According to the World Health Organization, there were 8.2 million cancer related deaths in 2012 alone, with 14 million new cancer cases registered globally. This surge in the prevalence of cancer has fueled the cancer diagnostics market, states Transparency Market Research in a recent report. The research report, titled “Cancer Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, finds that expanding at a strong CAGR of 7.60% from 2014 to 2020, the global cancer diagnostics market is estimated to grow from a value of US$100.9 bn in 2013 to US$168.6 bn by 2020.
The global cancer diagnostics market is driven by growing prevalence of different forms of cancer, rising cancer awareness, support of government initiatives and funding, and increase in healthcare expenditure. The introduction of non-invasive screening methods and novel diagnostic biomarkers are anticipated to create new revenue streams and boost the cancer diagnostics market over the next five years. However, uncertain reimbursement scenario in certain countries and lack of specificity and sensitivity threaten to impede the growth of the cancer diagnostics market.
By method type, the cancer diagnostics market is divided into endoscopy, imaging, biopsy, and tumor biomarker tests. Global efforts to boost cancer detection and prevention has made imaging the most popular method of cancer diagnosis and this segment is projected to retain its lead throughout the forecast period, developing at a strong CAGR of 8.20% from 2014 to 2020.
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Coming in second, Europe accounted for a share of 29.10% in 2013. Registering the highest CAGR of 8.20% during the forecast period, Asia Pacific has been identified as the most rapidly expanding regional market for cancer diagnostics. Developing economies such as China, Japan, India, Australia, Thailand, and Singapore present enormous opportunities for growth, especially owing to increasing incidence of breast cancer. Growing prevalence of lung cancer, on the other hand, is anticipated to boost the cancer diagnostics market in the Rest of the World region.