The global cancer diagnostics market size was valued at USD 115.60 billion in 2020 and expected to reach around USD 261.34 billion by the end of 2030.
The global cancer diagnostics market is exhibiting a Compound Annual Growth Rate (CAGR) of 8.4% during forecast period 2021 to 2030. Growing number of cancer patients across the world is one of the major driving factors promoting the growth of the cancer diagnostics market.
As per the national cancer institute estimation, the number of new cases is expected to rise to 29.5 million per year. Increasing mortality rate due to cancer also lead to public awareness which promote the growth of the market. In addition, high per capita health care expenditure of the countries like USA, Germany, and Japan is considered as a one of the major driving factors for the growth of cancer diagnostics market. Technological advancement in the field of screening of cancer is another factor which further promotes the growth of the market. Advanced screening which further decrease the mortality rate of the patients finds its importance in the field of cancer diagnostics.
Large number of screening procedures are carried out by the governments of several nations for the early detection of the stages of the cancer. Heavy investment by the private firm in the diagnostic centers is also considered one of the boosting factors particularly in the developing countries. Many developing countries like India, Indonesia, and Bangladesh are looking for the refurbish diagnostic imaging device which create the huge demand in the global market.
Cancer like prostrate, colorectal, lungs accounts for more than 43% of overall cancer diagnosed in the men in the year 2020. Three most common cancer associated with women are breast, Lungs and colorectal. These three cancer accounts for more than 50% of total cancer in the women in 2020. Technological advancement in the diagnosis and screening method is considered as one of the major upcoming opportunities within prediction period. Despite of growing awareness, high cost per visit to the center followed by less urbanization is often considered as one of the major factors which hinders the growth of the market. High cost and lack of availability of trained professionals in the field of oncology is considered as one of other factors which restrict the growth of the market. High Illiteracy rate in the developing countries also associated with restricted growth.Furthermore, recent, pandemic of COVID-19 delayed the development of cancer diagnostics market.
|Market Size||US$ 261.34 Billion by 2030|
|Growth Rate||CAGR of 8.4% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Test Type, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., Becton, Dickinson and Company, GE Healthcare, QIAGEN N.V., Abbott Laboratories, Inc., Roche Diagnostics, Siemens Healthcare, Philips Healthcare, R. Bard, Inc.|
Imaging Segment Appeared as Largest Segment and Occupied Remarkable Market Share
This research study segments the global cancer diagnostics market into test type and application. In terms of test type, the market is classified into genetic tests, laboratory tests, imaging, biopsy, endoscopy, and others (barium enema). Among all, imaging segment emerged as largest segment and occupied the significant market share in the year 2020. The same segment will grow at a highest CAGR within the forecasted year. Different imaging techniques used for diagnosis of the cancer are X-rays, ultrasound, Computed tomography, Single-photon emission computed tomography (SPECT), magnetic resonance imaging (MRI), positron emission tomography (PET) and optical imaging. MRI and computed tomography scan are used commonly for diagnosis purpose. These tests are fast, non-invasive, higher efficacy and pain less diagnostic method.
Breast Cancer Application is Predicted to Advance at Rapid Rate During Estimate Period
Different application segment covered in this research study include colorectal cancer, breast cancer, cervical cancer, prostate cancer, lung cancer, blood cancer, skin cancer, kidney cancer, pancreatic cancer, ovarian cancer, liver cancer and others.The rise in alcohol and tobacco consumption promotes the liver and throat cancer. Out of different application segments, breast cancer held the largest market share in the year 2020. According to NHS analysis, in UK 1 in every 8 women are suffering from breast cancer. The recovery rate is far better than expected which make it important for the diagnosis segment. A screening test called mammography is commonly used for such purpose. The National Breast Cancer Foundation, Inc. took an important role to create awareness among the public.
North America, Europe, Asia Pacific, Latin America and Middle East and Africa are the most common five region discussed in the report of cancer diagnostics market. North America holds the largest market share followed by Europe on account of well-developed healthcare care infrastructure, per capita healthcare expenditure, high awareness, and literacy rate. Mortality rate of cancer patients is declining in the U.S. and early diagnosis is one of the major factors responsible for such cause. Large presence of medical device and bio-technology firm in and presence of skilled technician are some of the major influencers for the market growth in the region. High research and development, large funding options are also the few other factors for boosting the market growth. Intensifying geriatric population in Europe supports the growth of the market. On the other hand, market in Asia Pacific is also flourishing due to medical tourism, increasing awareness, and investment in private diagnostic centers.
Key Companies & Market Share Insights
Some of the significant players in the cancer diagnostics market include:
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2017 to 2030.This research study analyzes market thoroughly by classifying global cancer diagnostics market report on the basis of different parameters including type of test type, application and region as follows:
By Test Type
By Regional Outlook
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