2 July 2015 - - The global cancer diagnostics market is expected to reach USD 13.1bn in 2020 from an estimated USD 7.1bn in 2015, growing at a CAGR of 12.9%, according to Dublin-based research firm Research and Markets. According to the research, the market is dominated by North America, followed by Europe, Asia, and Rest of the World. The cancer diagnostics market inAsia is expected to grow at the highest rate from 2015 to 2020. The cancer diagnostics market is highly competitive with a large number of big and small players operating in different market segments. Based on technology, this market is categorised into platform-based and instrument-based. The instrument-based cancer diagnostics segment is expected to account for a major share of this market, by product, in 2015. Based on application, this market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma, and others. Breast cancer is expected to account for a major share of the cancer diagnostics applications market in 2015. Technological advancements in various fields such as biomarkers, imaging, biopsy, and endoscopy; growing prevalence of cancer, rapid rise in aging population, increasing number of awareness initiatives by governments, and growing government funding. However, high capital investments and low benefit-cost ratio of biomarkers, and high cost of diagnostic imaging instruments pose restraints to the growth of this market. Improving healthcare infrastructure in emerging countries and growing demand of personalized medicines offer growth opportunities for this market.