Cancer Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: October 07, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 18.8 billion |
|
Revenue Forecast in 2031 |
US$ 50.2 billion |
|
CAGR |
11.52% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Technology, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cancer diagnostics market was valued at US$ 18.8 billion in 2022 and is expected to register a revenue CAGR of 11.52% to reach US$ 50.2 billion by 2031.
Market Fundamentals
Cancer diagnostics is the process of identifying and diagnosing different cancers using various techniques such as imaging, laboratory tests, and other diagnostic processes. Cancer diagnostics seek to determine the existence, location, stage, and type of cancer cells or tumors in the body.
The cancer diagnostics market has been experiencing significant growth in recent years due to the rising cancer incidence globally. Breast cancer is the most frequent type, with 300,590 new cases projected in the United States in 2023. Prostate cancer and lung cancer are the next most frequent types of cancers. The demand for cancer diagnostics is anticipated to continue its growth trajectory as the demand for rapid and advanced diagnostic techniques increases. Moreover, the increased adoption of personalized treatment, increased uptake of liquid biopsy for diagnosis, and the development of novel imaging methods are some of the major industry trends supporting the growth of the global cancer diagnostics market.
Top market players in the cancer diagnostic market are engaged in strategies such as investments and collaborations with research and development institutes to meet the growing consumer demands for accurate and efficient cancer diagnostics. Furthermore, market participants are investing in innovative techniques to advance cancer diagnosis, such as using artificial intelligence and machine learning algorithms to increase the accuracy and speed of diagnostic tests.
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Market Dynamics
The global cancer diagnostics market is primarily driven by increasing cancer prevalence at an alarming rate. As reported by the Centers for Disease Control and Prevention, in 2019, 1,752,735 new cancer cases were recorded, and 599,589 cancer deaths were reported in the United States. Moreover, the center also states that around 439 new cancer cases were recorded in every 100,000 people, and 146 individuals died from cancer. The rising incidence of cancer increases the demand for more efficient and accurate cancer diagnostics.
Developing new and innovative diagnostic technologies, such as molecular imaging and liquid biopsy, has significantly improved the accuracy and efficiency of cancer diagnosis. These technologies enable earlier detection of cancer and more personalized treatment plans. In addition, using artificial intelligence and machine learning algorithms has also contributed to improving cancer diagnosis by analyzing large amounts of patient data and identifying patterns that experts may not easily detect. These advancements have the potential to enhance cancer treatment and improve patient outcomes.
Companies are continuously launching new cancer diagnostics enabling better patient care. Roche introduced the BenchMark ULTRA PLUS system, their most recent advanced tissue staining platform, in June 2022. The system provides rapid and reliable test findings, allowing doctors to decide promptly about a patient's treatment path. Other prominent players in cancer diagnostics, such as Abbott Laboratories, Becton Dickinson and Company, and Thermo Fisher Scientific, are also introducing new and sophisticated diagnostic techniques to improve patient care. These innovations will likely fuel the expansion of the cancer diagnostics market by allowing healthcare practitioners to make rapid and more accurate diagnoses, resulting in improved patient outcomes.
However, the high cost of diagnostic tests and strict regulatory standards may hinder the revenue growth of the global cancer diagnostics market. Furthermore, the cancer diagnostics market may face challenges in low-income countries such as Africa due to low healthcare standards, insufficient accessibility, and high cancer diagnostics costs.
Market Ecosystem
The global cancer diagnostics market is analyzed from five perspectives: product, technology, application, end user, and region.
Cancer Diagnostics Market by Product
Based on the products, the global cancer diagnostics market is segmented into consumables and instruments.
The consumables segment has dominated the global cancer diagnostics market. The segment is sub-segmented into antibodies, kits & reagents, probes, and others. This dominance is attributed to the increasing demand for early cancer detection, the rising prevalence of cancer cases, and the availability of a wide range of consumables for cancer diagnosis. The growth of consumables is also supported by increased research and development in cancer treatment. Moreover, consumables are also expected to increase further due to the introduction of new and advanced technologies in the diagnostics market, such as liquid biopsy and next-generation sequencing. As a result, the cancer diagnostics market is projected to experience significant growth in the forecast years.
The instruments segment in cancer diagnostics is expected to increase in the forecast years. The segment is sub-segmented into pathology-based, imaging, and biopsy instruments. The growth of the instruments segment in cancer diagnostics is attributed to increased demand for early and accurate diagnosis. Moreover, advancements by top players in instruments for cancer diagnostics are also increasing the segment's revenue growth.
