The Cancer Diagnostics Market Size was valued at USD 114.6 billion in 2023 and is expected to reach USD 185.4 billion by 2031, and grow at a CAGR of 6.2% over the forecast period 2024-2031.
The growing incidence of cancer, technological progress in diagnostics and the increasing initiatives taken by businesses and public bodies are behind this industry's growth. In addition, market growth is expected to be driven by an increased focus on the development of new imaging solutions that can provide greater accuracy and precision diagnosis over the forecast period. For instance, in September 2022, Radiopharm Theranostics entered into collaboration with The University of Texas MD Anderson Cancer Center for the launch of Radiopharm Ventures, LLC involved in the development of novel radiopharmaceutical products.
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DRIVERS
Greater accuracy in diagnosis of cancer
Growth in the number of private diagnostic facilities
The increasing demand for diagnostic imaging procedures and the growing burden on public hospitals due to the limited number of imaging modalities at their disposal, the number of private diagnostic centres is increasing worldwide. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India. This medical screening center is operated by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty’s Healthcare (DKH). FUJIFILM DKH LLP FUJIFILM DKH LLP is a joint venture between FUJIFILM and Dr. Kuttys Healthcare, which operates hospitals and screening centres in India and the Middle East.
RESTRAINTS
There is a lack of reimbursement policies in the underdeveloped countries
The costs of diagnostic imaging are enormous
High costs and budgetary constraints make it difficult to invest in diagnostic imaging equipment at a large number of hospitals in underdeveloped and emerging countries. Hospitals in these countries, which do not have the financial means to purchase new or advanced diagnostic imaging equipment, nevertheless prefer refurbished systems because of growing demand for this service. Consequently, market growth is being held back by this factor.
OPPORTUNITIES
There are new diagnostic biomarkers being introduced
Recommendations for cancer screening
In an attempt to detect cancer in the early stages and bring down the mortality rate, governments in developed countries and primary care doctors are recommending cancer screening tests for patients. The US Preventive Services Task Force (USPSTF) recommends screening for colorectal cancer starting at 50 years of age to 75 years of age in the US as a means of preventing disease incidence and ensuring early-stage treatment. In addition, Canadian guidelines on biennial screening of colorectal cancer were introduced for people between the ages of 50 and 74.
CHALLENGES
Increasing the use of refurbished diagnostic imaging systems
Due to their high costs, low reimbursement rates and budget constraints, many hospitals in developing countries are unable to invest in diagnostics equipment. Nevertheless, hospitals which are unable to invest in new imaging equipment tend to choose refurbished ones because of the increasing demand for diagnostic imaging services in these countries. Refurbished equipment costs about 40.0 to 60.0% less than new equipment and is approximately the same price as its original cost.
The effects of waron cancer care underscore the fragmentation stemming from humanitarian aid's inability to address all requirements and the overwhelming strain placed on countries receiving refugees. The onset of war did not catch regulatory agencies off guard, even amidst the recent pandemic, enabling them to adapt follow-up procedures more flexibly. Specifically, efforts were made to relocate patients within Europe whenever feasible, with a focus on maintaining high-quality information standards. Numerous refugees are actively pursuing medical treatment abroad, with patient organizations throughout the continent collaborating with Ukrainian patients to facilitate their transfer to cancer centers across Europe for necessary care. Individuals facing intricate cancer cases, such as pediatric cancer, are being relocated from the country. Additionally, considerable ongoing endeavors are directed towards bolstering the operational capacity of Ukrainian cancer centers that remain functional. Given the distinctive challenges posed by cancer in this context, the World Health Organization, European Commission, and other stakeholders have convened task forces to address the multifaceted and intricate aspects of cancer care management.
The financial repercussions of cancer on individuals and their families or caregivers transcend borders. Despite advancements in cancer diagnosis and treatment, which have led to better survival rates, these innovations come with significant financial implications for healthcare systems and patients, as well as their families or caregivers. Disparities in healthcare systems, such as whether they are publicly or privately funded, and social support programs, including provisions for unemployment compensation during sick leave, can influence the nature and extent of the economic impact. It's widely acknowledged that even within universal healthcare systems, cancer patients and their families or caregivers may still encounter substantial financial burdens.
A recent examination revealed that within publicly funded healthcare systems, cancer patients and their families or caregivers face out-of-pocket (OOP) expenses ranging from $17 to $506 per month, with income losses spanning from 17.6% to 67.3%. Conversely, in the United States, where private healthcare systems prevail, cancer survivors were observed to endure financial strain, including OOP costs, income reduction, and missed workdays. Nearly half of these survivors reported experiencing financial distress. Another recent analysis, focusing on OOP costs, indicated that cancer patients and their caregivers in the USA allocate a larger portion of their income towards OOP expenses compared to individuals in high-development index countries with publicly funded healthcare.
