Cancer Diagnostics Market Size Will Reach USD 332.4 Billion by 2032 – Market.us

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According to Market.us, the Cancer Diagnostics market size is projected to surpass around USD 332.4 billion by 2032, and it is poised to reach a registered CAGR of 7.0% from 2023 to 2032.

Pune, Feb. 21, 2023 (GLOBE NEWSWIRE) — The global Cancer Diagnostics market size was USD 171.6 Billion in 2022. The process of cancer diagnostics involves the discovery of biomarkers, proteins, and other indicators that can lead to the detection or progression of cancerous tumors. Diagnostic testing can be used to confirm the existence of illness, track disease progression, schedule and analyze treatment outcomes, and also confirm or rule it out. There are many possible methods to diagnose cancer, including imaging, tumor biopsy and laboratory tests (including tumor markers tests), surgery, genetic testing, and endoscopic examination.

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Key Takeaway:

  • By product, in 2022, the cancer diagnostics market was dominated by the consumables segment due to its increased usage.
  • By application, the breast cancer segment dominated the largest market share in application type analysis and accounted for the largest revenue share in the cancer diagnostics market in 2022.
  • By end-user, the hospitals and clinics segment dominated the largest market share in end-user type analysis.
  • In 2022, North America dominated the market with the highest revenue share of 45%.
  • APAC is anticipated to have the highest CAGR among all the regions.
  • APAC is expected to grow at a greater pace owing to affordable prices, increasing medical tourism, as well as hospitals and clinics, among others factors.

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Factors affecting the growth of the Cancer Diagnostics industry?

There are several factors that can have an impact on the growth of the cancer diagnostics industry. Some of these factors include:

  • Increase in Medical Tourism: There has been an increase in medical tourism, especially in emerging economies such as China and India, due to their affordable price, experienced medical staff, developing healthcare infrastructure, etc. This factor is anticipated to boost the financial growth for this market in the coming years.
  • Increasing number of cancer patients: The continuous increase in the number of cancer patients across the world is anticipated to augment this market’s revenue projections. It is estimated that by 2040, there will be approximately 30 million new cases of cancer every year, this number was approx. 19 million new cases in 2020.
  • Innovation and Government support: Cancer Diagnostics market growth is expected to be driven by recent innovations in cancer diagnostics and support from various government and private entities.
  • New Developments: Launches of new flow-cytometry reagents to aid in drug discovery and diagnosis, public-private partnerships for improving diagnostic imaging center infrastructure, and support of the FDA towards biomarker development, among others, are few new developments that are anticipated to further augment this market’s profit margins.
  • Aging population: As the population ages, there is an increase in the number of people who are more susceptible for cancer, this factor can be anticipated for bolstering the demand for diagnostics of cancer in the near future.

Browse the full “Global Cancer Diagnostics Market By Product (Consumable and Instruments), By Application (Breast Cancer, Colorectal Cancer, Other Applications), By End-User (Hospitals and Clinics, Diagnostic Laboratories), By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032” report at https://market.us/report/cancer-diagnostics-market/

Market Growth

The rising incidence of cancer across the world is one of the major drivers for industry growth over the forecast period. Further, industry expansion is expected to be driven by innovative diagnostic tests. The market will also see steady growth due to government efforts and rising awareness among the individuals over the forecast period.

The governments of several nations are performing large number of screenings to detect early signs of cancer. The increase in investments by private sector in diagnostic centers, especially in developing countries is also a contributing factor towards the growth of this market. The rise in the demand for diagnostic imaging devices in the global market is driven by several emerging economies such as India, Indonesia, and Bangladesh.

Regional Analysis

The North American market for diagnostics of cancer is expected to be the most lucrative, both in terms revenue and market share, during the period 2022-2032. In 2022, the region saw a boom in diagnostics due to the presence of many biotechnology and medical devices companies. The regional market for cancer diagnostics reached a revenue share above 45%.

North America will likely continue to lead the projection period due to its increased R&D spending and widespread adoption of technologies (both new and old). Due to the high concentration of major players in the region, strategic partnerships, faster FDA approvals and substantial investment in R&D, this market is expected grow. These advancements will drive demand during the forecast period.

The Asia-Pacific is expected to grow at a CAGR of 6.5% over the forecast period. This region will be a major emerging market for cancer diagnostics in coming years, due to its affordable and experienced technicians, large patient base, and regulatory environment that allows for faster product approvals. The growing medical tourism industry in countries like India, China, and Malaysia will also increase the demand for treatment screening and diagnosis of cancer.

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Scope of the Report

Report Attributes Details
Market Size in 2032 USD 332.4 Billion
CAGR 7.0% from 2023 to 2032
North America Revenue Share 45.0%
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Today, cancer is the leading cause of death worldwide. According to the World Health Organization (WHO), with around 10 million deaths in 2020 worldwide. It is the second leading cause. About one-sixth worldwide deaths are caused by cancer. Additionally, 19.3 million cases of cancer were reported in 2020. This number is expected to rise to 30.2 million by 2040.

