Cancer Diagnostics Market is likely to register double digit CAGR during 2021-2031 | GE Healthcare, Abbott Laboratories, Hologic Inc., Agilent Technologies Inc., Roche Diagnostics

The global cancer diagnostics market size was USD 18.2 billion in 2021 and it is estimated to reach USD 43.7 billion by 2031, growing at a rate of 9.2% from 2022-2031.

Global Cancer Diagnostics Market report from Global Insight Services is the single authoritative source of intelligence on Cancer Diagnostics Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Cancer diagnostics is a method of identifying different diagnostics, proteins, and some signs that leads to the identification of the presence of a cancerous tumor. Efficient diagnostic testing is used to validate or rule out the existence of illness, monitor the progression of the disease, and schedule & review treatment outcomes. Diagnostic procedures for cancer may comprise imaging, tumor biopsy, laboratory tests (comprises tests for tumor diagnostics), endoscopic examination, surgery, or genetic testing.

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Market Trends and Drivers

The key factor boosting the growth of the market is the growth in the number of private diagnostic centers. The number of private diagnostic centers is increasing across the world as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals owing to the limited number of imaging modalities at their disposal.

Market Restraints and Challenges

The primary factor challenging the market growth is the increasing adoption of refurbished diagnostic imaging systems. Many hospitals in developing countries cannot invest in diagnostic imaging equipment due to their higher cost, poor reimbursement rates, and budgetary constraints. However, owing to the high demand for diagnostic imaging procedures in these nations, hospitals that cannot afford to invest in new imaging systems prefer to go for refurbished ones. Refurbished systems are priced lower than new systems and are approximately in the range of 40% to 60% of the original price of the equipment.

Major Players in Global Cancer Diagnostics Market

The key players analyzed in the global cancer diagnostics market are GE Healthcare (US), Abbott Laboratories (US), Hologic Inc. (US), Agilent Technologies Inc.(US), Roche Diagnostics (Switzerland), FUJIFILM Corporation (Japan), Danaher Corporation (US), DiaSorin S.P.A. (Italy), Myriad Genetics Inc. (US), Siemens Healthineers AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Cancer Diagnostics Inc. (US), Vela Diagnostics (Singapore), Roche Diagnostics (Switzerland), AMOY Diagnostics CO. LTD. (China), Quidel Corporation (US), Bio SB (US), Biocartis NV (Belgium), Exact Science (US).

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