Global Cancer Diagnostics Market By Product (Consumable and Instruments), By Application (Breast Cancer, Colorectal Cancer, Other Applications), By End-User (Hospitals and Clinics, Diagnostic Laboratories), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032
- Published date: Feb 2023
- Report ID: 59341
- Number of Pages: 233
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Report Overview
The global cancer diagnostics market size is expected to be worth around USD 332.4 Billion by 2032 from USD 171.6 Billion in 2022, growing at a CAGR of 7% during the forecast period from 2022 to 2032.
The most common way of tracking down different biomarkers, side effects, and proteins in patients that show the presence of harmful growth is known as disease diagnostics. The findings start with the I.D. of explicit proteins and biomarkers habitually tracked down in tumors. Therefore, using precise analytic instruments and procedures is fundamental for disease identification.
Cancer has a crucial impact on society all over the world. It is one of the primary sources of death worldwide, with a higher predominance in created and developing business sectors. The alarming pace of rising malignant growth pervasiveness forces medical services suppliers to rethink disease therapy objectives and shift their concentration to anticipation. Therefore, disease diagnostics that are explicit, touchy, and fit for recognizing malignant growth in its beginning phases would be required.
One of the main drivers of industry expansion over the forecast period is the rising cancer incidence worldwide. In addition, diagnostic test innovative advancements are supposed to drive industry extension further. Likewise, steady government drives and expanding mindfulness boost the cancer diagnostics market’s growth over the forecast period. For example, the Biden-Harris organization has defined an objective of bringing down the death rate from malignant growth by half over the following 25 years and extending how we might interpret individuals who live with and recuperate from cancers.
Market Scope
In 2021, the consumables classification held the most market share, over 60.0%, and it is guessed that it will keep anticipating through the forecast period. The cancer diagnostics market’s growth is driven by the development of technologically advanced diagnostic kits and reagents, increased consumable use, and an aging population.
The ipsogen JAK2 DX reagent was introduced by Sysmex Corporation in January 2020. A blood cancer screening gene testing kit quantitatively measures the JAK2V617F mutation. Furthermore, in January 2020, health insurance began covering the item as a diagnostic item. Additionally, health insurance will cover the use of this reagent in tests. It is anticipated that this will open up more testing opportunities for patients.
Precipio, Inc. signed a significant U.S. distribution agreement for HemeScreen in September 2022. The company continues implementing its multi-pronged HemeScreen distribution expansion strategy by targeting national and regional hospital networks, reference labs, and physician-owned laboratories. Precipio’s market potential is increased by the variety of channel partners and distributors working with it.
Application Analysis
Cancer diagnostics involves identifying various biomarkers, proteins, and signs that lead to the identification of a cancerous tumor. Effective diagnostic testing is used to schedule and evaluate treatment outcomes, confirm or rule out the existence of a disease, and track its progression. Imaging, genetic testing, tumor biopsy, laboratory tests (including tests for tumor markers), surgery, and endoscopic examination, are all examples of cancer diagnostic procedures.
A rise in the incidence and prevalence of different types of Cancer, including breast and lung cancer, will benefit the cancer diagnostics market during the forecast period. During the forecast period, the malignant growth diagnostics industry will likewise profit from technological advancements that help further develop imaging of cancerous cells, enhanced equipment for deciding disease type, and expanded results effectiveness. The market is expected to grow in the coming years as more government and private initiatives are launched to raise awareness of cancer early detection and prevention. In addition, the market is anticipated to be driven in the coming years by expanding diagnostics laboratories in developed nations. During the forecast period, a learning experience will be made by a sharp ascent in the significance of well-being and safety guidelines and the developing prominence of yoga and other health-related practices. Despite this, the market’s expansion may be limited by the high cost of diagnostic imaging systems and the development of different methods for diagnosing cancer mutations.
End-User Analysis
In 2021, the hospitals and clinics segment held the top global market and contributed more than 50% of revenue. The segment’s expansion is fuelled by increased affordable healthcare services, strategic activities, and raising awareness of personalized medicine. In December 2021, the City of Hope paid US$ 390 million to Cancer Treatment Centres of America to establish a nationwide, integrated cancer research and treatment system. One of the leading cancer treatment and research organizations in the United States, the joint entity will serve nearly 115,000 patients annually and have one of the giant geographic footprints.
