24/05/2022 6 min read
Global cancer awareness and early cancer detection are on a rise. The cancer diagnostics industry is benefiting from a spike in technical breakthroughs that aid in improved imaging of malignant cells, improvements in equipment to detect the kind of cancer, and an increase in the efficiency of the results.
Between 2021 and 2027, the Cancer Diagnostics Market is expected to grow at a CAGR of more than 8.6%. In fact, the Market size for Cancer Diagnostics was recorded at US $156.27 billion in 2020 and with an annual increase of 8.9%, the market went up to achieve more than US $170.21 billion in 2021. The market is further estimated to reach US $239.23 billion in 2025.
Analysing the historical and forecasting trends, the question arises; What are the major reasons for the cancer diagnostic market to suddenly shoot up in these past couple of years?
Market players commercialise new technologies and techniques to meet the growing demand, escalating the competition already present. In addition, technological advancements help the industry grow by increasing acceptance rates.
For example, when it comes to cancer diagnosis, imaging is extremely important.
In 2020, the imaging segment accounted for more than 50% of the market for cancer diagnostics. The use of imaging tests is to detect cancer aids healthcare professionals in deciding on a patient's treatment plan. Demand for imaging modalities is rapidly increasing in the global market due to the rising cancer prevalence.
Also in the same year, the hospital industry accounted for 41% of total revenue and the ever-prevalent pandemic was not the only reason. In addition to other diagnostic devices, hospitals have a high rate of adoption of expensive and advanced imaging modalities.
The growth of imaging systems is aided by the rapid adoption of technology and the growing need for early diagnosis. As a result, during the forecast period, the segment is expected to have the highest CAGR of 8.0%
Governments and primary care doctors in developed countries are recommending cancer screening tests for patients in an effort to detect cancer in its early stages and reduce mortality rates. In the United States, the US Preventive Services Task Force (USPSTF) recommends colorectal cancer screening for people aged 50 to 75 years old as a way to prevent disease and ensure early treatment. Colorectal cancer screening guidelines for people aged 50 to 74 years have also been implemented in Canada.
Due to the high incidence rate of breast cancer, which necessitates early detection, the breast cancer segment accounted for the largest share in terms of application.
Also in 2020, the market for breast cancer was worth more than US $21.7 billion. Gene mutation is increasingly to blame for the rise in breast cancer cases. Inherited breast cancer accounts for approximately 5% to 10% of all breast cancer cases worldwide. Furthermore, because it increases oestrogen levels in the female body, an unhealthy lifestyle, obesity, and reduced childbearing can all be linked to a higher risk of breast cancer.
The rate of breast cancer deaths in the U.S. has dramatically declined since 1950. As of 2018, the death rate from cancer had dropped from 31.9 to 19.7 per 100,000 population. Cancer is a serious public health issue in the U.S. As of 2017, cancer is the second leading cause of death among women.
Given the above examples, there is a decline in the breast cancer deaths in the US however, cancer is the second most leading cause of death among women. Breast cancer treatments usually involve several methods including surgery, chemotherapy, and biological therapy. All these procedures are costly and the market worth is projected to increase over the foreseeable future.
Cancer is becoming more common throughout the Asia Pacific, and regional governments are putting more emphasis on eradicating the disease. During the forecast period, Asia Pacific is expected to be the most rapidly growing region. Favourable regulatory framework and a growing patient pool in India, China, and Japan as a result of assistance in the diagnostic process at comparatively lower prices are some of the factors driving market growth in this region.
The APAC region is home to around 59.5% of the world's population, and over half of all cancer cases were documented in the region by 2020. As a result of these factors, the Asia Pacific cancer diagnostics market is expected to grow rapidly during the forecast period.
Due to high costs, low reimbursement rates, and budgetary constraints, many hospitals in the mentioned developing countries are unable to invest in diagnostic imaging equipment. However, due to the high demand for diagnostic imaging procedures in these countries, hospitals that cannot afford to purchase new imaging systems prefer to use refurbished imaging systems.
Refurbished systems are costing 40% to 60% less than new systems. Along with this, with a revenue share of 42% in 2018, North America was crowned as the dominant in the global space 2018. Focused oncology research for the development of early tumour detection tools, along with grants from government healthcare agencies, are helping to build a strong medical ecosystem in this region to fight cancer.
GE Healthcare, Roche Diagnostics, and Becton, Dickinson and Company are some of the prominent companies in this market (US). The market leader in 2020 was GE Healthcare. The corporation operates in the United States, Asia, Europe, the Middle East, and Africa, as well as the Americas. The company's major strength in the cancer diagnostics industry is its excellent brand awareness and wide product portfolio. In 2020, BD was the market's second-largest player in cancer diagnostics.
The hospitals & clinics segment is the largest shareholder in the cancer diagnostics market, owing to an increase in the number of patients visiting hospitals, an increase in the number of in-house diagnostic procedures performed in hospitals, and an increase in awareness about early diagnosis, which are the market's major driving factors.
Lung cancer is by far the most lethal form of cancer in men, while it is the second most lethal form of cancer in women. Breast cancer, the most common kind of cancer in women globally, is also the deadliest type of cancer in women. Although prostate cancer is the second most common cancer in males, it is also the sixth most lethal. Males die at a greater rate from lung, liver, stomach, colorectum, and esophageal cancers.
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