USD 160.5 billion
Report ID: SQMIG35J2078 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 149 | Figures: 78
Cancer Diagnostics Market size was valued at USD 160.5 billion in 2021 and is poised to grow from USD 171.5 billion in 2022 to USD 276.8 billion by 2030, growing at a CAGR of 6.89% in the forecast period (2023-2030).
Globally, more than 10 million people die of various types of cancers. Cancer is a major cause of death worldwide, and it's becoming more common. According to the World Health Organization, cancer will kill more people in 2030 than any other disease. However, 50% disease burden can be reduced by 2050 if early cancer diagnosis is performed. There are many different types of cancer, and each one has its own risks and symptoms. Some cancers are more common in some groups of people than others, and some are more deadly.
Cancer is a complex disease, and there isn't always a single cause. However, the rise in prevalence of cancers in the recent years is majorly attributed to lifestyle choices, environmental exposures, and genetics. Cancer can also be caused by abnormalities in the genes that control the growth and development of cells. There is no one cure for cancer, but early diagnosis and timely treatments can help manage the disease and extend people's lives.
US Cancer Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 160.5 billion
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Global cancer diagnostics market is segmented by test, technology, application, end user and region. Based on the test, the Cancer Diagnostics Market is segmented into instrument-based tests, laboratory tests, and liquid biopsies. Based on the application, the Cancer Diagnostics Market is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, stomach, liver, esophagus, thyroid, pancreatic cancer, leukemia, and others. Based on the technology, the Cancer Diagnostics Market is bifurcated into platform-based and instrument-based. By test, the market is segmented into Hospitals, Diagnostic Laboratories, Others. Based on product, the Cancer Diagnostics Market is segmented into Consumables and InstrumentsBased on Region, Cancer Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cancer Diagnostics Market Analysis by Test
Based on test, the market has been segmented into instrument-based tests, laboratory tests, and liquid biopsies. Instrument-based test is expected to hold major share of the cancer diagnostics market in the years to come. In 2021, it held over 55% market share due to high preference for the non-invasive cancer diagnostic process by patients and physicians.
Cancer Diagnostics Market Analysis by Application
Based on application, the market is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, stomach, liver, esophagus, thyroid, pancreatic cancer, leukemia, and others. However, lung and breast cancers collectively expected to lead the global cancer diagnostics market during the assessment period. Furthermore, their prevalence is projected to grow at the fastest rate during the forecast period. According to the American Cancer Society, the chance of developing lung cancer in non-smoker men is about 1 in 15 and 1 in 17 in non-smoker women. For smokers, this risk is much higher than for non-smokers. Thus, the high-risk rate of cancer is expected to increase the demand for the lung cancer diagnostic market during the forecast period.
Cancer Diagnostics Market Analysis by End User
Based on end-user, the market is segmented into hospitals, diagnostic laboratories, and other end users. Hospitals are estimated to continue holding the largest market share of the global cancer diagnostic market.
Hospitals are widely preferred for cancer diagnostics because they have the latest technology and the best staff. Cancer diagnosis is a highly specialized field, and hospitals have the expertise to perform the most accurate tests. The majority of cancer treatments take place in hospitals, and it is often the first place that patients go for treatment. Hospitals have the resources to handle any type of cancer and can provide comprehensive care for patients. Apart from this, increasing cancer-associated expenditures in developed nations such as U.S. and U.K. is adding more value to the market growth.
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In 2021, the North America generated more than 37% revenue of the global cancer diagnostics market and is projected to continue leading the market. This is attributed to the growing incidences of cancers in the U.S., and Canada due to aging population, unhealthy lifestyles, and increased rate of obesity, among others. Furthermore, favorable government regulations, high insurance penetration, well-established healthcare infrastructure, and high spending on healthcare in the region are expected to support the market.
On the other hand, Europe accounted for over 30% of the global cancer diagnostics market revenue as the governments across several European countries are taking active steps to prevent and improve the survival rates.
Asia Pacific is projected to witness high growth due to lifestyle associate choices and largest population base. For instance, more than 50% of men in Indonesia, China, Malaysia, and Korea are smokers, which leads to a high risk of lung and other forms of cancer. Furthermore, the market growth is also supported by various programs from private entities.
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Cancer Diagnostics Market Driver
Cancer Diagnostics Market Restraint
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The global cancer diagnostics market has become highly competitive due to the increasing awareness about cancer and the advancements in technology. This has made it easier for patients to find the right cancer treatment. There are a number of companies that are currently competing in this market. Some of the most popular companies are Cancer Care Alliance, Quest Diagnostics, and Laboratory Corporation of America. These companies offer a range of services such as laboratory testing, treatment planning, and support.
In order to sustain in the highly competitive environment, companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their reach globally. The 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 improve profitability.
Cancer Diagnostics Market Top Player's Company Profiles
Cancer Diagnostics Market Recent Developments
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According to our global cancer diagnostics market analysis, in 2021, the North America region led the global market by accounting for more than 37% of global revenue. Europe held more than 30% share of global cancer diagnostics market, in terms of revenue. Developed countries in Europe are taking active steps to prevent and match the survival rates that are best in the world. Hospitals are estimated to be the largest shareholder of the cancer diagnostic market. Increasing government initiatives to spread awareness about the benefits of early diagnosis is projected to flourish the global cancer diagnostics market in the years to come.
|Market size value in 2021
|USD 160.5 billion
|Market size value in 2030
|USD 276.8 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cancer Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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