Advanced Cancer Diagnostics Market Size by Products (Genomics Based, Epigenomics Based, Proteomics Based, and Cellular Analysis Based) and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa)- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global advanced cancer diagnostics market is anticipated to register a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rapidly increasing occurrences of the cancer disease along with the growing of patient awareness levels.
 

Cancer is defined as a collection of diseases that involves abnormal cell growth which has the ability to spread and invade towards additional components of the body, unlike tumors. Initial symptoms and signs include prolonged cough, a lump, change in bowel movements, unexplained weight loss and abnormal bleeding.

Researchers, doctors and scientists have discovered different approaches to the treatment of cancer, which varies upon the stages which the patient is undergoing. Physical examinations are the preliminary methods where the doctors will search for any abnormalities in the patient such as enlargement of certain organs and changing in skin color. Laboratory testing such as blood and urine tests helps the doctors identify deformities that can lead to cancer. Imaging tests allow the doctor to investigate the patient’s internal organs and bones and search for signs leading to cancer. The doctors can also collect samples of cells for the biopsy testing, which depends on the organ to which the cancer is diagnosed towards. According to the reports of World Cancer Research Fund International, global cancer occurrences is expecting to rise to more than 19 million cases by 2028.

The COVID-19 pandemic has reduced the growth of the global cancer diagnostics product & services market initially. However, upon further studies, researchers and scientists found out that the coronavirus has the viral gene of accelerating illness of the hosts. Basically, a patient of cancer was more susceptible to the COVID-19 virus than that of a healthy person. This steered to hospitals, clinics, and healthcare laboratories to focus more on both COVID-19 vaccination and cancer diagnosis simultaneously for the prevention and treatment of diseases and this led to its market growth.

Market Trends, Drivers, Restraints, and Opportunities

Drivers

• Increasing knowledge of cancer from both the doctors & the public along with Government initiatives for the treatment and diagnosis of this disease, is projected to boost the global advanced cancer diagnostics market growth during the forecast period, 2021-2028. Healthcare professionals have focused on the research and development studies about cancer, its symptoms, the different stages and how to identify each of them with respect to their patients and the best treatment program available for the same.
• Rapid growth of funding and investments from both the Government and private investors to the diagnosis to cancer are also major factors driving the market expansion in the coming years.

Restraints

• The devices and equipment used for screening practices such as imaging, endoscopy and other laboratory tests will enable the detection of disease at the preliminary stage. However, there are risk factors when following the medical imaging which includes radiation exposure to fluorescent, improper administration of Barium contrast and other endoscopic and imaging procedures. This requires high maintenance cost for safety & execution and thereby hinders the global advanced cancer diagnostics market growth.
• Lack of adequate healthcare infrastructure, especially in the developing economies, present as main challenges that can restrict the market expansion in the coming years.

Opportunities/Trends

• R&D investment and technological advancement are expected to offer significant opportunities for the market players. Researchers and scientists have now discovered advanced diagnostic techniques such as the next generation sequencing, high density microarrays, cellular analysis involving capture & identification, lab-on-a-chip, real time PCR or the RT-PCR, and multiplied assays.               

Scope of the Report

The report on the global advanced cancer diagnostics market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Advanced Cancer Diagnostics Market Segment Insights

The genomics based segment is projected to represent a large market share
Based on the products available, the global advanced cancer diagnostics market is divided into genomics based, epigenomics based, proteomics based, and cellular analysis based. The genomics based segment is expected to constitute a major share of the market during the forecast years, 2021-2028 owing to the technological advancements such as the enhanced protein-coding, high resolution genome wide screening and super genome sequencing. These techniques have not only discovered latest cancer threats and causes, but also improved upon the existing methods in terms of efficiency and efficacy.
 

North America is anticipated to dominate the global advanced cancer diagnostics market
On the basis of regions, the global advanced cancer diagnostics market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. North America is expecting to expand at an impressive and healthy CAGR during the forecast period, 2021-2028. This regional market growth can be attributed to the existence of high patient awareness which encourages patients to undergo diagnostic procedures along with the healthcare infrastructure available for people from this region.