Cancer Diagnostics Market Report Trends 2023: USD 280.6 Billion Valuation by 2028

As per the report published by Allied Market Research, the global Cancer Diagnostics Market was pegged at $168.60 billion in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2020 to 2028.

Key Takeaways:

• The market is being driven by factors such as increasing prevalence of cancer, technological advancements in cancer diagnostics, and growing awareness about early detection and diagnosis.
• The major types of cancer diagnostics tests include biopsy, imaging, and tumor biomarker tests.
• Among the different imaging techniques used for cancer diagnosis, MRI and CT scans are the most commonly used methods.
• In terms of cancer type, the market is dominated by breast cancer, followed by lung cancer, colorectal cancer, prostate cancer, and others.
• Geographically, North America is the largest market for cancer diagnostics due to the high incidence of cancer in the region, followed by Europe and Asia-Pacific.

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                                              Cancer Diagnostics Market  Scope

Market Drivers

Increasing prevalence of cancer: The prevalence of cancer is on the rise globally, and this has led to an increased demand for cancer diagnostics. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, accounting for an estimated 9.6 million deaths in 2018.

Technological advancements in cancer diagnostics: Advances in technology have led to the development of new and improved diagnostic tools for cancer. These include liquid biopsy tests, next-generation sequencing (NGS), and digital pathology, among others.

Growing awareness about early detection and diagnosis: There is a growing awareness among people about the importance of early detection and diagnosis of cancer. This has led to an increased demand for cancer screening tests such as mammography, colonoscopy, and Pap smear.

Government initiatives and funding: Governments and organizations are investing in cancer research and development, which has led to the development of new diagnostic tools and treatments for cancer.

Market Segmentation

Diagnostic method: The market can be segmented based on the type of diagnostic method used, such as biopsy, imaging, tumor biomarker tests, and others.

Cancer type: The market can be segmented based on the type of cancer being diagnosed, such as breast cancer, lung cancer, prostate cancer, colorectal cancer, and others.

End-user: The market can be segmented based on the end-users, such as hospitals, diagnostic laboratories, and research institutes.

Region: The market can be segmented based on the geographical regions, such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Technology: The market can be segmented based on the technology used, such as next-generation sequencing (NGS), polymerase chain reaction (PCR), in situ hybridization (ISH), and others.

Application: The market can be segmented based on the application, such as diagnosis, screening, and monitoring.

Product and service: The market can be segmented based on the product and services offered, such as instruments, reagents and kits, software, and services.

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Regional Growth Dynamics

The global cancer diagnostics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 8.5% during the forecast period.

Competitive Landscape

• Becton, Dickinson and Company
• Abbott Laboratories
• Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
• Bio-Rad Laboratories, Inc.
• Hologic, Inc.
• Danaher Corporation (GE Healthcare)
• Qiagen N.V.
• Koninklijke Philips N.V. (Philips Healthcare)
• Thermo Fisher Scientific.
• Siemens Healthcare GmbH.

Recent developments:

In March 2021, Guardant Health announced the launch of its Guardant Reveal liquid biopsy test for early-stage cancer detection.

In January 2021, Roche announced the launch of its Elecsys GDF-15 blood test for the diagnosis of early-stage lung cancer.

In November 2020, Grail Inc., a company specializing in multi-cancer early detection, announced positive results from its Circulating Cell-free Genome Atlas study.

In October 2020, Illumina, Inc. announced that it has entered into an agreement to acquire Grail Inc. for $8 billion, in a bid to expand its offering in the cancer diagnostics market.

In September 2020, Qiagen announced the launch of its QIAseq Direct RNA panels for the analysis of gene expression in cancer research.

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