The global cancer diagnostics market size was estimated at USD 124.96 billion in 2021 and expected to reach around USD 258.54 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 8.4% during the forecast period 2022 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.
Cancer diagnostics is a process of discovering biomarkers, proteins, and other indicators that lead to the detection of a cancerous tumor. Diagnostic testing is used to confirm or rule out the presence of sickness, track disease progression, and schedule and analyze treatment outcomes. Imaging, tumor biopsy, laboratory tests (including tumor marker tests), endoscopic examination, surgery, and genetic testing are all possible cancer diagnostic techniques.
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.
Cancer is one of the most common causes of death in the world.
Cancer today is one of the most common causes of mortality worldwide. As per the World Health Organization (WHO), it is estimated thataround 10 million people died due to cancer in 2020. The escalated death numbers were due to the factors such as excessive alcohol use, tobacco use, an unhealthy lifestyle, a lack of physical fitness, and other disorders such as diabetes can all lead to numerous cancer forms. If cancer is identified early, the mortality rate can be reduced. As a result, early detection, screening, and precise cancer diagnosis are critical. Cancer diagnostics is one such method that aids in the identification of various proteins and biomarkers that assist in the detection of cancer. Imaging, laboratory tests, genetic tests, biopsy, and endoscopy are some of the most commonly utilized cancer diagnostic tests. The increasing volume of tests performed further add boost to the market growth.
Early detection and good treatment are critical in the fight against cancer.
The market is being driven by the constant development of new products, as well as the growing need for early diagnosis of different cancers. Furthermore, the penetration of technologically advanced laboratory equipment has enhanced oncological screening in providing accurate results, resulting in significant growth of the healthcare and diagnostics sector. As the prevalence of cancer rises, so does the demand for these screening tests and imaging modalities used to track disease development.Early detection has been shown to save lives when it comes to cancer. Some people with cancer who are diagnosed and treated early may have a greater long-term survival rate than those who are not diagnosed until symptoms arise. Therefore, cancer diagnostics market is highly influenced by the elevated number of early diagnosis procedures worldwide.
|Market Size||US$ 258.54 Billion by 2030|
|Growth Rate||CAGR of 8.4% From 2022 to 2030|
|Historic Data||2017 to 2021|
|Forecast Period||2022 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.|
KEY HIGHLIGHTS OF THE STUDY
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.
The global cancer diagnostics market was dominated by North America owing to the strong medical ecosystem
North America held leading position in the global cancer diagnostics market owing to the focused oncology research efforts for the development of early tumor detection techniques, together with grants from government healthcare organizations, are helping to build a robust medical environment in this region to battle cancer. In addition, the increasing presence of several biotechnology and medical device businesses, increased financing available for research & development initiatives, and high adoption of new technologies in this region have further supplemented the market growth.
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
The global cancer diagnostics market is fragmented due to the number of players spread across the globe. The leading players in the market are adopting novel strategies to gain market attractiveness and launching sophisticated diagnostics products to raise the screening procedures.
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:
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