The report "Cancer Diagnostics Market by Product (Consumables (Anitibodies, Probes), Instruments (Pathology Instruments, Imaging Instruments, Biopsy), Technology (IVD Testing), Application (Breast Cancer, Lung Cancer), End User (Hospitals) - Global Forecasts to 2026" The global cancer diagnostics market size is projected to reach USD 26.6 billion by 2026 from USD 17.2 billion in 2021, at a CAGR of 11.5%. The growth in this market is attributed to the increasing incidence of cancer and increasing number of private diagnostic laboratories.
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Key Market Players:
The major players in the cancer diagnostics market are Danaher Corporation (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US.), F. Hoffman-La Roche AG (Switzerland), QIAGEN N.V. (Netherlands), Fujifilm Corporation (Japan), Aglient Technologies (US) and Thermo Fisher Scientific Inc. (US) etc.
Cancer Diagnostics Market Dynamics
Drivers
· Increasing incidence of cancer
· Growth in the number of private diagnostic centers
· Availability of reimbursement
Restraints
· High capital investments and low cost-benefit ratio for biomarkers
· High cost of diagnostic imaging systems
· Product recalls and failure
Opportunities
· Growing focus on personalized medicine
· Companion diagnostics
· Recommendations for cancer screening
· Emerging countries
Challenges
· Increasing adoption of refurbished diagnostic imaging systems
· Lack of skilled professionals
· Inadequate infrastructure and low awareness in middle- and low-income countries
Trends
· Rental agreements
North America accounted for the largest share of the cancer diagnostics industry
Based on the region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the market. The large share of North America can be attributed to factors such as increasing incidence of cancer and technological advancement.
Top 3 Use Cases of Cancer Diagnostics Market:
· Early Detection: The use of cancer diagnostics for early detection of cancer is one of the most important use cases of this market. Early detection tests can help detect the presence of cancer in its early stages, leading to improved outcomes and better quality of life for patients.
· Genetic Testing: Genetic testing is an important use case of cancer diagnostics. Genetic testing can help identify the presence of mutations in genes that are associated with increased risk of developing certain types of cancers. This type of testing can be used to identify those at risk of developing cancer and can be used to monitor the progression of the disease.
· Biomarker Testing: Biomarker testing is another important use case of cancer diagnostics. Biomarkers are molecules that can be used to help diagnose and monitor the progression of cancer. These molecules can be used to detect the presence of the disease and to help identify which treatments are most effective for particular types of cancers.
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