Cancer Diagnostics Market is anticipated to grow at a CAGR of 7.6% from 2020 to 2030.

Market Industry Reports (MIR) has published a new report titled “Cancer Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global cancer diagnostics market wasvalued atover US$ 140billion in 2019. It is anticipated to grow at a CAGR of 7.6% from 2020 to 2030.

The significant growth of the market can be attributed to the increasing demand forminimally invasive and non invasive diagnostic techniques globally. An increasing prevalence of various cancers and anincreasing geriatric population are anticipated to furtherboost the growth of the cancer diagnostics marketover the forecast period. Furthermore,extensive research &development by major companies anduniversities across the globe to introduce enhanced diagnostic products in the cancer diagnostics marketis expected to contribute to growth of the cancer diagnostics market.Rising awareness, supportive government initiatives and advent of novel technologies are other key factors that are fueling its demand. However,high capital investments & low benefit-cost ratio for biomarkers,dearth of skilled professionalsas well as certain risk factors posed by medical imaging, are expected to restrain market growth to a certain extent.

The increasing incidences of cancer globally are playing a pivotal role in driving marketgrowth. According to the World Health Organization,cancer is the second leading cause of deaths globally and was responsible for an estimated 9.6 million deaths in 2018. An increasing geriatric population that are more susceptible to cancerare continuously increasing the burden on healthcare systems as well as requirements for diagnostic procedures. This, in turn is fueling the growth of thecancer diagnostics market.

Prominent players are launching new technologically advanced products that offermore advantages.For instance, in August 2018, BioGenex Laboratories, Inc., announced to launch new antibodies for cancer diagnostics. New product launches are anticipated to play a key role in driving the cancer diagnostics marketduring the forecast period.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Cancer Diagnostics Market by Test Type (Genetic Tests, Imaging, Laboratory Tests, Endoscopy, Biopsy, and others), Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Stomach Cancer, and Others), End User (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, and Others) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:

However, the cost incurred for carrying out diagnostics procedure for cancer is very high. This is expected to hamper the growth of the global cancer diagnostics market to a certain extent.An excessive exposure to radiation during diagnosis of cancer can cause various adverse effects on body. This is also expected to hamper the growth of the market.

Asia Pacific is anticipated to witnesshighest CAGR in the cancer diagnostics marketduring theforecast period. Increasing incidence of chronic cancers cases, rising patient awareness regarding the benefits of early disease diagnosis and rising government initiatives for healthcare infrastructuredevelopment areanticipated to boost the cancer diagnostics marketin these regions.

Some of the prominent players operating in the global cancer diagnostics marketare GE Healthcare, Abbott Laboratories, Siemens Healthineers AG, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Illumina, Inc., Hologic, Inc., Koninklijke Philips N.V.,Agilent Technologies, Inc., QIAGEN,among others.

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