USD 160.5 billion
Report ID:
SQMIG35J2078 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
149
|Figures:
78
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 reach a value of USD 204.55 Billion by 2031, at a CAGR of 6.89% during the forecast period (2024–2031).
Cancer diagnostics is a method of identifying various cell lines, proteins, and indications that lead to the presence of a cancerous tumour. This increase is mostly due to rising cancer prevalence around the world, improved awareness of early detection, more financing for cancer research and development, technological breakthroughs in diagnostic testing, and an increase in the number of private diagnostics centres. Based on SkyQuest’s in-depth analysis, it was found that there will be approximately 2,001,140 new cancer cases in 2024, which will directly impact the cancer diagnostic market. Additionally, increased healthcare expenditure and supportive government initiatives are fuelling market expansion. However, large capital expenditures, the possibility of high radiation exposure, and a scarcity of competent and experienced professionals also drive the cancer diagnostics market. Emerging markets like Asia-Pacific are booming at an exceptional rate as there is an improvement in health care infrastructure and government plans that promote cancer screening. In addition, the adoption of digital health technologies such as telemedicine and mobile health applications is also transforming the situation through remote monitoring and personalized care. However, high costs, regulatory complexities, and data privacy are major issues that must be resolved to make full use of the market.
US Cancer Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 160.5 billion
Largest Segment
Hospitals
Fastest Growth
Diagnostic Laboratories
Growth Rate
6.89% CAGR
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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 Application
Based on application, the breast cancer segment holds the largest market share of 16.01% in 2023 of the Cancer Diagnostics Market. High prevalence of this kind of cancer globally makes it one of the most diagnosed types of cancer. New technologies for screening have made remarkable progress in early detection. Methods such as mammography, ultrasound, and MRI, along with improved techniques of biopsies, offer an edge for better treatment. Moreover, high public awareness about regular breast cancer screening and government initiatives also favours the growth of the segment.
Lung cancer is the fastest growing segment of the Cancer Diagnostics Market. There are several reasons that contribute to its rapid growth, and these include the increasing incidence of lung cancer caused by high smoking rates and environmental pollution among others. Also, rise in awareness regarding the importance of early diagnosis and continuous research and development to create more efficient, less invasive diagnostic mechanisms accelerate the growth of this segment. Improved healthcare infrastructure and government policies which support cancer screening programs also boost the lung cancer diagnostics market growth.
Analysis by End User
Hospitals are estimated to be the largest shareholder in the cancer diagnostic markets. This is due to increasing cancer-associated expenditures in developed nations such as U.S. and U.K. In developed nations and some the developing nations, medical services such as hospitalizations, outpatient hospital services, physician/supplier services, infusion or injectable drugs, durable medical equipment, hospice care, and home health care are now the part of healthcare expenditure & reimbursements for the chronic disease including cancers. Thus, the hospital segment is also expected to grow faster during the forecast period.
On the other hand, the diagnostic laboratories segment is the fastest growing in the Cancer Diagnostics Market. This growth is driven by the increasing demand for advanced and specialized diagnostic tests, which are often more extensively available in dedicated diagnostic laboratories than in hospital settings. This segment is also growing very fast since the hospitals and clinics also outsource their diagnostic service requirements to specialized laboratories, to save costs and make efficient use of resources. There is a trend towards early detection and personalized medicine, adding to the increase in demand for the diagnostic services provided by these laboratories.
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The cancer diagnostics market was predominantly dominated by the North America region and contributed to more than 37% of the market share in the year 2023. This is due to the increasing incidences of cancers in the U.S., and Canada which is as a result of aging population, unhealthy lifestyles, rising rate of obesity and others. This has the leading bio-technology and pharmaceutical companies hence promoting development in cancer diagnosis. Further, a sound legal environment for healthcare, coupled with above-average research spending, allows for the swift adoption and approval of new screening technologies. Whereas, additional legislation and reimbursement frameworks in the developed countries of the region also fuel the growth of the market.
The Asia-Pacific region is seeing a sharp rise in cancer incidence, largely due to lifestyle changes, aging populations, and growing urbanization. Cancer diseases are more vicious compared to those in the West in developing countries. Additionally, due to heavy investments by governments and healthcare organizations in this region in healthcare infrastructure and cancer research, better diagnostic facilities and services are emerging. The growth of medical tourism in nations such as India, China, and South Korea, which offer cost-effective and quality diagnostics, also provides an impetus to the cancer diagnostics market.
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Cancer Diagnostics Market Driver
Increasing Government Initiatives to Spread Awareness about the Benefits of Early Diagnosis:
Growing Prevalence of Cancer Cases:
Restraints
Side Effects of Radiation
Higher Diagnostics Costs
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The cancer diagnostics market is still emerging and highly competitive with the presence of key players such as Roche, Abbott Laboratories, Thermo Fisher Scientific, and QIAGEN dominating the market. Firms are planning for new product developments and other strategies that they need to offer improved equipment to their consumers and grow their organizations internationally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability. The market's competitive landscape is driven by technological advancements and the increasing demand for early and accurate cancer detection.
Cancer Diagnostics Market Top Player's Company Profiles
Cancer Diagnostics Market Recent Developments
In April 2024, QIAGEN introduced QIAcuity dPCR PanCancer Kits which enable researchers to utilise QIAcuity dPCR system of QIAGEN to simultaneously detect multiple hallmark mutations of EGFR and BRAF with extraordinary sensitivity.
In June 2023, FDA granted its approval for POSLUMA by Blue Earth Diagnostics. It's a high-affinity radio hybrid (rh) Prostate-Specific Membrane Antigen (PSMA)-targeted PET imaging agent with which it is possible to image accurately and precisely to detect and localize prostate cancer with potential therapeutic applications.
In April 2023, Quest Diagnostics acquired Haystack Oncology. The objective of this was to expand their suite of services in Minimal Residual Disease Testing; an initiative concentrated on colorectal, breast and lung cancer only at the outset however aimed at later encompassing other types too. It was mainly intended to improve patient outcomes by enhancing prompter MRD detection after treatment.
Increasing Focused on Early detection: The demand for the early detection of cancers by a simple blood test, often called a liquid biopsy, is another side of diagnostics that has been gaining traction. Some recent studies have shown that a blood test that assesses multiple potential markers, including both genes and proteins, may be sensitive enough to potentially diagnose cancer.
Integration with Digital Health: Many aspects of cancer diagnostics can be integrated within digital health, like telemedicine and mobile health applications. That way, there would be increased access to diagnostic services, with the guarantee that such patients are remotely monitored and managed consequently. The real-time sharing of data and personalized care would result in better care for the patient. The continuous engagement and follow-up of patients would reduce the overload in healthcare facilities.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Cancer Diagnostics Market analysis in 2023, the North America region led the cancer diagnostics market which accounts for more than 37% of global revenue and Asia-Pacific accounted the share that is more than 30% of cancer diagnostics market. Moreover, governments in this region are taking active steps to prevent and match the survival rates are best in the world. This high growth of Asia Pacific is attributed to unhealthy living habits by the world’s largest population pool. On the other hand, breast cancer is said to be the leading segment due to growing number of cases. Additionally, hospitals are estimated to be the largest shareholder of the cancer diagnostic markets. This is due to increasing government initiatives to spread awareness about the benefits of early diagnosis will boost cancer diagnostics market growth in coming future.
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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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.
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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.
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Report ID: SQMIG35J2078