Cancer Diagnostics Market: Rising Awareness and Government Funding Fueling Growth: Exploring the 7.1% CAGR from 2022-2032 | FMI Study

The rise in Cancer Diagnostics Market is prevalence, the expansion of government campaigns to raise awareness, the sharp rise in the number of elderly people, technological advancements in a variety of fields, including biopsy, imaging, biomarkers, and endoscopy, as well as rising government funding are the main factors propelling the market for cancer diagnostics.

Appropriate diagnostic techniques are needed to screen the immunosuppressed population, which has a moderate risk of developing cancer, for lung cancer, cervical cancer, breast cancer, prostate cancer, colon cancer, and melanoma, among other cancers. The development of cancer diagnostics is complemented by a rising knowledge of the early warning signs and symptoms of cancer among medical professionals, other healthcare workers, and the general public.

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During the forecast period of 2022–2032, the global market for cancer diagnostics is expected to grow gradually at a CAGR of 7.1%. The market is anticipated to grow and reach a global market valuation of US$ 191 billion in 2022. The global market for cancer diagnostics is predicted to expand at an increasing rate and see increased demand by 2032, growing to a value of US$ 379 billion.

Another significant factor that is anticipated to increase demand for cancer diagnostics is the inclusion of cancer screening tests in National Cancer Screening Programmes. Regular mammography has been incorporated into national cancer programmes by significant industrialised nations where the incidence of breast cancer is high, which is driving up the use of cancer diagnostics in developed regions.

For instance, the National Mammography Programme is one of the government of the United States’ national cancer screening programmes. Australia’s government is taking the lead by implementing three cancer screening programmes, including the National Bowel Cancer Screening Programme, Breast Screen Australia, and the National Cervical Screening Programme. Similar to this, the majority of European nations are gradually including HPV DNA screening into their national cervical cancer initiatives.

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.

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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

“Advancements in cancer diagnostics and rising prevalence of cancer are expected to aid growth of cancer diagnostics. A majority of leading players in cancer diagnostic market are adopting strategic partnerships to sustain the increasing competitive pressure,” says the FMI Analyst

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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.

Cancer Diagnostics Market by Category:

Test Type

• Tumour Biomarkers Tests
  • PSA Tests
  • CTC Tests
  • AFP Tests
  • CA Tests
  • HER2 Tests
  • BRCA Tests
  • ALK Tests
  • CEA Tests
  • EGFR Mutation Tests
  • KRAS Mutation Tests
  • Others
• Imaging
  • Ultrasound
  • Mammography
  • MRI Scan
  • PET Scan
  • CT Scan
  • SPECT & Others
• Biopsy
  • Needle Biopsy
  • Endoscopic Biopsy
  • Bone Marrow Biopsy
  • Others
• Liquid Biopsy
• Immunohistochemistry
• In Situ Hybridization

Indication

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Melanoma
• Blood Cancer
• Prostate Cancer
• Ovarian Cancer
• Stomach Cancer
• Liver Cancer
• Others

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End-user

• Hospital Associated Labs
• Independent Diagnostic Laboratories
• Diagnostic Imaging Centers
• Cancer Research Institutes
• Others

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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