Due to the large volume of testing performed there and favorable reimbursement policies, the diagnostic laboratories segment is anticipated to expand at the fastest CAGR over the forecast period. For instance, CMS finalized a National Coverage Determination in 2018, which covers NGS-based diagnostic laboratory tests for patients with advanced Cancer and thus expands patient coverage.
Key Market Segments
Based on Product
- Consumable
- Instruments
Based on the Application
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Blood cancer
- Kidney Cancer
- Liver Cancer
- Pancreatic Cancer
- Ovarian Cancer
Based on End Users
- Hospital and Clinics
- Diagnostic Laboratories
- Diagnostic Imaging Centres
- Research Institutes
Market Dynamics
Drivers
Increasing frequency of Cancer
By 2020, Cancer will be responsible for 10 million deaths worldwide, making it the second leading cause of death. Cancer causes about one-sixth of all deaths worldwide. In addition, 19.3 million new cancer cases were reported in 2020, which is anticipated to reach 30.2 million by 2040. The growing geriatric and general population contributes to this rise in cancer incidence.
Government investments for interoperability
The market is further influenced by the increased funding provided by the federal government to encourage the use of these solutions. In addition, the cancer diagnostics market is also positively impacted by increased healthcare expenditure, infrastructure improvements, and strong demand for expanded care delivery.
Increase in collaboration and adoption of the latest technologies
The cancer diagnostics market is being driven by several factors, such as a rise in initiatives by governments and international health organizations for cancer awareness, launches of new flow cytometry reagents for drug discovery and diagnostics, public-private partnerships to improve diagnostic imaging center infrastructure, FDA support for biomarker development, private diagnostic centers, and technological advancements.
Restraints
Due to the below-mentioned factors, the market may face difficulties during the forecast period.
The cancer diagnostics market will face additional challenges during the forecast period due to the rise in the adoption of refurbished diagnostic imaging systems, stringent regulatory guidelines, low benefit-cost ratios for biomarkers, and capital investments. Moreover, the risk of high radiation exposure likely limits the use of C.T. scanners and causes helium shortage.
Changes in market regulations, the impact of domestic and localized market players, analyses of opportunities in terms of emerging revenue pockets, application niches, and dominance, market share, strategic market growth analysis, market size, application niches, and prominence, category market growths, product approvals, technological innovations, geographic expansions, and product launches in the market are all covered in detail in the cancer diagnostics market report.
Opportunity
The rise in technological development
The development of mass cytometry, increasing personalized medicines, the improvement of healthcare infrastructure in emerging markets, the combination of cell- and bead-based flow cytometry technologies, the rise of miniaturized and technologically advanced devices, and other developments, will result in new opportunities for the cancer diagnostics market.
COVID-19 Impact Analysis
The outbreak of Covid-19 has rapidly elevated into a global pandemic. Patients suffering from chronic diseases such as Cancer are at high risk from infection of Covid-19 because they are often immunosuppressed due to their disease condition and ongoing treatment. For example, in Italy, according to the retrospective analysis, of 355 patients who died from Covid-19, 20% of those patients had Cancer. Therefore, several medical associations have issued guidelines for healthcare workers and cancer patients. In addition, they suggested using Telehealth as a medium to provide supportive care and treatment to cancer patients. However, the market for cancer diagnostics has been negatively impacted due to a global shortage of medical care for conditions other than COVID-19. Several factors, including the scarcity of healthcare professionals worldwide, negatively impact the cancer diagnostics market.
Despite that, during the outbreak of Covid-19, a decline in the diagnosis rate of cancer patients has been reported. According to a survey in the U.S., in March and April 2020, the tumor maker test for Cancer predicted a 22.1% decline. For oncology in-vitro tests, the same decrease was noticed in various clinical settings in multiple countries. Although the impact is short-term on the diagnosis of new cancer patients, in 2020, the market’s growth was slightly disrupted due to the Covid-19 pandemic.
Regional Analysis
North America dominates the global cancer diagnostics market.
During the forecast period between 2022 and 2032, the North American market for cancer diagnostics is anticipated to be the most lucrative in terms of revenue and market share. The presence of numerous biotechnology and medical device companies is one of the primary factors propelling the diagnostics industry in the region in 2022 when the regional cancer diagnostics market experienced a boom with a revenue share of 45%. Due to increased spending on R&D projects and widespread adoption of new technology, North America will likely maintain its lead throughout the projection period.
The market is expected to grow due to the region’s high concentration of major players, strategic partnerships, expanding FDA approvals, and significant investment in R&D. For instance, Merck & Co. Inc. reached a formal agreement in November 2020. During the forecast period, these advancements will increase demand.
