The global cancer diagnostics market size is expected to reach USD 249.6 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a 7.0% during the forecast period. Continual introduction of innovative products, coupled with increasing need for early diagnosis of various diseases, is a prime factor driving the market. In addition, rapid growth of the healthcare and diagnostics sector can be attributed to penetration of technologically advanced laboratory systems that have improved oncological screening in yielding accurate outcomes. Rising incidence of cancer is triggering demand for these screening tests and imaging modalities used for monitoring disease progression.
Collaborative and independent initiatives led by governments and companies are striving to raise cognizance about the benefits of early cancer diagnosis. In addition, cancer research organizations, along with public and private entities, are investing heavily on research projects to launch advanced diagnostic tools in the market, which are capable of diagnosing the disease much before the symptoms appear.
Furthermore, giant players are collaborating with governments and other agencies to enhance patient accessibility to these tests and products. For instance, Illumina, Inc. launched a new venture called GRAIL with investors, Jeff Bezos and Bill Gates, with an investment of more than USD 100 million. GRAIL is mainly focused on blood-based oncological screening for timely diagnosis of the most common tumor types through simple laboratory tests.
North America dominated the market by capturing the largest revenue share of 42.0% in 2018. Presence of numerous biotechnology as well as medical device companies in the region is one of the prime factors driving the diagnostics sector in the region. North America is expected to continue its lead throughout the forecast period owing to factors such as greater funding available for research and development projects and high adoption of advanced technologies.
Asia Pacific is expected to exhibit the highest growth in the near future due to presence of a large patient pool, availability of skilled technicians at a comparatively lower price, and a defined regulatory framework favoring expedited product approvals. Furthermore, the booming medical tourism industry in countries such as India, China, and Malaysia are expected to boost demand for oncological screening.
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