Cancer Diagnostics Market Worth $26.6 Billion by 2026 – Growing Focus on Personalized Medicine and Leading Key Players

In 2020, Roche Diagnostics entered into partnership with Illumina to provide broad access to clinical oncology next-generation sequencing.

The Key Growth Elements in Detailed?

The Growth of Cancer Diagnostics Market is driven mainly by increasing incidence of cancer and growth in the number of private diagnostic laboratories. The number of private diagnostic centers is increasing across the globe as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals due to the limited number of imaging modalities at their disposal. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India.

Worldwide Growth Opportunities in Terms of Revenue:

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% during the forecast period.

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Consumables accounted for the larger share of the market in 2020

Based on the product, segmented into consumables and instruments. In 2020, the instruments segment accounted for the larger share of the market. The large share of this segment can be attributed to the increasing incidence of cancer and increasing number of cancer diagnostics test.

The IVD testing segment accounted for the largest market share in 2020

Based on the technology, segmented into IVD testing, imaging based technique and biopsy technique. The IVD testing segment accounted for the largest market share in 2020. The increasing incidence of cancer and technological advancement are major driving factors for this market.

Hospitals are the largest end-users of the cancer diagnostics market

Based on end-users, segmented into hospitals and diagnostic laboratories. The hospitals segment accounted for the largest market share in 2020 due to the rising number of in-house diagnostic procedures performed in hospitals, growing awareness regarding early diagnosis, and the availability of reimbursements.

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Regional Growth, Development and Demand Analysis:

The cancer diagnostics market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the diagnostics market. The large share of North America can be attributed to factors such as the increasing incidences of cancer, growing awareness early diagnosis and technological advancement.

Major Key Players Mentioned in the research report are:

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.

GE Healthcare (US) held the leading position in the cancer diagnostics market (Imaging Based products) in 2021. GE Healthcare offers an exhaustive product portfolio consisting of various cancer diagnostics products. The company believes in both organic and inorganic growth for enhancing its market position such product launches, and partnership. For instance, in 2020, GE Healthcare entered into partnership with GenesisCare to improve patient outcomes for the two biggest health burdens globally, cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare's 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain.

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