Minimally Invasive Methods For Cancer Screening To Observe Significant Growth On Account Of Higher Safety And Health Concerns By 2027
Research Nester released a report titled “Cancer Screening Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global cancer screening market in terms of market segmentation by diagnostic methods, by cancer, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
According to the World Health Organization, the global cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths in 2018. The market for cancer screening is projected to grow at a significant CAGR of 9.67% over the forecast period, i.e., 2020-2027. Moreover the market is anticipated to reach a market value of USD 281,385.28 million by the end of 2027. Cancer screening tests are done in order to diagnose cancer in the body and to detect cancer at its early stages. The market is segmented by diagnostic methods, by cancer, by end user and by region. Based on the diagnostic methods segment, the market for cancer screening is segmented into genetic tests, instrument based tests and platform based tests. Out of these, the segment for instrument based tests is generating the highest demand in the market currently and is anticipated to grow at a high rate over the forecast period. Moreover, on the back of this, it can be concluded thatinstrument based tests segment is anticipated to attain a market size of USD 177,978.87 million by the year 2027.
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is predicted to grow further on account of increase in investments towards healthcare from government and private entities. The market in Asia Pacific region is anticipated to grow with the highest CAGR of 11.12% over the forecast period as it is primarily led by the demand for new and improved technology and treatment methods from China.
Innovative Technologies in the Field of Oncology to Boost the Market Growth
With the advancements in the technology for the treatment of cancer, the survival rate for patients is increasing. On account of this, there is a high demand for advanced cancer screening technologies. Further, the healthcare spending is increasing on account of several factors such as an aging population, changes in disease prevalence or incidence rate, and increase in the price and intensity of services. As a result of these factors, the market is predicted to grow in the coming years. However, the increasing number of regulations and complicated testing regimes on cancer screening are estimated to act as restraining factors for the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global cancer screening market which includes company profiling of Siemens Healthineers AG (ETR: SIE), GE Healthcare (NYSE: GE), Abbott (NYSE: ABT), F. Hoffmann-La Roche Ltd. (SWX: RO), Olympus Corporation, FUJIFILM Corporation (TYO: 4901), Agilent Technologies, Inc. (NYSE: A) and Thermo Fisher Scientific (NYSE: TMO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cancer screeningmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.