Cancer Diagnostics Market Focusing on Current Trends, Leading with Top Key Players by 2031

Rising prevalence of cancer is likely to fuel the demand for cancer diagnostics. A study by Future Market Insights (FMI) projects the cancer diagnostics market to surpass US$ 47.62 Bn in 2021. According to the World Health Organization (WHO), cancer is the second -leading cause of death globally, accounting for over 9.9 million deaths in 2020. Rising cases of cancer have been fuelling the demand for advanced diagnostics.

Technological advancements in various fields such as biopsy, imaging, biomarkers and endoscopy, rising prevalence of cancer, increase in government initiatives for creating awareness, rapidly increase in geriatric population, and growing government funding are key factors driving the growth of the cancer diagnostics market.

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Timely detection of cancer requires suitable diagnostic tests to screen the immunosuppressed population which is at moderate risk of cancer, particularly for lung cancer, cervical cancer, breast cancer, prostate cancer, colon cancer and melanoma. Growing awareness of early signs and symptoms of cancer among physicians and other healthcare professionals as well as among the general population supplements the growth of cancer diagnostics.

Inclusion of cancer screening tests in National Cancer Screening Programs is another major factor expected to fuel the demand for cancer diagnostics. Introduction of regular mammography into national cancer programs by major developed countries where the incidence of breast cancer is high that is leading towards increasing adoption of cancer diagnostics in developed region.

Cancer Diagnostics Market

For instance, the U.S. government has included the National Mammography Program in its national cancer screening programs. The government of Australia is taking initiative by conducting 3 cancer screening programs such as the National Cervical Screening Program, BreastScreen Australia and the National Bowel Cancer Screening Program. Similarly, most of the countries in Europe are continuously adopting HPV DNA screening for cervical cancer as a part of national cervical cancer programs.

Short-term Negative Impact Likely Due to COVID-19

The cancer diagnostics market is expected to experience short-term negative growth owing to a reduction in the cancer diagnosis procedures and adoption rate in developed and emerging countries. COVID-19 has impacted the landscape of cancer diagnostics. This has affected demand in various fronts, from prevention to screening and diagnosis, palliative care, treatment, and patient follow-up, to logistics and supplies of cancer diagnostic tests kits and other essential commodities.

Nonetheless after a period of muted growth, the market is poised to recover as economies return to normalcy. As per FMI, the rising incidence of lung cancer is attributable for over 19% of sales in the market.

Key Takeaways from Cancer Diagnostics Market Study

• The rising incidence of cancer will fuel the demand for cancer diagnostics, enabling the market register 8.5% CAGR between 2021 and 2022
• Increasing cases of cancer in the U.S. accounts for 84% of demand in North America
• Increasing healthcare spending will enable the U.K. market register over 5% y-o-y growth in 2021
• Favorable reimbursement policies will support growth in France and Germany
• Expansion of the healthcare sector will support growth in Japan and South Korea

Who is Winning?

Partnerships between cancer diagnostic assay kits developers, instrument manufacturers and technology licensers are often intended to increase the consumer base.

For instance, in March 2021, Illumina, Inc. signed a partnership agreement with Geneseeq Technology Inc. to develop comprehensive in-vitro diagnostic (IVD) NGS testing kits by using Illumina’s NextSeq 550Dx sequencing platform for cancer.

In June 2020, Thermo Fisher Scientific signed an agreement with Daiichi Sankyo to Co-launch a companion diagnostic for patients with non-small cell lung cancer for identifying Her2 gene mutations using the Oncomine Dx target test.

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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