Over the forecast period, rising cancer incidence is anticipated to fuel market expansion for cancer diagnostics. For instance, the American Cancer Society predicts that there will be 606,880 cancer deaths and 1,762,450 new cancer cases in the United States in 2019. Additionally, it is anticipated that R&D in cancer diagnostics would contribute to market expansion. For instance, researchers from Universidade do Porto in Portugal published a study in January 2020 evaluating the role of O-glycosylation in the detsection of CD44v9, a significant protein splice variant isoform expressed in human gastrointestinal cancer cells, by monoclonal antibodies. Over the projected period, it is anticipated that the approval and introduction of innovative methods will fuel market expansion for cancer diagnostics worldwide. As an illustration, in December 2018, iCAD, Inc. reported that ProFound AI, a deep-learning cancer detection software solution for digital breast tomosynthesis (DBT), had received U.S. FDA clearance. It is anticipated that the development of biopsy platforms for canine malignancies would present companies in the global cancer diagnostics market with lucrative potential prospects. Additionally, it is anticipated that the usage of AI in cancer early detection would contribute to the market's expansion.
According to Coherent Market Insights, The market for Cancer Diagnostics was worth US$ 41,542.4 million in 2019 and is anticipated to grow at a CAGR of 9.2% from 2020 to 2027 to reach US$ 83,641.9 million.
Top Companies in the Cancer Diagnostics Industry :
1. GE Healthcare
The firm was founded in 1892 and is based in Boston, Massachusetts, United States. A global leader in financial services and technology, General Electric Company. The company offers a range of goods and services, from industrial goods to medical imaging, corporate and consumer financing, water treatment, and home appliances. To increase the global availability of HA gas turbine services, GE will expand the scope of its Singapore repair centre in June 2023.
2. Koninklijke Philips N.V.
The company was founded in 1891 and is based in Amsterdam, Netherlands. The business provides goods and services in consumer health, home care, patient monitoring, image-guided therapy, diagnostic imaging, and health informatics. The industry's first full-service, at-home 12-lead electrocardiogram (ECG) solution will be available in January 2022, Koninklijke Philips N.V. stated, and it will be used in decentralised clinical studies.
3. Illumina, Inc.
The company was started in 1998 and is based in San Diego, California, United States. Illumina, Inc. creates, produces, and sells integrated systems for analysing genetic variation and biological function on a massive scale. According to the company, in September 2022, Illumina unveiled NovaSeq X and NovaSeq X Plus, bringing down the cost of a whole human genome sequencing to $200.
4. F. Hoffmann-La Roche Ltd.
The company was founded in 1896 and has its headquarters in Basel, Switzerland. The business provides cancer and transplant drugs, as well as in-vitro diagnostics. Roche declared in March 2021 that it would buy GenMark Diagnostics for $1.8 billion. In September 2021, the business revealed that it would buy the German biotech firm TIB Molbiol in order to grow its molecular diagnostics division.
5. Agilent Technologies, Inc.
The business was founded in 1999 and is located in Santa Clara, California, United States. Agilent Technologies, Inc. offers fundamental electronic measurement and bio-analytical solutions to the chemical analysis, communications, electronics, and life sciences industries. Agilent unveiled a new ICP-MS device in December 2020. Agilent announced a partnership with Société Générale de Surveillance (SGS) in November 2020, and as a result, a new GC/TQ method.
6. Abbott Laboratories
The company was started in 1888 and is based in Chicago, Illinois, United States. The business finds, creates, produces, and markets a diverse range of healthcare goods and services. Pharmaceuticals, nutritional, diagnostic, and vascular items are among the offerings of the company. Lingo, a series of consumer biowearable sensors that collects a variety of biological measurements to optimise exercise and dietary plans, was released by Abbott in January 2022.
7. Thermo Fisher Scientific
The business was started in 1956 and has its headquarters in Waltham, Massachusetts, United States. Thermo Fisher Scientific, Inc. produces chemicals, consumables, and scientific equipment. The acquisition of PPD, Inc. by Thermo Fisher Scientific was announced in April 2021. Thermo Fisher Scientific said in January 2021 that it had purchased Henogen SA, a producer of viral vectors based in Belgium, from Groupe Novasep SAS for €725 million in cash.
*Definition: Cancer is a dangerous illness in which the body's cells develop rapidly and uncontrollably, leading to abnormal growths. The goal of diagnosis is to establish the presence of cancer, mostly through pathological or cytological investigation, and to stage the disease to determine its severity.
