The global

Cancer Diagnostics Market

is valued at

USD 109.61 Billion in 2022

and is projected to reach a value of

USD 215 Billion by 2030

at a CAGR (Compound Annual Growth Rate) of

6.35%

between 2023 and 2030.

Premium Insights

Cancer Diagnostics is the process of finding biomarkers, proteins, and other indicators that can be utilized to detect a cancerous tumor. Diagnostic testing is used to confirm or rule out sickness, track disease progression, and schedule and analyze treatment outcomes. Imaging, tumor biopsy, laboratory tests (including tumor marker tests), endoscopic examination, surgery, and genetic testing are all used to diagnose cancer. Cancer Diagnostics is the process of detecting various biomarkers, proteins, and symptoms that lead to the presence of a malignant tumor in a patient. The detection of particular proteins and biomarkers that are common in cancer illnesses aids in the diagnosis process. By 2020, prostate, colorectal, and lung cancers will account for more than 43% of all malignancies diagnosed in men. Breast, lung, and colorectal cancer are the three most frequent cancers in women. In 2020, these three cancers will account for more than half of all cancers in women.

• The rising prevalence of cancer worldwide, the increasing ease of cancer diagnosis, and improvements in Cancer Diagnostics in the areas of biomarkers and point-of-care diagnosis are the primary factors driving market expansion.
• The Consumables segment is the leading segment for product segment throughout the forecast period 2023 to 2030.
• In 2022, the North American region is the leading region with the highest revenue share of 40.60% with 7.26 USD Million revenue.
• The Asia Pacific region has the highest Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. The application of AI in cancer diagnosis is rapidly rising. According to the National Cancer Institute, researchers are experimenting with AI to diagnose prostate cancer. AI techniques are also being investigated for improving biopsy sample analysis to produce more accurate and efficient findings. As a result, the arrival of such technical improvements is fueling market expansion.
2. Personalized medicine promises a paradigm shift in diagnosis and care delivery because treatment planning is based on data gathered through a holistic approach. Major corporations are pursuing several investment programs in precision medicine in the personalized medicine field.
3. The introduction of Gleevec for the treatment of CML was one of the most significant advances in the field of personalized medicine for blood cancer. Similarly, targeted therapy has proven to be highly effective in treating breast, colorectal, lung, and melanoma cancers, greatly decreasing mortality rates.
4. The key reasons driving the global expansion of the Cancer Diagnostics market are an increase in the elderly population and an increase in the number of cancer cases. As a result, the growing worldwide cancer burden is expected to fuel market growth in the coming years.
5. The governments of numerous countries conduct a large number of screening procedures in order to discover cancer at an early stage. Private sector investment in diagnostic centers is also regarded as a positive aspect, particularly in developing nations. Many developing countries, such as India, Indonesia, and Bangladesh, are looking for refurbished diagnostic imaging devices, creating a significant demand in the global market.
6. The rise of mass cytometry, tailored medication, improved healthcare infrastructure in emerging nations, smaller, technologically advanced devices, and other innovations will generate new prospects for the Cancer Diagnostics industry in the next years.

Economic Insights

Cancer Diagnostics tests can be extremely expensive for some patients, particularly those living in areas with limited healthcare resources or without proper insurance coverage. People may be discouraged from getting early screening or diagnostic testing due to high expenses. The COVID-19 epidemic has resulted in significant decreases in new cancer diagnoses. According to PubMed data published in May 2021, researchers discovered a 31% decrease in new referrals for colorectal cancer during the pandemics first wave compared to the average of the previous two years. Cancer patients were particularly vulnerable to disruptions in their care because the endoscopic diagnosis was halted due to worries about viral transmission. As a result, it was discovered that COVID-19 had a considerable impact on the market under consideration. New diagnostic technologies and tests may face market delays due to stringent regulatory approval processes. Manufacturers must invest substantial money in clinical trials and regulatory submissions, which can stifle innovation and market expansion.

