Medical Devices

Cancer Diagnostics Market Showing Double Global Growth By 2026

Global Cancer Diagnostics Market

Global Cancer Diagnostics Market is expected to rise from its initial estimated value of USD 143.89 billion in 2018 to a projected value of USD 244.28 billion by 2026, registering a CAGR of 6.84% in the forecast period of 2019-2026. This rise in market value can be attributed to innovations and advancements in technological offerings by the major manufacturers.

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Market Drivers

  • Significant contribution and investments undertaken by various organizations; this factor is expected to act as a driver for the market growth
  • Increasing levels of geriatric population along with the growth in prevalence of cancer; this factor is expected to act as a driver for the market growth

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Market Restraints

  • High cost of diagnostics procedure for cancers available in the market is expected to act as a restraint to the market growth
  • Presence of strict regulations and standards for the approval and commercialization of cancer diagnostic products & services; this factor is expected to act as a restraint to the market growth

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Key Developments in the Market:

  • In March 2019, NeoGenomics Laboratories, Inc. announced the launch of “Ventana PD-L1 (SP142) Assay” testing for tumor tissue testing in patients with triple negative subtype of breast cancer. The test recently approved by the FDA for patients who might respond to “TECENTRIQ”, an immune checkpoint inhibitor in combination with chemotherapy.
  • In December 2018, QIAGEN and NeoGenomics Laboratories, Inc. announced that they had collaborated for the development and commercialization of diagnostic systems for cancer treatments. The agreement gives for the provision of QIAGEN companion diagnostics for the usage in clinical trials approval of oncology treatments until they are approved by the U.S. FDA.
  • In October 2018, Telerad Tech announced the launch of a new AI-based breast cancer detection system, “MammoAssist” for the detection of early stage cancer. The system analyses the mammogram results and images and detects the characteristics highlighted in breast cancers.
  • In August 2018, BioGenex announced the launch of five new antibodies for usage in cancer immunohistochemistry (IHC). The company’s IHC solution is capable of offering the widest portfolio inclusive of around 400 antibodies, reagents, consumables and ancillaries.

Competitive Analysis: Global cancer diagnostics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cancer diagnostics market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Competitors: Abbott; Agilent Technologies, Inc.; BD; bioMérieux SA; NeoGenomics Laboratories, Inc.; Telerad Tech; F. Hoffmann-La Roche Ltd; GENERAL ELECTRIC COMPANY; Hologic Inc.; Illumina, Inc.; QIAGEN; BioGenex; Siemens Healthcare GmbH; BioNTech Diagnostics GmbH; Thermo Fisher Scientific Inc.; Koninklijke Philips N.V.; are few of the major competitors currently present in the market.

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