The cancer diagnostics market is expected to grow from US$ 18.23 billion in 2021 to US$ 54.62 billion by 2028; it is expected to grow at a CAGR of 11.7% from 2022 to 2028.
Growing technological advancements in cancer diagnostic devices to address the surging number of cancer cases is a prominent factor promoting the growth of the market. However, the increasing cost of medical system is the major factor restraining its growth. Nonetheless, the increasing geriatric population followed by escalating healthcare expenditure in developed countries will bring huge growth opportunities during the forecast period. Moreover, ongoing research and development by various manufacturers assist in developing new opportunities for the market.
The following are a few recent developments by some of the key market players:
- In 2022, Medical Device Innovation Consortium launched an initiative to improve the accuracy of next-generation sequencing-based cancer diagnostics.
- In 2020, Roche Diagnostics entered into a partnership with Illumina to provide broad access to clinical oncology next-generation sequencing.
- In 2020, GE Healthcare entered into a partnership with GenesisCare to improve patient outcomes for the two major health burdens—cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare’s 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain.
The cancer diagnostics market growth is majorly attributed to the increasing cancer incidences, private diagnostic cancer center growth, and favorable reimbursement policies. In addition, the rising demand for personalized medicinal treatments, followed by companion diagnostics, is likely to add impetus to the market expansion. However, the high cost of the diagnostic imaging system is hampering the growth of the market.
The “Global Cancer Diagnostics Market Analysis to 2028” report aims to provide an overview of the cancer diagnostics market with detailed market segmentation based on product, technology, application, and end user. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.
The global cancer diagnostics market is segmented into product, technology, application, and end users. Based on product, the market is segmented into consumables (antibodies, kits & reagents, probes, and other consumables) and instruments [pathology-based instruments (slide staining systems, tissue processing systems, cell processors, PCR instruments, NGS instruments, microarrays, and other), imaging instruments (CT systems, ultrasound systems, MRI systems, mammography systems, nuclear imaging systems, and biopsy instrument), and biopsy instruments.
The consumables segment held the largest market share in 2021. Increasing demand for kits and reagents is the major factor promoting the growth of the market. For instance, the UroVysion Bladder Cancer Kit (UroVysion Kit) manufactured by Digital Impression is FDA approved and intended to distinguish aneuploidy for chromosomes 3, 7, 17, and loss of the 9p21 locus via fluorescence in situ hybridization (FISH) in urine samples from individuals with hematuria supposed of having bladder cancer.
Based on technology, the market Is segmented into IVD testing [polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next-generation sequencing (NGS), microarrays, flow cytometry, immunoassays and other IVD testing technologies], imaging [magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound], and biopsy technique.
Based on application, the market is segmented into breast cancer, lung cancer, colorectal cancer, melanoma, and other cancers. As per the WHO data, the breast cancer segment held the largest market share in 2020 and accounted for ~15.7% of the total cancers across the world.
Based on end user, the market is segmented into hospitals and diagnostic laboratories. The hospital segment held a larger market share in 2021 and ise expected to grow at a higher CAGR during the forecast period, as hospitals are largely visited by patients over diagnostic laboratories.
The global cancer diagnostics market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region. North America held the largest market share in 2021.
From the regional perspective, North America dominated the cancer diagnostics market with ~35% market share in 2021. The market growth in the region is majorly attributed due to the increasing presence of numerous biotechnology and medical device companies, funding available for research and development projects, and high adoption of advanced technologies in the region. Due to rising favorable government policies supporting the growth of the manufacturing industry, as well as lower manufacturing costs in this region, Asia Pacific is expected to be the fastest-growing region in terms of cancer diagnostics. Medical tourism, increasing investment in infrastructure, and a high population base are among other notable factors driving growth of the market in the region.
Source: The Insight Partners Analysis
The report analyzes factors such as drivers, restraints, opportunities, and future trends impacting the cancer diagnostics market. It also provides an exhaustive Porter's five forces analysis of the factors affecting the cancer diagnostics market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has affected major businesses worldwide by disrupting production cycles and supply chains across industries. The industry of cancer diagnostic devices has faced multiple challenges in eliminating the pandemic, as the number of infections showed minimal to no signs of dropping. In the US, many doctors, hospitals, and other healthcare facilities delayed or canceled cancer procedures, surgeries, and sometimes screenings or other treatments, if it was not considered urgent. Cancer patients were requested to strictly adhere to social distancing norms as they were prone to get infected with COVID-19 due to weak immune system. More research was being conducted on COVID-19 vaccines other than on any other disease drug. Pharmaceutical companies halted ongoing studies and delayed the launch of new trials. The market was therefore impacted heavily by the pandemic and the demand for cancer diagnostics for elective procedures plunged drastically.
The report covers key developments in the cancer diagnostics market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the cancer diagnostics market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for cancer diagnostics.
The report also includes the profiles of key cancer diagnostics market companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
The list of a few companies engaged in the cancer diagnostics market is mentioned below:
- GE Healthcare
- Abbott Laboratories
- Hologic Inc.
- Agilent Technologies Inc.
- Roche Diagnostics
- FUJIFILM Corporation
- Danaher Corporation
- DiaSorin S.P.A.
- Myriad Genetics Inc.
- Siemens Healthineers AG
- bioMérieux SA
- io-Rad Laboratories
- Cancer Diagnostics Inc.
- Vela Diagnostics
- Roche Diagnostics
- AMOY Diagnostics CO. LTD.
- Quidel Corporation
- Bio SB
- Biocartis NV
- Exact Science
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.