Cancer IVD Market Size to Grow at a CAGR of 6.0% During the Forecast Period 2021-2026

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Cancer IVD Market Size to Grow at a CAGR of 6.0% During the Forecast Period 2021-2026

August 17
17:47 2021
Cancer IVD Market Size to Grow at a CAGR of 6.0% During the Forecast Period 2021-2026
Cancer IVD Market
Ongoing Research and Development in the Healthcare Sector Coupled With Advancement in Medical Technologies is Anticipated To Open Growth Avenues for the Cancer IVD Market

Cancer IVD Market size was valued at $17,728 million in 2020 and is anticipated to reach $22,430 million by the end of 2026 growing at a CAGR of 6.0% during the forecast period 2021-2026. The surgical electrical stapler’s industry growth rate is attributed to the rising incidences of chronic lifestyle diseases across the globe and is anticipated to bring new opportunities. Cancer In vitro diagnostics (IVD) are medical devices, which require the use of assays and reagents to diagnose a medical condition. Moreover, these instruments analyze body fluids and tissue samples that are collected from a patient. 

In addition, there are a variety of in vitro diagnostic instruments that work with various techniques such as immunodiagnostics, tissue diagnostics, hematology, and molecular diagnostics. Surgical staplers are instruments used to aid in the physical modification of biological tissue or the rapid recovery of internal and external body tissues. Furthermore, developments in genomics and proteomics, as well as increased investment in developing countries are bringing a new range of condition-specific markers and tests to market. 

On the contrary, 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 anticipated to open growth avenues for the Cancer IVD market during the forecast period 2021-2026.

Cancer IVD Market Segment Analysis – By Product & Services

In 2020, on the basis of product and services, reagents segment accounted for the largest segmental revenue of the Cancer IVD market. The reagents segment held the largest market on account of the fact that there is an increasing demand for rapid, accurate, and sensitive devices. Furthermore, their wide usage in cancer in-vitro diagnostic testing, increase in demand for self-testing and point-of-care products, and rise in the number of R&D initiatives pertaining to reagents are expected to aid market growth.

On the contrary, services segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.80% as a result of the various programming interfaces used for operating cancer diagnostic instruments, conducting analysis, and interpreting results. Many instruments, including point-of-care analyzers, laboratory-based analyzers, portable personal in vitro diagnostics, and others, use in vitro diagnostic software. In addition, increasing adoption of in-vitro diagnostic systems with analyzer software at diagnostic centers is anticipated to fuel market growth during the forecast period 2021-2026.

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Cancer IVD Market Segment Analysis – By End Users

On the basis of end use, hospitals segment accounted for the largest segmental revenue of the Cancer IVD market in 2020 as there is an increase in hospitalization as doctors require diagnostic interpretation for further treatment of cancer. Diagnostic centers often partner with hospitals; as a result, hospitals often have their own diagnostic setup. Furthermore, ongoing healthcare infrastructure growth is projected to boost current hospital facilities. The market for cancer in-vitro diagnostic tests in hospitals is developing.

On the other hand, patient self-testing segment is projected to dominate over 2021-2026 with a CAGR of 6.50%. The patient self-testing are to witness a healthy growth owing to the rising geriatric population and increasing demand for home care in vitro diagnostic devices. Moreover, convenient and supportive care provided at home by licensed healthcare professionals also reduces hospital visits. All these factors are to drive the segmental market growth.

Cancer IVD Market Segment Analysis – By Geography

North America is the major region dominating the Cancer IVD market with a market share of 35.60% in the year 2020. This can be attributed to the use of advanced technologies and IVD methods are increasing the number of total surgeries performed in this region, the local presence of global players, and FDA approval for non-invasive surgeries in North America have fueled the regional market. Moreover, with recent developments in in-vitro diagnostics surgeries, special devices are designed for cancer treatment. Hence, it has become the responsibility of surgeons to acquire prerequisite knowledge of these devices thereby, indirectly driving regional market growth.

During the forecast period 2021-2026, however, Asia-Pacific is anticipated to be the fastest region. Asia Pacific consists of developing and developed economies. The industry is forecast to be fueled by increasing healthcare awareness and patients seeking early diagnosis in the area, as well as a high prevalence of chronic diseases. Apart from these, the rising affordability rates and improving regulatory scenario are estimated to propel the market in the region.

Cancer IVD Market Drivers

Rising Prevalence Of Cancer Coupled With Increasing Product Approvals And Product Launches

The cancer IVD market is poised to receive upswing owing to rising prevalence of cancer coupled with increasing product approvals and product launches. The rising prevalence of cancer and autoimmune diseases is poised to drive the global in-vitro diagnostics market. The increasing product launches in the region is the major factor expected to propel the market growth owing to support from regulatory authorities as well as other government organizations are other growth augmenting factors that will affect the surgical electric staplers screening market.

Cancer IVD Market Challenges

Unfavorable Reimbursement Scenario

Despite several drivers, one of the major factor hindering is inadequate reimbursement which is restraining the population in opting such treatment facilities. Moreover, regulatory and legal requirements applied to various IVD devices in the US and European countries are becoming more stringent and are also playing a vital role in challenging the regional market growth.

Cancer IVD Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cancer IVD Market. In 2020, Cancer IVD market share is fragmented by the top ten players present in the market. Cancer IVD Market top 10 companies 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, bioMérieux and others.

Acquisitions/Product Launches

In January 2021, Illumina revealed plans to step up its cancer detection efforts by launching a new in vitro diagnostic (IVD) test and bolstering its oncology-focused companion diagnostic (CDx) collaborations—as well as plans to launch a new cloud-based bioinformatics data platform.

In February, 2020 – Biocare Medical announced the launch of seven novel IVD IHC antibody markers for clinical diagnostics and research applications. The most recent launch focuses on several immuno-oncology markers, critical in aiding early-stage cancer drug developments and patient treatment.

Key Takeaways

North America dominated the Cancer IVD market with a share of 35.60% in the year 2020.

The factors such as growing aging population and increasing usage of point-of-care testing and personalized medicine are among the major factor projected to impel growth of Cancer IVD market.

Additionally, factors such as development of automated in vitro diagnostic systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnosis are set to create opportunities paving a way for the growth in the market during forecast period 2021-2026.

Relevant Reports:

Oncology Market

https://www.industryarc.com/Report/18335/oncology-market.html

Cancer Diagnostics Market

https://www.industryarc.com/Report/15739/cancer-diagnostics-market.html

For more Lifesciences and Healthcare Market reports, please click here

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