ID: MRFR/MED/1430-HCR | 90 Pages | Published By Rahul Gotadki on March 2023
Cancer Diagnostics Market Size was valued at USD 160.2 billion in 2021 and is projected to grow from USD 170.9 billion in 2022 to USD 269.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2022 - 2030). The key market drivers that will drive the market during the projected period are the rise in occurrences and prevalence of different forms of cancer, such as breast cancer and lung cancer.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Cancer Diagnostics Market Trends
The key element influencing market demand is the increased incidence of cancer. The effects of cancer on society in the US and around the world are profound. According to estimates, there were 609,640 cancer-related deaths in the United States and 1,735,350 new cancer cases were identified. Annual new cases of cancer occur at a rate of 439.2 per 100,000 men and women, whereas cancer-related morbidities occur at a rate of 163.5 per 100,000 men and women. In the U.S., it is predicted that 147.30 billion USD was spent on cancer treatment in 2017. The use of diagnostic tools aids in the early discovery of diseases and the subsequent provision of patients with the best care possible. Additionally, according to the WHO’s Health and Aging study, the number of individuals 65 and older is predicted to rise from an estimated 524 million in 2010 to roughly 1.5 billion by 2050, with a high percentage increase in developing economies. Furthermore, by 2050, it's expected that the proportion of persons 65 and older will vastly outnumber that of youngsters under the age of 5. The senior population has been most affected by chronic diseases like cancer, especially in high-income nations. As a result, the market is anticipated to develop throughout the forecast period due to the growing elderly population. Thus, this factor is driving the market CAGR for cancer diagnostics.
Another most significant market trends for cancer diagnostics is the advent of liquid biopsies, which is anticipated to drive market expansion over the course of the projected period. Since liquid biopsy is non-invasive, it is widely used in place of surgical biopsy techniques. Since scientists can now detect cancer changes in genetic structure through blood samples thanks to advancements in genome sequencing, liquid biopsy is now feasible. The majority of early liquid biopsy research is currently focused on lung, prostate, and breast malignancies. However, it is anticipated that other cancers will also be significantly impacted by the expanding reach of technology.
Furthermore, a new development in the market for cancer diagnostics is the AI-based cancer detection system. By identifying tumors in their earliest stages, AI aids in enhancing the accuracy of image identification in diagnostic procedures like breast cancer and lung cancer diagnoses. Additionally, AI increases the accuracy of lung cancer detection by decreasing the incidence of false positives in lung cancer screening. For instance, scientists at the Naval Medical Center San Diego and Google AI, the company's AI research arm, created a dependable solution using cancer-detecting algorithms for the self-assessment of lymph node biopsies. With the use of AI, the detection accuracy of metastatic breast cancer increased to 99%.
However, growing government activities to raise awareness of the advantages of early diagnosis will spur market growth for cancer diagnostics in the near future. Cancer diagnostics products are less known about and less readily available in developing and poor areas. Governmental and non-governmental organisations are running awareness efforts to inform people about the value of early diagnosis in an effort to enhance this. Thus, it is anticipated that this aspect will accelerate cancer diagnostics market revenue ly.
Cancer Diagnostics Market Segment Insights
Cancer Diagnostics Type Insights
The cancer diagnostics market segmentation has been segmented by type into Imaging Testing, Biomarkers Testing, In Vitro Diagnostic Testing and Biopsy and others. The in vitro diagnostic testing segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to variables including the rising use of in-vitro diagnostics. The market is expanding as a result of an increasing number of in vitro diagnostics products being introduced by the key industry participants.
For instance, Invitae introduced LiquidPlex Dx and FusionPlex Dx in Europe in February 2022. In Europe, patients will have easier access to cancer diagnostics thanks to the product launch.
Cancer Diagnostics Application Insights
The cancer diagnostics market segmentation, based on application, Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma Cancer, Prostate Cancer, Liver Cancer and others. The breast cancer segment dominated the cancer diagnostics market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The rising prevalence of breast cancer is responsible for this expansion. Breast cancer is a type of cancer that begins in the breast cells and develops gradually. The increased use of mammograms is fueling the breast cancer market's expansion.
Cancer Diagnostics End-Users Insights
Based on end-users, the cancer diagnostics market data, the market is segmented into Diagnostic Centers, Hospitals and Clinics, Research Institutes and others. The hospitals and clinics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The segment is growing as a result of factors like rising personalized medicine awareness, an increase in accessible healthcare services, and strategic initiatives.
For instance, City of Hope purchased Cancer Treatment Centers of America for USD 390 million in December 2021 in order to create a national, integrated cancer research and treatment system.
Figure 2: Cancer diagnostics Market by End-Users, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cancer Diagnostics Regional Insights
By region, the study provides the market insights for cancer diagnostics into North America, Europe, Asia-Pacific, and the Rest of the World. North America cancer diagnostics market accounted for USD 8.4 billion in 2021 and is expected to exhibit a 42.80% CAGR during the study period. The market in this area is being driven by significant companies engaging in more strategic actions. For instance, Resolution Bioscience Inc. was purchased by Agilent in March 2021. The company's capabilities in NGS-based cancer diagnostics are expanded and complemented by the acquisition, which also equips the business with cutting-edge technology to meet the demands of the expanding precision medicine market.