By Product
Instruments
Pathology-based Instruments
Slide Staining Systems
Tissue Processing Systems
Cell Processors
PCR Instruments
NGS Instruments
Microarrays
Other Pathology-based Instruments
Imaging Instruments
Others
Consumables
Antibodies
Kits & reagents
Probes
Others
Services
In 2023, consumables accounted for 60.0% of the market share and are expected to grow at a faster pace in the coming years. Diagnostic medicine would be greatly improved by the development of imaging diagnostic techniques or effective monoclonal antibody-based assays for detecting antigens and small chemicals produced by malignant cells. Although the use of mAb technology has been in its infancy, new techniques for recombinant antigen synthesis and antibody production have increased their diagnostic potential significantly.
By Type
IVD
By Type
Diagnosis
Early Detection
Therapy Selection
Monitoring
By Technology
Polymerase Chain Reaction (PCR)
In Situ Hybridization (ISH)
Immunohistochemistry (IHC)
Next-generation Sequencing (NGS)
Microarrays
Flow Cytometry
Immunoassays
Other IVD Testing Technologies
LDT
Imaging
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Positron Emission Tomography (PET)
Mammography
Ultrasound
Others
In 2023, the in vitro diagnostics (IVD) segment claimed the majority share comprising 52.8%, primarily driven by the growing uptake of IVD technologies attributed to increased testing during the COVID-19 pandemic. The advancement of automated IVD systems tailored for hospitals and laboratories, providing precise, streamlined, and reliable diagnostic solutions, is anticipated to drive further expansion of the market.
By Test Type
Biopsy
Fine-needle Aspiration
Core Biopsy
Surgical Biopsy
Skin Biopsy /Punch Biopsy
Others
Others
By Application
Breast Cancer
Colorectal Cancer
Cervical Cancer
Lung Cancer
Prostate Cancer
Skin Cancer
Blood Cancer
Kidney Cancer
Liver Cancer
Pancreatic Cancer
Ovarian Cancer
Others
By End-Use
Hospitals
Laboratories
Others
In 2023, the laboratories had a largest market share of 51.9%. Increased testing and the availability of resources to carry out tests are expected to lead to significant growth in diagnostic laboratories over the forecast period. Hospitals are increasingly relying on diagnostic laboratories for testing and evaluation, which is leading to increased growth. One of the main factors expected to contribute to segment growth is increased awareness about personalised medicine, technical progress and an increase in demand for low-cost services.
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The market was dominated by North America with a revenue share of 40.5% in 2023. Growing cancer burden in the U.S. and Canada, as well as increasing focus of medical device companies on developing novel diagnostic devices that can detect cancer, are positively impacting market growth. In addition, key factors influencing market growth are the introduction of new products. For example, Nanostics Inc. announced the initiation of a clinical study for Bladder cancer in July 2022, aiming to identify the most effective disease indicators so as to be able to detect it earlier. The objective of this study is to identify a simple, minimally invasive liquid biopsy test for the diagnosis of bladder cancer using Nanostics Clarity DX.
The Asia Pacific market is projected to grow at an accelerated CAGR during the forecast period. Due to a number of factors, such as increased healthcare reforms, A key factor driving market growth is the increasing prevalence of cancer. For instance, China has a higher incidence according to the March 2022 report from PubMed Central. It was predicted that there would be approximately 4.8 million new cases in China by 2022, with lung cancer being the most common. As a result, market growth will be driven by the high incidence of cancer in this country. The regional market in the Asia Pacific region is becoming increasingly dominated by key foreign players, contributing to an overall increase of industry growth. A favourable regulatory and financial support is available from the governments of Taiwan and Singapore.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Some of the major key players are as follows Abbott Laboratories, Inc., Arquer Diagnostics Ltd, Exact Sciences Corporation, Biotheranostics, Cancer Diagnostics, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., BioMark Diagnostics Inc, Illumina, Inc., Agilent Technologies, Inc., Becton, Dickinson and Company (BD), GE Healthcare, and other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 114.6 Billion |
| Market Size by 2031 | US$ 185.4 Billion |
| CAGR | CAGR of 6.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Instruments, Consumables, Services) • By Type (IVD, LDT, Imaging) • By Test Type (Biopsy, Others) • By Application (Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Ovarian Cancer, Others) • By End-use (Hospitals, Laboratories, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Abbott Laboratories, Inc., Arquer Diagnostics Ltd, Exact Sciences Corporation, Biotheranostics, Cancer Diagnostics, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., BioMark Diagnostics Inc, Illumina, Inc., Agilent Technologies, Inc., Becton, Dickinson and Company (BD), GE Healthcare, and other players. |
| DRIVERS | • The number of privately owned diagnostic centers is increasing. • Cancer rates are increasing. • Greater Ease in Diagnosing Cancer |
| OPPORTUNITIES | • High cost of treatment • Underdeveloped countries have insufficient reimbursement policies. • In Emerging Markets, it's only used sporadically. |
Ans: The cancer diagnostics market was valued at USD 114.6 billion in 2023.
