CAGR: 7%Current Market Size: USD 161 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
The Global Cancer Diagnostic market is expected to grow from USD 161 billion in 2021 to USD 276.62 billion by 2029, at a CAGR of 7% during the Projection period 2022-2029. The growth of this market is mainly driven by increasing cases of cancer.
Companion diagnostics and molecular diagnostics are the two main items used in cancer diagnosis. A laboratory technique called molecular diagnostics is used to look for certain proteins, genes, or other molecules that could be a symptom of cancer. Tumor biomarker tests, imaging, biopsy, and endoscopy are the techniques utilized in cancer diagnosis. Cervical cancer, breast cancer, liver cancer, blood cancer, kidney cancer, colorectal cancer, pancreatic cancer, ovarian cancer, melanoma, and other cancers are among the applications covered by cancer diagnostics. These applications are used by end-users like cancer research organizations, diagnostic labs, hospitals, and others. The methods used to diagnose and treat cancer today have many drawbacks. Theranostic agents, or simply theranostics, are novel nano-platforms that provide simultaneous diagnostic and therapeutic functions for cancer. They have been developed over the past ten years as a result of advances in knowledge and technology in the fields of cancer biology, material science, and particularly nanomedicine. In order to overcome the problems of cancer heterogeneity and adaptive resistance, these innovative nanodevices are able to target several cancer markers and kill cancer cells in synergetic ways. Additionally, theranostics cancer medicines can be directed by the results of diagnostic imaging, improving cancer treatment. Theranostics with the best characteristics should include high loading and regulated release of anticancer medications, ultrasensitive imaging of several tumor-specific markers, adequate compact size and surface chemistry for optimal cellular uptake, and acceptable cancer targeting capabilities. Other cancer therapies in addition to chemotherapy are needed in the majority of designs. Theranostics depends on developments in material science and engineering, particularly the creation of nanocomposites, to meet these multifunctional needs.
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Market Dynamics:
Drivers:
It is also anticipated that the use of AI in cancer detection will accelerate market expansion. Scientists have developed artificial intelligence (AI) tools to aid in screening procedures for many cancers, including breast cancer. AI-based computer algorithms have helped clinicians interpret mammograms for more than 20 years, but research in this area is developing quickly. For instance, the AI genomics business Freenome in the United States is concentrating on developing blood tests that use AI to find the body's early cancer warning signs. The company unveiled early results from research and development in October 2018 for using machine learning to detect colorectal cancer in its early stages.
Restraints:
The finding of Cancer Diagnostics will be significantly hampered by the integration of proteomics, genomics, and metabolomics technologies in biomarker detection and functional interpretation in conjunction with clinical data and epidemiology. Their use in clinical practice has been limited by issues with analytical validation and a lack of data repeatability across diverse technology platforms. However, the development of this kind of technology has been slower than expected. The confirmation of recently discovered Cancer Diagnostics is the most challenging aspect of clinical proteomics. The validation studies must take into account the biomarker's specificity, reproducibility, experimental research design, and suitable controls, including clinical specimen and sample collection, experimental design, and data processing.
Opportunities:
The number of private diagnostic centres is increasing globally as the need for diagnostic imaging procedures increases and the burden on public hospitals increases due to the limited number of imaging modalities accessible. FUJIFILM Corporation opened NURA, a cancer diagnostic medical centre, in Bangalore, India, in January 2021. This medical screening facility is managed by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare (DKH). In India and the Middle East, hospitals and screening facilities are run by FUJIFILM DKH LLP (FUJIFILM DKH), a joint venture between FUJIFILM and Dr. Kutty's Healthcare (DKH). In parallel, numerous centres are also focusing on liquid biopsy and animal cancer therapy. The development of biopsy systems for companion animal malignancies is projected to offer lucrative growth opportunities for market participants in cancer diagnostics worldwide.
Challenges:
Market expansion is anticipated to be hampered by insufficient reimbursement laws. In terms of imaging technology, radiology has undergone a number of improvements recently. The majority of medical insurance organizations, however, do not pay for operations that involve computer-aided detection (CAD). Therefore, people opt for traditional diagnostic procedures like biopsies, pathology tests, or standard imaging procedures like mammography and MRI treatments. Additionally, it is anticipated that the high price of cancer detection software will restrain the market growth. Hospitals must renew their license for the computer-aided detection (CAD) program each year. Additionally, some insurance providers choose not to reimburse for CAD procedures because they believe that they are unnecessary and are not advised by senior radiologists.
Segmentation Analysis:
The global Cancer Diagnostic market has been segmented based on Application, Screening Application, Product type, and others.