Further, the major countries studied in the market report for cancer diagnostics are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CANCER DIAGNOSTICS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific Cancer diagnostics market is expected to grow at a significant CAGR from 2022 to 2030. as a result of strategic moves made by major businesses, a significant increase in cervical screening programmes run to raise awareness and screening, an increase in R&D, and technical developments. Further, the China Cancer diagnostics market held the largest market share, and the India Cancer diagnostics market was the fastest-growing market in the region.
Europe Cancer diagnostics market accounts for the second-fastest growing market share. The high rate of adoption of preventive diagnostic methods is a result of the government's increased efforts to raise public awareness of cancer. The rising incidence of breast, lung, and prostate cancer in these areas is another factor driving the demand for cancer detection tools in the area. Moreover, UK Cancer diagnostics market held the largest market share, and the Germany Cancer diagnostics market was the fastest-growing market in this region.
Cancer Diagnostics Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the cancer diagnostics industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the cancer diagnostics industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, cancer diagnostics industry has provided medicine with some of the most significant benefits. The cancer diagnostics market major player such as Exact Sciences Corporation, Arquer Diagnostics Ltd, BioMark Diagnostics Inc., Biotheranostics, Agilent Technologies, Thermo Fisher Scientific, Illumina, Becton Dickinson and Company (BD), GE Healthcare, QIAGEN N.V and Abbott Laboratories.
The headquarters of the American corporation Agilent Technologies, Inc. are in Santa Clara, California. Agilent provides assistance to researchers in 110 nations as they conduct cutting-edge life science studies, patient diagnoses, and testing necessary to guarantee the safety of drugs, food, and water supplies. In 2021, Agilent Technologies Inc. declared in October 2021 that the European Union has approved the use of its PD-L1 IHC 22C3 pharmDx test for Triple-Negative Breast Cancer (TNBC).
Also, a multinational provider of medical technology, GE HealthCare Technologies Inc., doing business as GE Healthcare, has its corporate office in Chicago, Illinois. In 2020, to improve patient outcomes for the two health problems with the highest mortality rates, cancer and heart disease, GE Healthcate partnered with GenesisCare. GenesisCare's 440+ cancer and cardiovascular disease treatment centres spanning Australia, the US, the UK, and Spain will receive CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound technology from GE Healthcare.
Key companies in the cancer diagnostics market includes
Cancer Diagnostics Industry Developments
May 2022: A brand-new pan-cancer companion diagnostic from Illumina has been introduced to match patients with uncommon genetic abnormalities to targeted therapies. This single test kit, which was just released in Europe, examines a variety of tumour genes and biomarkers to identify the unique genetic profile of a patient's cancer.
November 2021: Magnetom Free Star, a reasonably priced whole-body MRI scanner that Siemens Healthineers unveiled, is intended to greatly improve access to magnetic resonance imaging on a scale.
Cancer Diagnostics Market Segmentation
Cancer Diagnostics Type Outlook (USD Billion, 2018-2030)
Cancer Diagnostics Application Outlook (USD Billion, 2018-2030)
Cancer Diagnostics End-User Outlook (USD Billion, 2018-2030)
Cancer Diagnostics Regional Outlook (USD Billion, 2018-2030)
|Market Size 2021||USD 160.2 Billion|
|Market Size 2022||USD 170.9 Billion|
|Market Size 2030||USD 269.1 Billion|
|Compound Annual Growth Rate (CAGR)||6.70% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End-User and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Exact Sciences Corporation, Arquer Diagnostics Ltd, BioMark Diagnostics Inc., Biotheranostics, Agilent Technologies, Thermo Fisher Scientific, Illumina, Becton Dickinson and Company (BD), GE Healthcare, QIAGEN N.V and Abbott Laboratories|
|Key Market Opportunities||Advent of liquid biopsies to boost market growth for cancer diagnostics|
|Key Market Dynamics||Rising prevalence of cancer Development of AI-based cancer detection system|
The cancer diagnostics market size was expected to be USD 160.2 billion in 2021.
The market for cancer diagnostics is expected to register a CAGR of ~6.70% over the next ten years.
North America held the largest market share in the cancer diagnostics market.
Exact Sciences Corporation, Arquer Diagnostics Ltd, BioMark Diagnostics Inc., Biotheranostics, Agilent Technologies, Thermo Fisher Scientific, Illumina, Becton Dickinson and Company (BD), GE Healthcare, QIAGEN N.V and Abbott Laboratories are the key players in the cancer diagnostics market.
The in vitro diagnostic testing category led the segment in the cancer diagnostics market.
The breast cancer category had the largest market share in the market for cancer diagnostics.