Cancer rates are increasing, and Greater Ease in Diagnosing Cancer are the drivers of Cancer Diagnostics market.
The Americas dominated the cancer diagnostics market, thanks to the region's growing older population, increased healthcare spending, and well-established healthcare industry.
Consumables and instruments make up the cancer diagnostics industry. During the forecast period, the consumables category is expected to increase the most.
Ans: The Cancer Diagnostics Market is to grow at a CAGR of 6.2% over the forecast period 2024-2031
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Cancer Diagnostics Market, By Product
9.1 Introduction
9.2 Trend Analysis
9.3 Instruments
9.3.1 Pathology-based Instruments
9.3.1.1 Slide Staining Systems
9.3.1.2 Tissue Processing Systems
9.3.1.3 Cell Processors
9.3.1.4 PCR Instruments
9.3.1.5 NGS Instruments
9.3.1.6 Microarrays
9.3.1.7 Other Pathology-based Instruments
9.3.2 Imaging Instruments
9.3.3 Others
9.4 Consumables
9.4.1 Antibodies
9.4.2 Kits & reagents
9.4.3 Probes
9.4.4 Others
9.5 Services
10. Cancer Diagnostics Market, by Type Introduction
10.1 Introduction
10.2 Trend Analysis
10.3 IVD
10.3.1 By Type
10.3.1.1 Diagnosis
10.3.1.2 Early Detection
10.3.1.3 Therapy Selection
10.3.1.4 Monitoring
10.4.1 By Technology
10.4.1.1 Polymerase Chain Reaction (PCR)
10.4.1.2 In Situ Hybridization (ISH)
10.4.1.3 Immunohistochemistry (IHC)
10.4.1.4 Next-generation Sequencing (NGS)
10.4.1.5 Microarrays
10.4.1.6 Flow Cytometry
10.4.1.7 Immunoassays
10.4.1.8 Other IVD Testing Technologies
10.5 LDT
10.6 Imaging
10.6.1 Magnetic Resonance Imaging (MRI)
10.6.2 Computed Tomography (CT)
10.6.3 Positron Emission Tomography (PET)
10.6.4 Mammography
10.6.5 Ultrasound
10.6.6 Others
11. Cancer Diagnostics Market, by Test Type
11.1 Introduction
11.2 Trend Analysis
11.3 Biopsy
11.3.1 Fine-needle Aspiration
11.3.2 Core Biopsy
11.3.3 Surgical Biopsy
11.3.4 Skin Biopsy /Punch Biopsy
11.3.5 Others
11.4 Others
12. Cancer Diagnostics Market, by Application
12.1 Introduction
12.2 Trend Analysis
12.3 Breast Cancer
12.4 Colorectal Cancer
12.5 Cervical Cancer
12.6 Lung Cancer
12.7 Prostate Cancer
12.8 Skin Cancer
12.9 Blood Cancer
12.10 Kidney Cancer
12.11 Liver Cancer
12.12 Pancreatic Cancer
12.13 Ovarian Cancer
12.14 Others
13. Cancer Diagnostics Market, by End-use
13.1 Introduction
13.2 Trend Analysis
13.3 Hospitals
13.4 Laboratories
13.5 Others
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Abbott Laboratories, Inc.
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Arquer Diagnostics Ltd
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 Exact Sciences Corporation
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Biotheranostics
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Cancer Diagnostics, Inc.
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Thermo Fisher Scientific, Inc.
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 Agilent Technologies, Inc.
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 BioMark Diagnostics Inc
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Illumina, Inc.
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 Agilent Technologies, Inc.
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
15.11 Becton, Dickinson and Company (BD)
15.11.1 Company Overview
15.11.2 Financial
15.11.3 Products/ Services Offered
15.11.4 SWOT Analysis
15.11.5 The SNS View
15.12 GE Healthcare
15.12.1 Company Overview
15.12.2 Financial
15.12.3 Products/ Services Offered
15.12.4 SWOT Analysis
15.12.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
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