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Cancer Diagnostics Market Worth $28.59 Billion By 2028 | CAGR: 6.9%
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The cancer diagnostics market is projected to reach $28.59 billion by 2028, growing at a CAGR of 6.9%. North America leads, while Asia-Pacific shows the highest growth potential.
Rising rates and prevalence of cancer, initiatives by governments and other organizations to raise awareness about cancer, and the increase in the number of diagnostic laboratories in developed countries are driving the global market for cancer diagnostics. We stimulate growth. Cancer. However, the increased risks of radiation exposure from the use of scanners and the higher costs associated with diagnostic imaging systems are hampering market growth. The development of diagnostic approaches for various cancer mutations should open up favorable opportunities for market participants in the future.
According to the report, the global cancer diagnosis market is expected to reach $ 168.60 billion by 2020 and $ 28.59 billion by 2028, with a combined annual growth rate of 6.9 % from 2021 to 2028. Covid-19 scenario :
The Covid-19 outbreak has delayed cancer diagnosis by providing malicious supplies, diagnostic kits and other products. In addition, limited access to medical professionals and healthcare professionals under conditions other than Covid-19 has had a negative impact on the market. In some hospitals and clinics, patient counseling has declined during epidemics.
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Growth of the cancer diagnostics market is attributed to increase in prevalence of cancer across the globe. Furthermore, rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.
The North America region to rule the roost by 2028-
Based on region, the market across North America held the lion’s share in 2020, with more than two-fifths of the market. This is attributed to increase in number of patients suffering from cancer and growth in geriatric population in the region. However, the market across Asia-Pacific is expected to exhibit the highest CAGR of 8.5% during the forecast period. This is attributed to rise in focus of the key players on developing technologically advanced, cost-effective, and advanced safe products and high prevalence of cancer in the region.
On the basis of end use, the hospitals and clinics segment dominated the market in 2020, contributing to more than two-fifths of the market. However, the diagnostic laboratories segment is projected to register the highest CAGR of 7.8% from 2020 to 2028.
The consumable segment to lead the trail by 2028-
Based on product, the consumables segment dominated with largest share in 2020, holding for around three-fifths of the market. This is due to increase in repetitive usage of the consumables for cancer diagnostics market. At the same time, the instruments segment is expected to showcase the highest CAGR of 7.5% during the forecast period. This is owing to the higher efficiency of the instruments aiding better diagnosis of cancer.
Key market players-
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The article discusses the growth and projections of the cancer diagnostics market, expected to reach $28.59 billion by 2028.
Factors include rising cancer prevalence, technological advancements, and an increase in diagnostic laboratories.
North America held the largest market share in 2020, while Asia-Pacific is expected to exhibit the highest growth rate.
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