Major players in the cancer diagnostics market are Abbott, Becton Dickinson and Company, Hoffmann-La Roche Ltd, GE Healthcare Ltd. , and Thermo Fisher Scientific. The global cancer diagnostics market is expected to grow from $156.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cancer Diagnostics Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151599/?utm_source=GNW
27 billion in 2020 to $170.21 billion in 2021 at a compound annual growth rate (CAGR) of 8.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $239.23 billion in 2025 at a CAGR of 8.9%.
The cancer diagnostics market consists of sales of cancer diagnostic devices and equipment.Cancer diagnostic equipment is used to identify biomarkers, proteins and symptoms in order to detect a cancerous tumor in the patient.
Cancer diagnostics market is segmented into companion diagnostics and molecular diagnostics.
The cancer diagnostics market covered in this report is segmented by products into companion diagnostics, molecular diagnostics. It is also segmented by end-user into cancer research institutes, diagnostic laboratories, hospitals, others; by method into biopsy, endoscopy, tumor biomarker tests, imaging and by application into cervical cancer, breast cancer, liver cancer, blood cancer, kidney cancer, colorectal cancer, pancreatic cancer, ovarian cancer, melanoma, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Product recall is one of the major restraints for the cancer diagnostics market.Product recall is a process of retrieving all faulty and defective products that have been sold or are available in the market.
When a company recalls a product from the market, it takes up the cost of fixing the defective product and replacing it.This cost of replacement of cancer diagnostics devices can be very high for manufacturers, which ultimately restricts the growth of the market.
For example, Siemens Healthcare Diagnostics had to recall its IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay as it was not meeting the required high-dose hook effect expectation. An IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay can be used as an aid in the detection of prostate cancer along with digital rectal examination (DRE) in men aged 50 years or older.
AI-based cancer detection system is an emerging trend in the cancer diagnostics market.AI helps in improving the accuracy of image detection in diagnostic processes such as breast cancer and lung cancer diagnostics, by detecting the cancers in early stages.
AI also reduces the instances of false positives in lung cancer screening, thus, improving the lung cancer detection accuracy.For instance, researchers at the Naval Medical Center San Diego and Google’s AI research division Google AI, developed a reliable solution comprised of cancer-detecting algorithms used for autonomous evaluation of lymph node biopsies.
This AI solution improved the accuracy of metastatic breast cancer detection to 99%.
A high prevalence rate of various types of cancers is a major driver of the cancer diagnostics market.This is because the increasing incidences of various types of cancers is leading to a greater number of people opting for diagnosis and treatment.
In addition, according to the World Health Organization (WHO), cancer was the second-leading cause of death worldwide. The National Cancer Institute (NCI) has estimated the number of new cancer cases per year to reach 23.6 million by 2030.
The cancer diagnostics market is regulated by the FDA which imposes restrictions on cancer diagnostic devices such as magnetic resonance imaging (MRI) and nuclear magnetic resonance spectroscopy (NMR).The FDA categorizes these devices into class II category, as they have a moderate risk associated with usage.
Class II devices are bounded by device specific regulations which include performance standards, premarket data requirements, post market surveillance and labelling requirements associated with their usage.For instance, the labelling of such devices is required to have a list of contraindications, adverse reactions, precautions, warnings and other instructions before being released in the market.
Hence, regulations such as these would keep a check on manufacturers of cancer diagnostics devices.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151599/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001