By Application
The Application segment is breast cancer, prostate cancer, liver cancer, lung cancer, and others. The breast cancer segment led the largest share of the Cancer Diagnostic market with a market share of around 30% in 2021. The World Health Organization (WHO) and International Agency for Research on Cancer (IARC) estimate that in 2020, 2.3 million women will receive a breast cancer diagnosis, resulting in 685,000 deaths globally. By the end of 2020, there were 7.8 million women alive who had received a diagnosis of breast cancer within the previous five years, making it the most frequently diagnosed cancer Application worldwide. Around 30% of female malignancies in the globe are caused by breast cancer, which also has a 15% mortality-incidence ratio. Breast cancer detection and treatment heavily rely on clinical indicators.
By Product type
The product type segment includes instruments and consumables. The Consumables segment led the Cancer Diagnostic market with a market share of around 62% in 2021. An increase in the elderly population, rising R&D spending, rising consumable usage, and the introduction of technologically improved diagnostic kits and reagents are all driving the segment's expansion. Sysmex Corporation introduced the ipsogen JAK2 DX reagent in January 2020. It is a gene testing kit for blood cancer screening that quantitatively analyses the JAK2V617F mutation. Additionally, the product received health insurance coverage in January 2020, making it the first diagnostic product to be covered in Japan. Additionally, health insurance will pay for the tests performed using this reagent. This should increase the likelihood that more patients will undergo testing.
By Screening Application
The screening application segment includes laboratory tests, biopsy, proteomic, genetic tests, and others. The laboratory tests segment led the Cancer Diagnostic market with a market share of around 28.08% in 2021. The segment is expanding due to an increase in cancer prevalence. Samples of urine, blood or other body fluids or tissues are studied in the laboratory during testing for cancer to look for tumor markers or abnormal cells that can help identify whether a person has cancer or a precancerous disease. Additionally, laboratory tests are used to screen high-risk patients, determine different treatments, determine the illness stage, and assess how well the disease is responding to therapy. These tests aid in identifying whether a patient has developed a new tumor or has experienced a cancer relapse.
Global Cancer Diagnostic Market- Sales Analysis.
The sale of Cancer Diagnostic Applications expanded at a CAGR of 5.9% from 2015 to 2021.
The incidence of cancer is rising alarmingly, making it one of the leading causes of death in the world. Therefore, in order to lower the incidence level, healthcare professionals are focusing on the creation of effective treatment and diagnosis solutions. Early detection increases the effectiveness of treatment plans. As a result, healthcare organizations and business organizations are promoting routine checks through various awareness campaigns. Over the Projection period, the market for cancer diagnostics will experience growth due to increases in the incidence and prevalence of various cancer Applications, including breast and lung cancer.
Over the Projection period, the market for cancer diagnostics will experience growth due to increases in the incidence and prevalence of various cancer Applications, including breast and lung cancer. Additionally, a surge in technological advancements supporting enhanced imaging of risky cells, innovations in tools for identifying the Application of cancer, and an improvement in the accuracy of the outcome would help the cancer diagnostics market gain speed throughout the course of the projected period. In the coming years, the market expansion is anticipated to be driven by increased government efforts and other private organizations to raise awareness about early cancer detection and prevention.
The market is expected to grow in the next years as a result of developed countries' expanded diagnostics laboratory infrastructure. Yoga and other health-related practices will become increasingly popular throughout the anticipated time period, and there will be a noticeable increase in the emphasis on health and safety rules.
Thus, owing to the aforementioned factors, the global Cancer Diagnostic Market is expected to grow at a CAGR of 7% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the Cancer Diagnostic market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the Cancer Diagnostic market and held a 39% share of the market revenue in 2021.
Global Cancer Diagnostic Market- Country Analysis:
Germany's Cancer Diagnostic market size was valued at USD 4.4 billion in 2021 and is expected to reach USD 6.50 billion by 2029, at a CAGR of 5% from 2022 to 2029. A favorable environment for the adoption of cutting-edge cancer diagnostic technologies, such as imaging, has been created in Germany as a result of the country's desirable healthcare policies and high average per capita healthcare costs. Furthermore, the presence of significant players encourages regional expansion. These businesses' growth strategies, which include new releases, will support Germany's general expansion.
China’s Cancer Diagnostic’ market size was valued at USD 6.1 billion in 2021 and is expected to reach USD 9.94 billion by 2029, at a CAGR of 6.3% from 2022 to 2029. The region's Cancer Diagnostic market is expected to be driven by factors such as rising cancer prevalence, a supportive environment for clinical trials, and rising government financing for drug research initiatives. Moreover, one of the major growth factors is the increasing attention that pharmaceutical companies are paying to this region, together with the growing initiatives by the government for cancer diagnosis.
