The global market for cancer diagnostics has been displaying a highly competitive vendor landscape on account of the presence of a number of established players, reports a new research study by Transparency Market Research (TMR). The main players operating in this market are Eli Lilly and Co., GlaxoSmithKline Plc, Genoptix Inc., bioMerieux, Pfizer, F. Hoffmann-La Roche Ltd., Abbott Laboratories, Novartis, Ambry Genetics, and AstraZeneca. These companies are focusing aggressively on strategic collaborations and mergers and acquisitions to expand their reach across various regions. They are also emphasizing on innovating new products and technological advancements of existing products to gain a competitive advantage over their peers, states the research report.
According to TMR’s estimations, the global market for cancer diagnostics is projected to expand at a healthy CAGR of 7.60% during the period from 2014 to 2020 and increase from a value of US$100.9 bn in 2013 to US$168.6 bn by the end of the period of the forecast. Endoscopy, biopsy, imaging, and tumor biomarker tests are the main methods, using which the diagnosis for cancer is performed. Among these, imaging has surfaced as the most popular technique for cancer diagnosis across the world and the scenario is anticipated to remain the same over the next few years, notes the research study.
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North America to Continue to Dominate
A geographical analysis of the global cancer diagnostics market has also been provided in this research study. As per the report, North America, Asia Pacific, Europe, and the Rest of the World are the main geographical segments of this market. In 2013, North America led the worldwide market for cancer diagnostics with a share of more than 40%. Researchers anticipate this regional market to continue dominating over the next few years, thanks to the increasing number of initiatives by governments in this region to support cancer awareness, high prevalence of cancer, and the increasing uptake rate of preventive diagnostic techniques.
Europe, which stood second in 2013, is projected to retain its position in the near future. However, it is Asia Pacific, which will be offering the most promising growth opportunities to market players in the years to come, states the market report.
Advent of Non-invasive Screening Techniques to Support Market’s Growth
“The global market for cancer diagnostics is predominantly driven by the increasing prevalence of various kinds of cancer across the world,” says a TMR analyst. Apart from this, the rising awareness pertaining to cancer and its causes, augmenting support by government in terms of novel initiatives and funding, and the increasing healthcare expenditure are also supporting the growth of this market significantly.
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Going forward, the advent of non-invasive screening techniques and new diagnostic biomarkers are projected to open new revenue streams for market players in the near future. However, the absence of a proper reimbursement scenario and the lack of skilled professionals in emerging economies may impede the market over the next few years, reports the study.