Cancer Diagnostics Market Report 2023: Share Will Increase at 6.9% CAGR Globally by 2028 | By AMR

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.

The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Increase in incidences and prevalence of various cancer types, initiatives by government and other organizations to spread awareness about cancer, and surge in number of diagnostics laboratories in developed countries drive the growth of the global cancer diagnostics market. However, risk of high radiation exposure by the use of CT scanners and high cost associated with diagnostics imaging systems hinder the market growth. On the contrary, development of diagnostic approaches for various cancer mutations is expected to create lucrative opportunities for the market players in the future.

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Major Factors Driving the Growth of cancer diagnostics market:

• Rising prevalence of cancer: Cancer is a major global health concern, with an estimated 19.3 million new cancer cases diagnosed worldwide in 2020. The prevalence of cancer is increasing due to a number of factors, including aging populations, unhealthy lifestyles, and exposure to environmental carcinogens.
• Increasing demand for early detection and diagnosis: Early detection of cancer is crucial for improving patient outcomes. Cancer diagnostics are used to detect cancer early, before it has spread to other parts of the body and become more difficult to treat.
• Advancements in diagnostics technologies: There have been significant advancements in the development of new and improved cancer diagnostics technologies. These technologies include new imaging modalities, such as PET scans and MRIs, as well as new biomarkers, such as genetic and protein markers.
• Growing awareness of the benefits of cancer screening: There is a growing awareness of the benefits of cancer screening, which is helping to increase the demand for cancer diagnostics.
• Government support for cancer control programs: Governments around the world are providing support for cancer control programs, including funding for cancer diagnostics research and development.
• Rising disposable incomes in developing countries: Rising disposable incomes in developing countries are making cancer diagnostics more affordable for patients in these countries.

Market Segmentation:

By product type:

• Imaging: Imaging techniques are used to create pictures of the inside of the body. Common imaging techniques used for cancer diagnostics include X-rays, CT scans, MRIs, PET scans, and ultrasounds.
• Biomarkers: Biomarkers are substances that can be measured in blood, urine, or tissue to indicate the presence or progression of cancer. Common biomarkers used for cancer diagnostics include genetic markers, protein markers, and circulating tumor cells.
• Pathology: Pathology involves the examination of tissue samples to diagnose cancer. Pathologists look for abnormal cells and tissues that may indicate cancer.
• Molecular diagnostics: Molecular diagnostics involve the analysis of DNA and RNA from cancer cells to identify genetic mutations and other abnormalities.
• Other diagnostics: Other diagnostics used for cancer include endoscopy, colonoscopy, and fine-needle aspiration biopsy.

By technology:

• In vitro diagnostics (IVD): IVD tests are performed on samples of blood, urine, or tissue in a laboratory.
• In vivo diagnostics: In vivo diagnostics are performed on the body without the need for a tissue sample.
• Imaging: Imaging technologies are used to create pictures of the inside of the body.

By application:

• Early detection: Cancer diagnostics are used to detect cancer early, before it has spread to other parts of the body and become more difficult to treat.
• Staging: Cancer staging is used to determine the extent of cancer in the body.
• Treatment monitoring: Cancer diagnostics are used to monitor the effectiveness of cancer treatment and to identify any recurrence or progression of cancer.
• Prognosis: Cancer diagnostics can be used to predict a patient’s prognosis, or their likelihood of survival.

By end user:

• Hospitals: Hospitals are the most common users of cancer diagnostics.
• Clinics: Clinics also use cancer diagnostics to diagnose and treat cancer patients.
• Laboratories: Laboratories perform IVD tests for cancer diagnostics.
• Patients: Patients are the ultimate consumers of cancer diagnostics.

By region:

• North America  (U.S., Canada, Mexico)
• Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
• Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
• LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)

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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

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Key Questions Answered in the Intelligent Study

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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