According to a new report, the global cancer diagnostics market is anticipated to grow at 8.9% CAGR during the forecast period 2016-2026. The market was valued at over US$ 32 Bn in 2016, and it expected to surpass US$ 76 Bn in revenues by 2026.

Among these, use of diagnostics was highest in lung cancer, breast cancer, and colorectal cancer. These three segments collectively accounted for over 45% revenue share by disease indication. Future Market Insights estimates these three segments to remain dominant during the period 2016-2026.

North America Largest Market ;North America is the most lucrative market for cancer diagnostics. The North America cancer diagnostics market was valued at over US$ 12.29 Bn, and it is projected to increase at a CAGR of 9.8% through 2026. The U.S. remains the dominant region for cancer diagnostics in North America, accounting for over 83% share. Future Market Insights projects market share of the U.S. to reach 87.1% by 2026. As is the case globally, lung cancer is the largest segment by disease indication in North America as well. This segment accounted for US$ 2.43 Bn in 2016, and is projected to grow at 11.7% CAGR throughout the forecast period. According to Future Market Insights’ research, elderly population aged 65 and above is more susceptible to lung cancer due to changing tissue landscape. Diagnosis and confirmation of lung cancer remains one of the most vexing challenges for pathologists and clinicians.

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China continues to be the largest market for cancer diagnostics in Asia Pacific excluding Japan (APEJ). The country accounted for nearly 32% revenue share of the market, and Future Market Insights estimates it to reach 33% by 2026.

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