Dallas, TX, February 19, 2016 --(PR.com
)-- Cancer is defined as a malignant growth or tumor resulting from an uncontrolled division of cells. According to the CDC, cancer is the second leading cause of mortality, causing ~584,881 deaths worldwide in 2013. Early diagnosis is the key to prevent the rising number of cancer-related deaths. The global cancer diagnostics market is witnessing a rapid transformation owing to several technological advancements in diagnostic platforms such as next-generation sequencing, DNA microarrays, and polymerase chain reaction (PCR), among others. Moreover, the market has seen the advent of hybrid imaging instruments with enhanced accuracy, such as PET/CT and SPECT/CT. These advancements have augmented the growth of the cancer diagnostics market.
The global cancer diagnostics market is expected to grow at a CAGR of 11.7% to reach $14.78 billion in 2020. Key factors propelling growth of this market are technological advancements in the diagnostics imaging systems, growing number of cancer patients globally, rapidly aging population, and huge government support for research in cancer diagnostics. However, factors such as the dearth of skilled professionals and high capital investments for imaging systems are restraining the growth of the market.
The global cancer diagnostics market, by technology, is categorized into two main segments—platform based and instrument-based. Platform-based segment is further segmented into Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Immunohistochemistry (IHC), Next-Generation Sequencing (NGS), DNA Microarrays, Flow Cytometry and other technologies. Instrument-based segment is further segmented into Imaging (Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Positron Emission Tomography (PET), mammography, and ultrasound), and Biopsy.
The global cancer diagnostics market, by application into lung cancer, breast cancer, colorectal cancer, melanoma and other forms of cancer. Breast cancer diagnosis is expected to hold the largest share of this market in 2015, due to very high prevalence in North America also due to very high cost of mammography instruments. While lung cancer is expected to be the fastest growing application in cancer diagnostics market globally during the forecast period 2016 to 2020.
Some of the major players operating in this market are Abbott Laboratories, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., Becton, Dickinson and Company, GE Healthcare, QIAGEN N.V., Agilent Technologies, Inc., Roche Diagnostics, Siemens Healthcare, Philips Healthcare, and C.R. Bard, Inc., Hologic, Inc. among other players.
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