Market Segmentation

Cancer Diagnostics {{Segmentation_Ext}}

Based on Product Type

Consumables to Lead Maximum Market Share Due to The Rise In The Geriatric Population

In 2022, the consumables segment is poised to dominate the global market for Cancer Diagnostics. The development of diagnostic imaging techniques or efficient Monoclonal Antibody (mAb)-based assays for detecting antigens and tiny compounds produced by malignant cells would vastly improve cancer diagnosis. Although mAb technology is still in its infancy, advances in recombinant antigen synthesis and antibody production procedures have dramatically broadened its diagnostic potential. The rise in the prevalence of cancer, the rise in R&D investment, the introduction of technologically advanced products, the rise in the geriatric population, and the surge in the launch of new & advanced kits and reagents are the key factors driving the segments growth.

Based on Application

Breast Cancer Segment expects Dominion Owing to the Growing Demand for Sustainable and Environmentally Friendly Transportation Solutions.

In 2021, the breast cancer segment will dominate the Cancer Diagnostics market. This increase is due to the growth of breast cancer. The increasing use of mammography is fueling the expansion of the Breast Cancer segment. The increased usage of alcohol and smoke promotes liver and throat cancer. Breast cancer had the biggest market share across all application areas in 2020. According to NHS data, one out of every eight women in the UK has breast cancer. The recovery rate is significantly higher than projected, making it critical for the diagnosing section.

Based on Region

North America To Dominate Global Sales Due to Growing Cancer Burden and High Adoption Of New Technologies

In 2022, the North American region emerged as the dominant player in the Cancer Diagnostics market. The growing cancer burden in nations such as the United States and Canada, as well as the increased focus of medical device companies on developing new diagnostic equipment that may identify cancer, are driving the market. According to the American Cancer Societys (ACS) statistics, the number of new cancer cases in the United States is expected to rise from 1,918,030 in 2022 to 1,958,310 by 2023. Furthermore, the growing presence of various biotechnology and medical device enterprises, greater funding available for R&D projects, and high adoption of new technologies in this region have all contributed to market expansion.

The Cancer Diagnostics industry in the Asia Pacific is rapidly growing due to many circumstances, such as increased healthcare reforms. Several established players are expanding into Asia Pacific, which is projected to boost the growth of the Cancer Diagnostics market. The governments of Taiwan and Singapore provide favorable regulatory and financial assistance. Medical tourism, improved awareness, and investment in private diagnostic clinics are all driving growth in the Asia Pacific industry. This is due to the presence of a large patient population, a well-defined regulatory structure that encourages quick product approvals, and the availability of trained employees at a low cost.

Competitive Landscape

The global Cancer Diagnostics market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include GE Healthcare; Abbott; F. Hoffmann-La Roche Ltd; Qiagen; BD; Siemens Healthcare GmbH; Thermo Fisher Scientific, Inc.; Hologic, Inc.; Koninklijke Philips N.V. (Philips); Illumina, Inc. These businesses are concentrating their efforts on research and development in order to create unique and long-lasting products. Furthermore, strategic alliances, mergers, and acquisitions are common in the industry as organizations strive to extend their product offerings and market presence.

The key players in the global Cancer Diagnostics market include - FrieslandCampina (The Netherlands), Groupe Lactalis (France), Arla Foods (Denmark), Saputo (Canada), Fonterra Co-operative Group (New Zealand), Dairy Farmers of America (US), Kerry Group (Ireland), Ornua (Ireland), AMCO Proteins (US), Prolactal (Austria), Valio (Finland), Glanbia (Ireland), Hoogwegt Group (The Netherlands), Batory Foods (US) and Ingredia SA (France) among others.

Recent Market Developments

• In February 2023,

  
  

  
  

  Roche announced an expansion of its relationship with Janssen Biotech Inc. (Janssen) to develop companion diagnostics for targeted treatments, bolstering research and innovation efforts. The new, expanded partnership expands Roche and Janssens potential for precision medicine collaboration with a variety of companion diagnostics technologies, including immunohistochemistry (IHC), digital pathology, next-generation sequencing, polymerase chain reaction, and immunoassays.
• In June 2022, Roche announced the release of their newest sophisticated tissue staining platform, the BenchMark ULTRA PLUS system. The system provides rapid and accurate test findings, allowing doctors to make prompt decisions about a patients care path.
• In September 2022,Precipio, Inc. signed a distribution deal with a significant distribution partner in the United States for HemeScreen. The company continues its multi-pronged HemeScreen distribution expansion plan by focusing on physician-owned laboratories, national and regional hospital networks, and reference labs.

Segmentation of the Global Cancer Diagnostics Market