Various cancers can be caused by factors like excessive alcohol consumption, tobacco use, unhealthy lifestyle, lack of exercise, and other conditions. The mortality rate can be decreased if cancer is detected early. Cancer Diagnostics aids in identifying biomarkers and proteins that help in the detection of the disease. The most common cancer diagnostic tests are imaging, endoscopy, genetic testing, biopsy, and laboratory tests. Market growth is further supported by the increasing number of tests being performed.

Market Restraints

The market for cancer diagnostics will face additional challenges over the forecast period because of the increased adoption of refurbished diagnostic imaging system, strict regulatory guidelines, low benefit to cost ratio biomarkers and higher capital investments. C.T. Scan is not recommended due to high radiation exposure and can cause helium shortage.

Market Opportunities

Governments of various developed economies are recommending cancer screening tests in order to detect the cancer at an early stage and reduce the mortality rate. The US Government recommends colorectal cancer screening for individuals between the age of 50 years and 75 years, similar guidelines have been issued by Government of Canada for screening of biennial colorectal cancer. This is done for early detection and diagnosis of cancer for the individuals in the given age group.

The growth of mass cytometry, personalized medicine, improved healthcare infrastructure in emerging countries, as well as the rise in miniaturized, technologically advanced devices and other developments will create new opportunities for the market for cancer diagnostics in the coming future.

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Report Segmentation of the Cancer Diagnostics Market

Product Insight

Consumables accounted for the largest market share in 2021 at over 60%. It is expected that this will continue to rise through the forecast period. The development of advanced diagnostic kits and reagents and increased consumable usage are driving market growth. Sysmex Corporation introduced the ipsogen JAK2 DX reagent in January 2020. The JAK2V617F mutation is quantitatively measured by a blood cancer screening kit. In January 2020, the item was added to health insurance as a diagnostic item. This reagent will also be covered by health insurance. This will likely open up new testing options for patients.

Application Insight

The forecast period will see a rise in the incidence and prevalence of various types of cancer including breast and lung. The malignant growth diagnostics market will also benefit from technological advances that further develop imaging of tumorous cells, better equipment to determine disease type, and improved results effectiveness. As more initiatives are taken up by various governments and private players to detect and prevent cancer during its early stage, the market is anticipated to grow. The market will also be driven by the expansion of diagnostics labs in developed countries in the future. The forecast period will see a significant increase in safety guidelines. The decreasing costs of diagnostic imaging equipment and the development of new methods to diagnose cancer mutations may further augment the market’s growth.

End User Insight

The hospitals and clinics segment holds the top spot in the global market for 2021 and contributed more than 50% of the revenue. This segment has seen rapid growth due to increased number of patients visiting the hospitals and clinics, the increasing awareness regarding early diagnosis of cancer as well as, a surge in in-house procedures for diagnosis in the hospitals are the factors contributing to the increased demand for this market.

Recent Development of the Cancer Diagnostics Market

  • In November 2021- Siemens Healthineers introduced Magnetom Free. Star is a whole-body MRI scanner that can be offered cheaply and aims to increase global access to magnetic resonance imaging.
  • In October 2021- Agilent Technologies Inc. announced that its PD-L1 IHC 22C3 pharmDx assay had been labeled for use in the Triple-Negative Breast Cancer (TNBC) program of the European Union.

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Market Segmentation

Based on Product

Consumable

Instruments

Based on the Application

  • Breast Cancer
  • Colorectal Cancer
  • Cervical Cancer
  • Lung Cancer
  • Prostate Cancer
  • Skin Cancer
  • Blood cancer
  • Kidney Cancer
  • Liver Cancer
  • Pancreatic Cancer
  • Ovarian Cancer
  • Other Applications

Based on End User

  • Hospital and Clinics
  • Diagnostic Laboratories
  • Diagnostic Imaging Centres
  • Research Institutes

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

Major players are continuously working towards development of new generation technologies that will in faster detection of cancer with reduced cost. For example, GE Healthcare made a partnership with Genesiscare in 2020, for improving patient recorded outcomes for cancer and hearth disease.
Some of the major players include:

  • Abbott Laboratories
  • Becton, Dickinson, and Company
  • Bio-Rad Laboratories, Inc.
  • Roche Holdings AG
  • Danaher Corporation
  • Siemens Healthcare GmbH
  • Thermo Fisher Scientific Inc.
  • Koninklijke Philips N.V.
  • Qiagen N.V.
  • Other Key Players

Related Healthcare Reports in Market.us Library: 

  • Cancer Cachexia Market: is anticipated to be valued at US$ 2,554 Million in 2022, forecast to grow at a CAGR of 4.8% to be valued at US$ 4,034 Million from 2022 to 2032.
  • Cancer Immunotherapy Market: is forecasted to be valued at US$ 674 billion by 2032, up from US$ 191 billion in 2022, advancing at a CAGR of 13.8% during the forecast period.
  • Liver Cancer Drugs Market: generated a total revenue of US$ 980 Million in 2022. The industry is predicted to register a healthy CAGR of 9.3% over the forecast period to attain a revenue of US$ 2,332 Million by 2032.
  • Ovarian Cancer Drugs Market: is estimated to reach US$ 9,823 Mn by 2032 in comparison to US$ 2,678 Mn registered in 2022, at CAGR of 14.3%.

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