Cancer Diagnostics industry analysis research and trends report 2024: Global Market Insights Inc. Cancer Diagnostics Market will exceed USD 150 billion by 2024; as per a new research report by Global Market Insights, Inc. Increasing incidences of cancer across the globe will boost the global cancer diagnostics market over the forecast timeframe. Increasing geriatric population vulnerable to wide range of cancers and increasing urbanization leading to lifestyle changes, one of the major causes of cancer, will further contribute to increasing number of cancer incidences. Cancer diagnosis is cost intensive hence developed economies such as U.S. and developing economies such as India are struggling to cope with rapidly increasing financial burden of the disease. Early diagnosis is the key to reduce economic burden of cancer. As a result, government in these economies are taking several initiatives to increase early diagnosis and awareness pertaining to benefits of early diagnosis. Such initiatives will render significant positive impact on cancer diagnostics market growth. Technological advancements in diagnostic capabilities will serve to be high impact rendering factor.
Advance fluid biopsy techniques, real time cancer diagnostics, increasing automation enabling faster test results will allow early and precise diagnosis of the condition. Such technological advancements are predicted to boost adoption rates fueling cancer diagnostics market growth over foreseeable future. However, high cost of diagnosis and side effects associated with diagnostic imaging is predicted to hinder cancer diagnostics market growth to certain extent. Moreover, low awareness pertaining to benefits of early diagnosis in underdeveloped economies will impede industry growth. Imaging segment currently dominates the industry and trend is anticipated to continue over forecast timeframe. Advent of sophisticated imaging technologies such as positron emission tomography, that provides better quality results with low side effects will drive segment growth. However, reluctance among people to use X-ray and other imaging devices due to high exposure to radiation will impede segment growth.
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