What are the major Factors that Drives Cancer Diagnostics Market?

cancer diagnostics market

The Research Report on Cancer Diagnostics Market Consist of 89 market data tables and 37 figures spread through 197 pages and in-depth TOC, which covers Global Market Overview, Major Key Players detailed Analysis, market opportunities, market risk, the forecast for the next five years, the major driving factors for the market as well as detailed analysis for CAGR, scope, research findings, leading key players marketing strategy to acquire a major market in the form of revenue.

The global cancer diagnostics market is expected to reach $13.1 Billion, growing at a CAGR of 12.9%.

Technological advancements in various fields such as biomarkers, imaging, biopsy, endoscopy; the growing number of cancer cases, rapid rise in the geriatric population, awareness initiatives by governments, and increasing government funding are major factors driving the market growth. However, high capital investment and low benefit-cost ratio of biomarkers and dearth of skilled professionals pose restraints to the growth of this market. Improving healthcare infrastructure in emerging countries and the growing demand for companion diagnostics offer growth opportunities for this market.

The global cancer diagnostics market is segmented based on technology, application, and region

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cancer diagnostics market
cancer diagnostics market

The platform-based technology is further segmented into next-generation sequencing, microarrays, PCR, flow cytometry, in situ hybridization, immunohistochemistry, and others. Instrument-based cancer diagnostics is further segmented into imaging systems and biopsy.

Market-by Application

· Breast Cancer

· Lung Cancer

· Colorectal Cancer

· Melanoma

Cancer Diagnostics Market, by Product

# Platform-based

– Next-generation Sequencing

– Microarray

– PCR

– Flow Cytometry

# Instrument-based

– Imaging Instruments

– Ultrasound

– Mammography

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Based on the region, the market is divided into North America, Europe, Asia, and the Rest of the World (RoW). Rest of the World comprises Latin America, Pacific countries, and the Middle East and Africa. North America is expected to account for the largest share in the cancer diagnostics market, followed by Europe and Asia. However, the Asian market is slated to grow at the highest CAGR in the coming five years and serves as a revenue pocket for the companies operating in the market

Some of the major players in the global market include Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Becton, Dickinson, and Company (U.S.), GE Healthcare (U.K.), QIAGEN N.V. (Netherlands), Abbott Laboratories, Inc. (U.S.), Roche Diagnostics (Switzerland), Siemens Healthcare (Germany), Philips Healthcare (U.K.), and C.R. Bard, Inc. (U.S.)