USD 160.5 billion
Cancer Diagnostics Market Size, Share, Growth Analysis, By Product (Consumables, Instruments), By Technology (IVD Testing, Biopsies), By Application (Breast Cancer, Lung Cancer), By End User (Hospitals, Diagnostic Laboratories), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2078 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
149
|Figures:
78
Cancer Diagnostics Market Insights
Global Cancer Diagnostics Market was valued at USD 112.3 Billion in 2022 and is expected to rise from USD 120.04 Billion in 2023 to USD 204.55 Billion by 2031, at a CAGR of 6.89% during the forecast period (2024–2031).
Growing number of cancer patients around the world are projected to bolster the demand for cancer diagnostics over the coming years. High investments in oncology research and rising emphasis on early diagnosis of cancer to improve chances of successful treatment are slated to bolster cancer diagnostics market growth in the future. Increasing awareness regarding different types of cancers and advancements in diagnostic technologies are also forecasted to augment cancer diagnostics demand in the long run. Growing use of targeted therapies and personalized medicine in cancer treatment will also promote the use of advanced cancer diagnostics going forward. On the other hand, high costs of advanced diagnostics, false positives, and limited access are some constraints that impede cancer diagnostics market development potential across the study period and beyond.
US Cancer Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Diagnostic Laboratories
Growth Rate
6.89% CAGR
Global Cancer Diagnostics Market ($ Bn)
Country Share for North America Region (%)
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Cancer Diagnostics Market Segmental Analysis
The cancer diagnostics market is segmented based on the product, technology, application, end user and region. Based on the Product, the cancer diagnostics market is segmented into Consumables (Antibodies, Kits & Reagents, Probes, Others) and Instruments (Pathology-Based Instruments [Slide Staining Systems, Tissue Processing Systems, Cell Processors, PCR Instruments, NGS Instruments, Microarrays, Others], Imaging Instruments [CT Systems, Ultrasound Systems, MRI Systems, Mammography Systems, Nuclear Imaging Systems], Biopsy Instruments). Based on the Application, the market is segmented into Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, and Others. Based on the Technology, the market is segmented into IVD testing (polymerase chain reaction, in situ hybridization, immunohistochemistry, next-generation sequencing, immunoassay, microarray, flow cytometry, others), imaging technologies (magnetic resonance imaging, computed tomography, nuclear imaging, mammography, ultrasound), and biopsies. Based on the end user, the market is segmented into hospitals, diagnostic laboratories, others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Product
Consumables are estimated to account for a major chunk of the global cancer diagnostics market share going forward. The development of new antibodies and reagents for better diagnosis is projected to help this segment maintain its high market share. Moreover, a detailed analysis of the cancer tumor is offered by consumables, which is important in deciding the best possible treatment for the patient.
Meanwhile, the use of instruments for cancer diagnostics is projected to surge at an impressive pace over the coming years. Growing investments in the development of novel cancer diagnostic devices and products is helping this segment boost market growth. High demand for automation of diagnostic procedures is estimated to create new opportunities for cancer diagnostics companies through this segment in the future.
Analysis by Technology
IVD (In-vitro diagnostics) tests are projected to account for a dominant share of the global cancer diagnostics market. Growing availability of IVD testing kits and rising awareness regarding their high accuracy are contributing to the high market share of this segment. Rising investments in the development and advancement of novel IVD testing technologies is also expected to contribute to this segment’s dominance.
On the other hand, the use of imaging technologies is projected to increase at a robust pace going forward. High investments in the advancements of imaging technologies and growing acceptance of advanced imaging techniques for cancer diagnosis are key factors that help this segment boost market development. Moreover, use of AI in imaging will also offer new business scope for cancer diagnostics companies working in this segment.
Global Cancer Diagnostics Market By End User (%)
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Cancer Diagnostics Market Regional Insights
North America is predicted to spearhead the demand for cancer diagnostics in the world. The presence of a robust healthcare infrastructure and rising healthcare expenditure are driving market growth in this region. High investments in oncology R&D and favorable reimbursement policies are also estimated to help the dominance of this region. Canada and the United States are slated to be the most important markets in North America going forward.
