Big Data is our greatest potential weapon in the fight against cancer. Despite countless advancements, cancer remains the second-leading cause of death worldwide, and the burden on patients, families and society is profound. Advanced diagnostics for cancer represent a major market opportunity for life sciences companies, according to the BCC Research report, Next-Generation Cancer Diagnostics: Technologies and Global Markets.
Three pressing needs in cancer diagnostics loom large: The first is earlier stage identification, identifying cancer before it has spread to other parts of the body. The second is a more accurate classification of suspicious lesions or nodules. Thirdly, we need cancer diagnostics that guide therapy decisions.
The global market for next-generation cancer diagnostics is expected to grow from $6.2 billion in 2020 to $16.7 billion by 2025 with a compound annual growth rate (CAGR) of 21.9%. Next-generation breast cancer diagnostics is expected to grow from $1.6 billion in 2020 to $3.1 billion by 2025 with a CAGR of 13.9%. Analysis of key market players: Abbott Laboratories, Thermo Fisher Scientific and Danaher Corp.