Global demand for In-Vitro Cancer Diagnostics market was valued at approximately USD 62.7 billion in 2019, and is expected to generate revenue of around USD 101.4 billion by end of 2026, growing at a CAGR of around 7.11 % between 2020 and 2026.
Cancer is an uncontrolled growth of cell. Uncontrolled growth of cell leads to formation of tumor which can interfere with the digestive, nervous, and circulatory systems. Tumor cell releases hormones that alter body functions. Tumors that stay in one location and show limited growth are considered as benign cancer. Whereas, the cancerous cell which flow throughout the body part, using lymph, blood, and destroying the healthy tissue are called malignant cancer. According to the American Cancer Society, cancer is the second most common cause of death in the U.S. and accounts for nearly 1 of every 4 deaths. The World Health Organization estimates that, worldwide, there were 14 million new cancer cases and 8.2 million cancer-related deaths in 2012.
There are over 200 different types of cancer, and each of which is classified by the type of cell that is initially affected. Various types of cancer include, prostrate cancer, blood cancer, lungs cancer etc. Cancer is diagnosed with the help of various in-vitro cancer test which include immunoassay, immunohistochemistry, clinical chemistry and nucleic acid tests (NAT). The global in vitro diagnostics (IVD) market size was estimated at USD 51,674.4 million in 2013.
Major factors responsible for the growth of in-vitro cancer diagnostics market are the rising incidences of chronic lifestyle diseases across the globe. Furthermore, growing aging population, and increasing usage of point-of-care testing and personalized medicine are also fueling the growth of in-vitro diagnostics market. Moreover, a new range of condition-specific markers and tests with advances in genomics and proteomics and increasing investment in emerging countries are creating new opportunities for this market. However, inadequate returning policy and stringent regulatory approval framework are restraining the growth of this market. Nonetheless, ongoing research and development in the healthcare sector coupled with advancement in medical technologies is expected to open growth avenues for the market over the years.
The report covers forecast and analysis of the in-vitro cancer diagnostics market on a global and regional level. The study provides historic data of 2015 along with a forecast from 2016 to 2021 based on revenue (USD Million). To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the in-vitro cancer diagnostics market has also been included in the study. The report also analyzes several driving and restraining factors and their impact on the market during the forecast period. The study encompasses a market attractiveness analysis, wherein application segments are benchmarked based on their market size, growth rate and general attractiveness.
The report provides detailed segmentation of the in-vitro cancer diagnostics market based on products, technology, application and regional segment. The technology market segment held the largest market share in 2015.
Geographically, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Demand has been analyzed and forecast based on the current trends for the period of six years. North America was the leading segment of in-vitro cancer diagnostic market with 43% market share in 2014. Due to the presence of advanced technologies, superlative opportunities for molecular diagnostics in genetic testing, cancer screening, and the presence of a large number of leading market players such as Abbott Laboratories, Inc., Johnson and Johnson etc. followed by Europe. The in-vitro cancer diagnostics market is expected to witness the growth in the Asia-Pacific region in the coming years due to advance diagnostics rising in population, healthcare infrastructure, and growing per capita healthcare expenditure.
According to the report, the chief market players for in-vitro cancer diagnostic market are Roche Diagnostics, Abbott Laboratories, Inc., Becton, Dickson and Company, Ortho-Clinical Diagnostics, Johnson and Johnson, Danaher Corporation, Thermo Fisher Scientific, Inc, Siemens Healthcare, Bio-Rad Laboratories, Inc., Sysmex Corporation, and bioMérieux.
This report segments in-vitro cancer diagnostics market as follows:
In-vitro Cancer Diagnostic Market: Product Segment Analysis
In-vitro Cancer Diagnostic Market: Technology Segment Analysis
In-vitro Cancer Diagnostic Market: Application Segment Analysis
In-vitro Cancer Diagnostic Market: Regional Segment Analysis