagnosis mainly from colorectal cancer, lung cancer, and breast cancer patients. The consumption of tobacco products in emerging economies especially in BRICS nations is also adding to the growth and prevalence of lung cancer worldwide. Similarly, breast cancer diagnosis rate is seen to be higher in the Asia Pacific region as compared to the other regions of the world.
However, the lack of skilled professionals in developing nations may act as a hindrance to the growth of cancer diagnostic market. Adding to that, there is lack of proper reimbursement in the emerging nations and this can also impede the market growth at a global level.
The global cancer diagnostics market is prognosticated to be worth US$168.6 bn by 2020 with a CAGR of 7.60%. The forecast period is set to 2014 to 2020 and is anticipated to be increasing from US$100.9 bn as per the 2013 records.
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Cancer Diagnosis Segmentation Opening Lucrative Opportunities for Revenue Generation
The global cancer diagnostics market is categorized on the basis of applications and methods. Based on segmentation by application, the market is classified into Prostate Cancer, Pancreatic Cancer, Ovarian Cancer, Lung Cancer, Liver Cancer, Kidney Cancer, Colorectal Cancer (CRC), Breast Cancer, and Blood Cancer. On the basis of method, the cancer diagnosis market is differentiated by Tumor Biomarker Tests, Imaging, Endoscopy, and Biopsy.
Tumor Biomarker tests are further classified into Prostate Specific Antigen Tests, Alpha-Fetoprotein (AFP) Tests, Circulating Tumor Cells (CTC) Tests, CA 19-9 Tests, EGFR Mutation Tests, CA 125 Tests, Carcinoembryonic Antigen (CEA) Tests, HER2 Tests, Anaplastic Lymphoma Kinase (ALK) Tests, BRCA Tests, and KRAS Mutation Tests.
Imaging is further subdivided into Ultrasound, Mammography, Computed Tomography (CT) Scan, Positron Emission Tomography (PET) Scan, and Magnetic Resonance Imaging (MRI) Scan.
The endoscopy segment is further classified into Colposcopy, Bronchoscopy, Sigmoidoscopy, and Colonoscopy. Biopsy is again sub-categorized into Endoscopic Biopsy, Needle Biopsy, and Bone Marrow Biopsy
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Asia Pacific to Witness Rapid Growth with Increase in Number of Tobacco Consumers Leading to Mouth Cancer
The global cancer diagnostics market is studied on the basis of key geographies North America, Europe, Asia Pacific, and the Rest of the World. Among these, the region with the most revenue share collection is North America. With more than 40% share, North America is seen to be leading the global market. This is because of the rise in government initiatives so as to support cancer and to create awareness about cancer all over the region. Adding to that, the increase in the number of diagnostic technique prevention is also boosting the cancer diagnostics market in North America.
Apart from North America, Europe is seen to be holding its second position in the cancer diagnostics market worldwide. However, the region prognosticated to show the most promising growth rate and that too at a rapid pace is the Asia Pacific region. This is because of the increase in the number of people consuming tobacco in the emerging nations and the higher level of cancer diagnosis in these nations of Asia Pacific.
Some of the key players in the global cancer diagnosis market are GlaxoSmithKline plc, Abbott Laboratories, bioMerieux, AstraZeneca, and Novartis, and Pfizer.
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