Cancer Diagnostics Market Analysis, Current Trends & Forecast 2024
Date: 2018-08-08   Author: Rahul Sankrityayan  Category: #industry

Cancer Diagnostics Market Analysis, Current Trends & Forecast 2024

Cancer Diagnostics Market was valued over USD 84.1 billion in 2016 and is projected to witness around 8.1% CAGR from 2018 to 2024.

Cancer Diagnostics Market will witness a significant growth due to rising incidences of cancer across the globe. As per National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer will be diagnosed in the United States. Increasing prevalence different types of cancer such as breast cancer, colon and rectum cancer coupled with growing awareness pertaining to the benefits of early diagnosis will fuel the market growth.

Request for Sample Copy @

Innovation in development of cancer screening methods such as computed tomography (CT), magnetic resonance imaging (MRI) and rising government initiatives will increase the demand for cancer diagnostics market. Technological advancements such as spiral CT, multiphase imaging and multi detector scanning enabling quick, accurate and minimal invasive diagnosis will drive the market growth.

High cost associated with diagnostic screening tests and strict established regulations associated with new product approvals will hamper the industry growth. Moreover, shortage of skilled and trained professionals will further impede the industry growth.

Cancer imaging is projected to witness a significant growth due to several benefits associated with imaging such as early detection, less risk, elimination of exploratory surgery, shorter recovery time, reduced stay in hospitals and complete diagnosis. Furthermore, Imaging procedures such as CT scans, MRI, PET scan and x-ray are safe, quick and easy to perform and noninvasive.

Breast cancer is estimated to witness a significant growth in the forecast timeframe. In 2018, an estimated 266,120 cases of invasive breast cancer are anticipated to be diagnosed in women in the U.S. Technological advancements in mammography for screening and early diagnosis of breast cancer will drive the segment growth. Growing awareness and development of quick diagnostic methods will fuel the segment growth.

Browse More Details @

Hospital segment will experience a significant growth in the forecast period due to the availability of cutting edge screening technologies and skilled healthcare professionals. Increasing adoption rate of cancer diagnostic devices in hospitals due to high funding from government will lead to growth opportunities in this segment. Moreover, rising patient flow coupled with various reimbursement policies will drive segment growth.

US dominated the cancer diagnostics market in 2016 and is growing at 8.0% CAGR. In 2017, U.S. spent an estimated USD 147.3 billion on national expenditures for cancer care. Increasing cancer prevalence and rising healthcare expenditure will boost the industry growth over forthcoming years.

Some of the key players are Agilent Technologies, Inc., Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., Illumina, Inc., GE Healthcare, Abbott Laboratories, Inc., Roche Diagnostics and Philips Healthcare. The strategic initiatives adopted by these companies are launch of innovative cost effective diagnostic products and collaboration with cancer research institutes to increase their R&D capabilities.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

Read More

More from Rahul

Post Recommendents

Automotive Inspection Machine Market Comprehensive Analysis, Growth Forecast from 2019 to 2025
Author: Partha Ray

Automotive Inspection Machine market research report collated by Market Study Report is an in-depth study of the current trends influencing this industry. The report also provides a detailed abstract of the market valuation, statistics, and revenu...

Rapid Prototyping Machines Market to Witness Growth Acceleration During 2019-2025
Author: Partha Ray

An analysis of Rapid Prototyping Machines market has been provided in the latest report launched by Market Study Report that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. F...

Signal Tower Light Market Overview, Industry Top Manufactures, Size, Growth rate 2019 - 2025
Author: Partha Ray

Market Study Report adds a new report Global Signal Tower Light Market Research Report for the period of 2019-2025 that shows the growth of the market is rising at a Steady CAGR to 2025.

The Signal Tower Light market is a cohesive study ...