Asia-Pacific is anticipated to expand at a CAGR of 6.5% over the projection period. As a result, the Asia-Pacific region is expected to emerge as one of the emerging economies for cancer diagnostics in the coming years. Asia-Pacific will likely experience the most rapid growth in the not-too-distant future due to affordable, experienced technicians, a large patient pool, and a clean regulatory environment that encourages quicker product approvals. In addition, the growing demand for cancer diagnosis and treatment screening will likely rise due to the expanding medical tourism industry in nations like India, China, and Malaysia.
It is anticipated that East Asia’s growth rate will accelerate during the forecast period. By 2025, approximately 4.7 million new cases of Cancer will be diagnosed in China, according to the World Health Organization. In China, the prevalence of obesity- and hormone-exposed cancers, such as breast cancer in women, and “lifestyle change-related diseases,” such as prostate cancer in men, is rising, leading to an increase in the utilization of cancer diagnostics. Cancer diagnostics will expand in the region as a result of these incidents.
With a CAGR of 5.2% between 2022 and 2032, it is anticipated that the market for cancer diagnostics in Europe will experience significant growth during the forecast period.
The United Kingdom has a favorable environment for adopting cutting-edge Cancer diagnostic technology like imaging thanks to desirable healthcare policies and high average per capita healthcare costs. Additionally, the presence of significant players encourages expansion in the U.K. The strategies of these businesses, which include growth initiatives and new releases, will continue to aid Europe’s overall increase.
Key Regions
- North America
- The US
- Canada
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Mexico
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
To expand their market presence, key players in this market are implementing various strategies, such as partnerships, mergers and acquisitions, geographic expansion, and strategic collaborations. For instance, to improve patient outcomes and make precision health more accessible, G.E. Healthcare teamed up with Optellum, The University of Cambridge, and SOPHiA GENETICS in November 2021.
Key Industry developments
In November 2021, Siemens Healthineers introduced Magnetom Free. Star is a whole-body MRI scanner that can be offered cheaply and aims to increase global access to magnetic resonance imaging.
In October 2021, Agilent Technologies Inc. announced that its PD-L1 IHC 22C3 pharmDx assay had been labeled for use in the Triple-Negative Breast Cancer (TNBC) program of the European Union.
Listed below are some of the most prominent global cancer diagnostics market players.
Market Key Players
- Abbott Laboratories
- Becton, Dickinson, and Company
- Bio-Rad Laboratories, Inc.
- Roche Holdings AG
- Danaher Corporation
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Inc.
- Koninklijke Philips N.V.
- Qiagen N.V.
Report Scope
Report Features Description Market Value (2022) US$ 171.6 Bn Forecast Revenue (2032) US$ 332.4 Bn CAGR (2023-2032) 7% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product: Consumable and Instruments; By Application: Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Ovarian Cancer, and Other Applications; and By End-User: Hospital and Clinics, Diagnostic Laboratories, Diagnostic Imaging Centres, and Research Institutes. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA. Competitive Landscape Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG, Danaher Corporation, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., Koninklijke Philips N.V., Qiagen N.V., and Other Key Players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the cancer diagnostics market growth?
The global cancer diagnostics market is expected to grow at a compound annual growth rate of 7% from 2022 to 2032 to reach USD 332.4 billion by 2032
How big is the cancer diagnostics market?
The global cancer diagnostics market size was estimated at USD 158.9 billion in 2021 and is expected to reach USD 171.6 billion in 2022
How much is the current size of the global cancer diagnostics market?
According to Precedence Research, the cancer diagnostics market size was valued at USD 171.6 billion in 2022 and is expected to reach USD 332.4 billion by 2032.
Which key players operating in the cancer diagnostics market?
Some of the prominent players operating in this market place are Abbott Laboratories, Becton, Dickinson, and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG, Danaher Corporation, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., Koninklijke Philips N.V., Qiagen N.V. and others.
Cancer Diagnostics Market
Published date: Feb 2023 • Formats:add_shopping_cartBuy Now get_appDownload Sample - account_circleAbout Me
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- Abbott Laboratories
- Becton, Dickinson and Company Profile
- Bio-Rad Laboratories, Inc. Company Profile
- Roche Holdings AG
- Danaher Corporation Company Profile
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Company Profile
- Koninklijke Philips N.V.
- Qiagen N.V.
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