NEW YORK, Aug. 31, 2017 /PRNewswire/ -- The global market for non-invasive cancer diagnostics was valued at $107.4 billion in 2016. This market is estimated to grow from nearly $114.6 billion in 2017 to $159.8 billion by 2022 with a compound annual growth rate (CAGR) of 6.9% for the period of 2017-2022.
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Diagnostic imaging technologies, the leading segment of this market, will grow from $43.6 billion in 2017 to $58.5 billion by 2022 with a CAGR of 6.1%.
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The market for advanced noninvasive approaches will grow from $40.5 billion in 2017 to $57.9 billion by 2022 with a CAGR of 7.4%.
Methodology
The data collection and forecasting methods used in the preparation of this report are broadly divided into three methods.
Primary Data and Information Gathering
Data on individual product and company sales were gathered through interviews with manufacturers, end users, suppliers, distributors, and other relevant sources. These interviews typically include marketing managers, sales managers, distributor managers and owners, sales representatives, and managers responsible for research and development (R&D).
Secondary Data and Information Gathering
Information was obtained from numerous secondary data sources including statistics provided by the CDC, WHO, FDA, American Cancer Society, Imperial Cancer Research Fund (UK), British Oncology Association, Association of Clinical Research for the Pharmaceutical Industry, European Association for Cancer Research, International Collaborative Cancer Group, the National Cancer Institute, the Institute of Cancer Research (ICR), the North American Association of Central Cancer Registries (NAACCR), and others.
Market Share Analysis and Market Forecast Prediction
Information and data including estimates on market values, growth rates and market share data were gathered through interviews with the competitors in the market. The data gathered were incorporated into proprietary computer forecasting and market share analysis models. The forecast model was used to derive market estimates for future years. It incorporates a rate factor, which helps determine the speed with which the market develops, which is like that observed for markets for other medical products and is adjusted to match historic data for the market under analysis.
About the Analyst
Paul Taylor is an independent market researcher and analyst focused on the medical industry. He previously worked for multinational medical device companies on strategic business and marketing plans. His predictive analytics knowledge and models of market research data have been used for biopharmaceutical and biotechnology clients. He has a bachelor's degree and Ph.D. degree in biochemistry from the University of Liverpool and an MBA degree for Oxford Brookes University.
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