Rapidly increasing prevalence of cancer is the key factor allowing Asia Pacific region to emerge as the fastest-expanding market in the world. Growing awareness regarding cancer symptoms, high emphasis on early diagnosis, and supportive government initiatives to improve mortality rates are other factors that create opportunities in this region. India, China, and Japan are slated to be the most opportune markets owing to rising geriatric population and growing spending on healthcare.
Global Cancer Diagnostics Market By Region
- Largest
- Fastest
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Cancer Diagnostics Market Dynamics
Drivers
Rising Incidence of Cancer
- Poor lifestyle choices and growing adoption of unhealthy habits have significantly increased the number of people suffering from cancer. This surge in incidence of cancer around the world is a key factor promoting cancer diagnostics demand.
Rising Awareness Regarding Cancer Diagnosis
Governments and public health organizations are continuously working on raising awareness regarding cancer symptoms and this is projected to promote the demand for cancer diagnostics in the future. As more and more people grow aware of cancer symptoms, the demand for early and better diagnostics also rises thereby promoting zzz market growth.
Restraints
Limited Access
- Underdeveloped and developing countries around the world are still working on developing their healthcare infrastructure. Healthcare institutions in these countries operate on a limited spending potential, which is why they cannot spend on advanced diagnostic devices thereby reducing access to novel diagnostic procedures.
False Positives
- Novel diagnostic procedures which are not tested enough run the risk of generating false positives and cause anxiety among patients and medical professionals as well. This risk of false positives could slow down the adoption of advanced cancer diagnostics.
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Cancer Diagnostics Market Competitive Landscape
Developing cancer diagnostics that can detect cancer in early stages will be highly important for all companies operating in this market. Cancer diagnostics providers around the world are estimated to focus on research to maximize their business potential and stay competitive. Taking advantage of supportive government initiatives and awareness programs to maximize cancer diagnostics sales will also be a preferred strategy for all market players going forward.
Top Player’s Company Profiles
- Abbott Laboratories (US)
- Agilent Technologies (US)
- Becton, Dickinson and Company (BD) (US)
- bioMérieux SA (France)
- Danaher Corporation (US)
- Hoffmann-La Roche Ltd. (Switzerland)
- GE Healthcare (US)
- Hologic, Inc. (US)
- Illumina, Inc. (US)
- Koninklijke Philips N.V. (Netherlands)
- Merck KGaA (Germany)
- Myriad Genetics, Inc. (US)
- QIAGEN N.V. (Netherlands)
- Siemens Healthineers AG (Germany)
- Sysmex Corporation (Japan)
- Thermo Fisher Scientific Inc. (US)
- Exact Sciences Corporation (US)
- Guardant Health, Inc. (US)
- Caris Life Sciences (US)
- Foundation Medicine, Inc. (US)
Recent Developments
- Continental Hospitals, a hospital in Telangana, India, announced the launch of a new cancer diagnostic to promote early detection in February 2024. The new Early Detection Liquid Biopsy Test to detect cancer early while taking a minimally invasive approach.
- Reveal Genomics, a new name in the biotechnology world based in Spain, announced the launch of a new trial for its HER2+ early-stage breast cancer detection test in June 2024.
- Back in 2022, Roche announced the launch of a new tissue staining system for cancer diagnostics. The newly launched product by Roche allowed clinicians generate quick results and facilitate informed decision-making in the future.
Cancer Diagnostics Key Market Trends
- Use of AI for Diagnostics: Cancer diagnostics companies can focus on integrate artificial intelligence technology in their offerings to enhance their accuracy and efficiency going forward. Especially use of AI with diagnostic imaging is an area where cancer diagnostics companies can find multiple new business opportunities in the future.
Cancer Diagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing incidence of cancer and rising emphasis on early diagnosis of cancer are slated to boost the demand for cancer diagnostics over the coming years. However, high costs of development and risk of false positives are slated to slow down cancer diagnostics market development going forward. North America is projected to be the leading market for cancer diagnostics companies owing the presence of a developed healthcare infrastructure and favorable reimbursement policies. Cancer diagnostics companies should explore the use of artificial intelligence technologies to maximize their business and improve diagnostic capabilities of their offerings.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 112.3 Billion |
| Market size value in 2031 | USD 204.55 Billion |
| Growth Rate | 6.89% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cancer Diagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cancer Diagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cancer Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cancer Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cancer Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cancer Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Cancer Diagnostics Market Report Snapshots
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