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Home ➤ Life Science ➤ Healthcare ➤ Cancer Diagnostics Market
Cancer Diagnostics Market
Cancer Diagnostics Market
Published date: Aug 2024 • Formats:
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  • Home ➤ Life Science ➤ Healthcare ➤ Cancer Diagnostics Market

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: Aug 2024
  • Report ID: 59341
  • Number of Pages: 233
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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    • Report Overview
    • Key Takeaways
    • Product Analysis
    • Application Analysis
    • End-User Analysis
    • Key Market Segments
    • Drivers
    • Restraints
    • Opportunity
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    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.

    Cancer Diagnostics Market Size

    Key Takeaways

    • The projected Cancer Diagnostics market size by 2032 is USD 332.4 billion.
    • The market is expected to register a Compound Annual Growth Rate of 7.0% from 2023 to 2032.
    • The global Cancer Diagnostics market size was USD 171.6 billion in 2022.
    • Consumables dominated the product segment of the market in 2022.
    • Breast cancer was the leading application segment in 2022, contributing to the largest market share.
    • Hospitals and clinics were the dominant end-user segment in 2022.
    • North America accounted for the highest revenue share of 45% in 2022.
    • APAC’s growth is attributed to factors such as affordable prices and increasing medical tourism.
    • Medical tourism has increased in emerging economies like China and India.
    • The number of cancer patients worldwide is continuously increasing.
    • It is estimated that by 2040, there will be approximately 30 million new cases of cancer every year.
    • Innovation and government support are expected to drive market growth.
    • New developments, such as flow cytometry reagents and public-private partnerships, will augment market profit margins.
    • The aging population is expected to increase the demand for cancer diagnostics in the near future.

    Product Analysis

    In 2022, 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 2022, 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.

    Cancer Diagnostics Market Graph

    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 Centers
    • Research Institutes

    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

    Rise In The Adoption Of Refurbished Diagnostic Imaging Systems

    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.

    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.

    Cancer Diagnostics Market Regional

    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.

    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.

    Recent Developments

    • In July 2024: BD and Quest Diagnostics entered a global collaboration to develop flow cytometry-based companion diagnostics. This partnership aims to advance personalized healthcare by combining BD’s flow cytometry technology with Quest’s diagnostic services, focusing on cancer and other diseases.
    • In February 2024: Roche Holdings AG announced a significant collaboration by in-licensing a c-MET antibody-drug conjugate (ADC) from MediLink Therapeutics. This partnership aims to enhance Roche’s cancer diagnostics and treatment portfolio, specifically targeting non-small cell lung cancer (NSCLC) cases with c-MET overexpression. This development highlights Roche’s focus on integrating innovative external technologies to advance cancer treatment.
    • In October 2023: The U.S. FDA approved the Abbott RealTime IDH1 Assay as a companion diagnostic for the treatment of relapsed or refractory myelodysplastic syndromes (MDS) with an IDH1 mutation. This approval is part of the broader acceptance of Tibsovo, a targeted therapy for this rare blood cancer, marking a significant development in cancer diagnostics.
    • In May 2023: Siemens Healthineers completed its acquisition of Varian Medical Systems, a significant move aimed at enhancing its capabilities in cancer diagnostics and treatment. This acquisition strengthens Siemens’ position as a leader in oncology, combining Varian’s radiotherapy solutions with Siemens’ imaging and diagnostic technologies to create a comprehensive cancer care ecosystem. This merger is expected to yield synergies of at least EUR 300 million annually by 2025.

    Report Scope

    Report Features Description
    Market Value (2022) USD 171.6 Billion
    Forecast Revenue (2032) USD 332.4 Billion
    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)
    Cancer Diagnostics Market
    Cancer Diagnostics Market
    Published date: Aug 2024
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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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