Cancer Diagnostics Market by Technology
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Based on technology, the global cancer diagnostics market is segmented into in-vitro diagnostics, imaging, and biopsy techniques.
In-vitro diagnostics accounted majority of revenue share in the cancer diagnostics market in 2022. This growth can be attributed to the increasing demand for non-invasive diagnostic procedures and advancements in cancer diagnostics. Moreover, the increasing adoption of personalized medicine is also driving the revenue growth of the cancer diagnostics market. As a result, key players in the market are also focusing on developing innovative and accurate diagnostic tools to meet the increasing demand.
The biopsy technique is predicted to be the fastest-growing segment over the projection period. Biopsy is one of the most important cancer detection screening procedures. This screening method has significantly improved the diagnosis of breast, prostate, and skin cancer. The global increase in cancer diagnoses has increased both the demand and supply of biopsy instruments. Furthermore, a global increase in consumer desire toward minimally invasive surgical treatments has been driven by increased awareness of related benefits such as shorter recovery periods, smaller incisions, and decreased pain and scarring.
Cancer Diagnostics Market by Application
Based on application, the global cancer diagnostics market is segmented into breast cancer, colorectal cancer, skin cancer, cervical cancer, lung cancer, prostate cancer, and others.
The breast cancer segment dominated the global cancer diagnostics market with a high revenue share in 2022. This is attributed to the Increasing incidence of breast cancer is one of the major factors propelling the growth of this segment. Studies have shown that the risk for breast cancer increases with age and is most common in females over the age of 50. Moreover, advancements in breast cancer screening technologies and increasing awareness about early detection and treatment options are also contributing to the growth of this segment.
Cancer Diagnostics Market by End User
Based on end user, the global cancer diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, and specialty centers.
The hospitals and clinics segment has dominated the global cancer diagnostics market. This is due to the increasing number of cancer patients and the rising demand for early detection and diagnosis of cancer. Additionally, hospitals and clinics are well equipped with advanced cancer diagnostic technologies, which boosts the segment's revenue growth. However, with the increasing trend towards personalized medicine and the emergence of new technologies, other segments, such as research institutes and diagnostic laboratories, are also expected to witness significant growth in the forecast years. Diagnostic laboratories and specialty centers accounted for significant revenue growth due to the rising demand for early cancer detection and diagnosis. Moreover, the increasing prevalence of chronic diseases and the growing adoption of precision medicine are also driving the growth of diagnostic laboratories and specialty centers. These segments are expected to expand as personalized medicine becomes more widely adopted.
Cancer Diagnostics Market by Region
Based on the region, the global cancer diagnostics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America accounted for the highest revenue share in 2022, owing to the highly developed healthcare infrastructure, the rising geriatric population, the growing number of cancer cases, and the increasing private-public funding. Moreover, the rising focus of the top players on developing advanced diagnostic solutions and the growing awareness for early detection of cancer are some of the other factors boosting the growth of the cancer diagnostics market in North America.
The European cancer diagnostics market is characterized by many cancer care institutes equipped with advanced technologies. Moreover, several top players in Europe, such as Roche, Abbott, and Illumina, Inc., also contribute to the demand for cancer diagnostics.
The Asia Pacific region is projected to grow rapidly in the forecast due to the growth of diagnostic research institutes and emerging market competitors in the region. The Asia Pacific growth is also influenced by emerging economies and modernization in healthcare infrastructure. Moreover, the global cancer diagnostics market is also increasing as the government in the Asia Pacific is investing heavily in cancer research. Furthermore, the increasing medical tourism in the region also contributes to the demand for cancer diagnostics.
Competitive Landscape
Several companies emphasize development tactics, such as new launches, product approvals, and other elements like patents and events. The market saw acquisition, partnership, and cooperation activities as inorganic development tactics. These initiatives have enabled the expansion of future economic business prospects and increased demand for calcitonin in the global cancer diagnostics market.
Some of the prominent companies having the largest revenue share in the global cancer diagnostics market are,
Strategic Developments
Cancer diagnostic refers to the process of identifying whether a person has cancer or not. It involves various tests and procedures to detect the presence of cancer cells in the body.
The global cancer diagnostics market was valued at US$ 50.2 billion by 2031.
Over the years, technological advancements in cancer diagnosis and treatment have contributed to the growth of the cancer diagnostics market.
The global cancer diagnostics market is expected to register a revenue CAGR of 11.52% by 2031.
North America region has dominated the global cancer diagnostics market.
*Insights on financial performance are subject to the availability of information in the public domain
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