India's Cancer Diagnostic market size was valued at USD 5.7 billion in 2021 and is expected to reach USD 9.08 billion by 2029, at a CAGR of 6% from 2022 to 2029. In the upcoming decade, India's Cancer Diagnostic market is expected to have strong growth due to rising demand for personalized medication and growing awareness among patients and healthcare professionals about the value of the early diagnosis of malignancies. According to estimates, the adoption rate will also rise as more innovative medications and diagnostics for Cancer Diagnostics receive regulatory approval.
Key Industry Players Analysis:
To increase their market position in the global Cancer Diagnostic business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, Application developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
7% |
Market Size |
161 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Application, By Screening Application, By Product Type, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
GE Healthcare, Abbott, Illumina, Inc., F. Hoffmann-La Roche Ltd., Qiagen N.V., Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., BD, Hologic, Inc., Koninklijke Philips N.V. (Philips), Agilent Technologies, Inc., and Thermo Fisher Scientific. |
By Application |
|
By Screening Application |
|
By Product type |
|
Regional scope |
|
Scope of the Report
Global Cancer Diagnostic Market by Application:
Global Cancer Diagnostic Market by Screening Application:
Global Cancer Diagnostic Market by Product type:
Global Cancer Diagnostic Market by Region:
The global cancer diagnostic market is expected to grow with a 7% CAGR during the Projection period.
The North American Cancer Diagnostic market was projected to gain a global market share of 39% in 2021.
The screening application segment includes laboratory tests, biopsy, proteomic, genetic tests, and others.
Global Cancer Diagnostic market’s size in 2021 was USD 161 billion.
Global Cancer Diagnostic market is being driven by increasing prevalence of cancer.
Political Factors- Political factors have a significant impact on cancer diagnostics market. Governments are in charge of putting rules and regulations into effect that may have a direct or indirect impact on every facet of a cancer diagnostics market. Thus, political factors are inextricably linked. The primary distinction between political and legal variables is that the former are defined and subject to compliance, while the latter are trends in attitude toward certain items. There are substantial variations in breast cancer incidence, prevalence, mortality, and survival across the EU-28 countries (European Commission 2017). Additionally, there are large disparities in the availability and accessibility of high-quality cancer care. Croatia, Romania, and Serbia are a few EU nations in Central and Eastern Europe that lack national cancer programmes or registries . This may be brought on by a lack of funding, inadequate infrastructure, or a lack of understanding among policymakers of the significance of spending on cancer treatment.
Economical Factors- The economic environment in which a company conducts its operations is undoubtedly the most important source of potential for profit-making as well as of difficulties and dangers that must be managed. Everything related to growth rates, commerce, supply and demand, market trends, competition, and currency fluctuations is considered an economic element. Economic forecasting is a useful tool for making decisions since it can be used to predict the breadth and direction of economic changes. According to an economic estimate, the total cost of cancer in the EU is €126 billion, of which €51 billion goes toward healthcare expenses.
Social Factor- Socio-cultural influences may have some overt effects on firms, such as determining the kind of goods and services they provide, their marketing strategies, and their overall financial success. These are some of the more obvious effects of sociocultural influences, but they can also have less obvious effects. For instance, additional resources may need to be devoted to employee operations to offer employment incentives if the operation's target demographic is heavily represented by the elderly or retired. There is proof that higher socioeconomic class women participate in cancer screening programmes more frequently than lower socioeconomic status women.
Technological Factors- Numerous advancements that are now under research will revolutionise cancer diagnostics by enabling earlier detection, more focused therapy, and perhaps even permanent cures. Many significant medical advancements, like gene therapy and biologic cancer treatments, are not available in many European nations and are not covered by all healthcare systems. Patients incur high out-of-pocket expenses as a result. The adoption of inadequate clinical trial models or the existence of uncoordinated regulatory channels are only two examples of regulatory barriers that the faster speed of innovation and some of the most "disruptive" types of innovation must overcome in order to reach the market.
Environmental Factors- Climate change is a reality in the world we live in, and environmental disturbances brought on by human activities are happening more frequently. Issues including the depletion of natural resources, waste management, and recycling practises can all have an impact on the environment. In order to preserve the ecosystem, several elements that are changing the environment must be taken into account. There are several factors and the changes in the climate that lead to the rising incidences of cancer. However, the cancer diagnostic is a very crucial thing and cannot be neglected when it comes to environmental factors.
Legal Factors- These elements are crucial because they form a rigid framework within which an organisation must operate; if legal criteria are not met, serious fines may result. These include penalties, a halt to activities, and reputational harm. The many legal frameworks that exist across the various nations where larger organisations operate must be dealt with. National guidelines for early cancer diagnostics do not exist in Spain. The Sociedad Espaola de Oncologa Médica (SEOM), or Spanish Society of Medical Oncology, undertook a review of the available evidence in 2015 and produced recommendations that will serve as clinical guidelines for early cancer diagnostics.
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