Cancer Diagnostics Market Anticipates Steady 8.67% CAGR Through 2030

Cancer Diagnostics Market Snapshot

“The Cancer Diagnostics Market is estimated to increase at a CAGR of 8.67% from $ 102.78 Billion in 2023 to $ 198.56 Billion by 2030.”

Cancer diagnostics involves the identification of proteins, biomarkers, and other signs that aid in identifying malignant tumors.

Cancer diagnostics involves identifying proteins, biomarkers, and symptoms to identify malignant tumors in a patient. Identifying common proteins and biomarkers in cancer cases aids in diagnosis. Using specific devices and technology is necessary for accurate cancer diagnosis.

The cancer industry is experiencing growth due to factors like rising cancer prevalence, aging population, increased awareness, new biomarkers, and strategic market initiatives. Healthcare professionals focus on efficient screening and treatment options to assess prevalence levels.

The market is expanding faster than expected due to various initiatives supporting advanced diagnostics by healthcare organizations and industry participants.

The ACCC has been instrumental in addressing the growing need for up-to-date knowledge and resources in cancer diagnosis, prognosis, and treatment decision-making due to modern cancer screening technology, biomarkers, and precision treatment. They also provide resources and information to assist multidisciplinary cancer care team members.

The ACCC offers educational programs to equip multidisciplinary cancer care team members with the necessary knowledge to effectively communicate the importance of diagnostics and biomarker testing to patients and caregivers, particularly those from underprivileged populations, ensuring their confidence in their abilities.

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Key Points

• In 2022, the consumables segment held the highest market share of 60% by product.
• In 2022, the IVD testing segment held a market share of 61.3% in technology.
• In 2022, the laboratory tests segment held a market share of 24.5% by screening type.
• In 2022, the hospitals and clinics segment held a 52% market share by end-user.
• In 2022, the others segment held a market share of 20.7% in the application sector.

Growth Drivers

Over the course of the forecast period, the global market for cancer diagnostics is anticipated to rise at a rapid pace due to increased advancements in diagnostic testing procedures. Over the course of the forecast period, technological developments in diagnostic testing are anticipated to accelerate market expansion.

For example September 21, 2023 Hologic Inc. and Bayer today announced an international partnership to deliver contrast-enhanced mammography (CEM) solutions to improve the detection of breast cancer for women in multiple countries across the European, Canadian and Asia Pacific regions.

The market for colorectal cancer treatment is expected to grow due to rising costs associated with cancer management and treatment. A 2022 Journal of Lancet Regional Health article highlighted catastrophic treatment attrition and spending in India, with an average cost of US$ 5340, with the patient's PARP (median INR 330,277 / US$ 4328) accounting for the largest portion of the cost.

Restraints

The global cancer diagnostics market is expected to slow down due to high diagnostic test costs. Myriad Genetics, a US-based precision medicine and genetic testing firm, launched the myChoice CDx product line at a retail price of US$4,590. The FDA approved myChoice CDx as a companion diagnostic for patients with advanced ovarian cancer with positive homologous recombination deficiency status.

Market Trends

Biomarker testing in cancer diagnosis is still in its infancy, and major industry players are focusing on partnership tactics to diversify their product offerings. Anti-cyclic citrullinated peptide (anti-CCP) and rheumatoid factor (RF) tests need improvement to increase clinical usefulness.

After the FDA approved Navidea's cancer diagnostic, WorldCare Clinical partnered with Navidea Biopharmaceuticals to offer imaging services. The goal of these global partnerships is to develop the company's pipeline and provide innovative solutions.

Opportunities

Advancements in biotechnology have enabled the identification of potential cancer biomarkers, some of which have been commercialized. This has led to a growing profitable market for cancer diagnostics, as the understanding of these biomarkers can provide better detection tools and technologies for cancer patients.

The global demand for diagnostic tools is increasing due to various organizations raising awareness about malignant tumor screening. Countries like India have launched initiatives like Ayushman Bharat and the Prime Minister's National Relief Fund to support patients and enhance early screening, promoting market expansion and enhancing patient support.

Challenges

• The number and complexity of tests have grown annually, leading to an increased demand for pathology services.
• Pathology services are unable to fill open positions due to unadjusted staffing levels and the requirement for pathologists to complete up to 15 years of training.
• Over the next five years, a third of consultant histopathologists are predicted to retire, and there is a shortage of resident physicians to address this issue.

Cancer Diagnostics Market Segment Analysis

This research study examines the global cancer diagnostics market, focusing on various test types and applications. The market is divided into genetic tests, laboratory tests, imaging, biopsy, endoscopy, and others. The imaging category is expected to grow at the highest CAGR in 2022.

Various imaging modalities, such as X-rays, ultrasound, computed tomography, SPECT, MRI, PET, and optical imaging, are used for cancer diagnosis. Computed tomography scans and MRIs are commonly used due to their quick, painless, non-invasive, and higher efficacy.

This research study covers various cancer applications, including colorectal, breast, cervical, prostate, lung, blood, skin, kidney, pancreatic, ovarian, and liver cancer. Increased alcohol and tobacco use is linked to increased risk of throat and liver cancer. Breast cancer had the largest market share in 2020, with one in eight UK women having it. The recovery rate is higher than expected, making mammography a common screening test. The National Breast Cancer Foundation, Inc. has contributed to public awareness-raising.

The breast cancer category currently represents the largest portion of the cancer diagnostics market, largely due to the rise in older women and the prevalence of breast cancer among women. This market is expected to expand due to increased projects by various organizations.

This research study examines the global cancer diagnostics market, focusing on various test types and applications. The market is divided into genetic tests, laboratory tests, imaging, biopsy, endoscopy, and others. The imaging category is expected to grow at the highest CAGR in 2022.

Various imaging modalities, such as X-rays, ultrasound, computed tomography, SPECT, MRI, PET, and optical imaging, are used for cancer diagnosis. Computed tomography scans and MRIs are commonly used due to their quick, painless, non-invasive, and higher efficacy.

Competitive Landscape of the Cancer Diagnostics Market Analysis

• Agilent Technologies, Inc.
• Thermo Fisher Scientific, Inc.
• Illumina, Inc.
• Becton, Dickinson and Company
• GE Healthcare
• QIAGEN N.V.
• Abbott Laboratories, Inc.
• Roche Diagnostics
• Siemens Healthcare
• Philips Healthcare
• Bard, Inc.
• bioMérieux SA
• NeoGenomics Laboratories, Inc.
• Volpara Solutions Limited
• Hologic Inc.
• Canon Medical Systems Corporation
• PenRad Technologies Inc.
• BioNTech Diagnostics GmbH
• BioGenex

New Developments in Cancer Diagnostics Market

Oct 19, 2023- Thermo Fisher Scientific Signs Companion Diagnostic Agreement with Boehringer Ingelheim to Select Patients with NSCLC for Targeted Therapy Treatment.

September 12, 2023- Agilent Technologies and Exact Sciences Agree to Terms of Sale for Resolution Bioscience

Agilent Technologies, Inc. and Exact Sciences Corp., a leading provider of cancer screening and diagnostic tests, today announced they have entered into a definitive agreement for the sale of Resolution Bioscience to Exact Sciences. Financial terms of the agreement were not disclosed and are not material to either party.

On March 22, 2023, F. Hoffmann-La Roche Ltd (Roche), a biotechnology company that develops drugs and diagnostics to treat major diseases, announced that it had entered into a collaboration with Eli Lilly and Company is pharmaceutical company in U.S.,  to support the development of Roche’s Elecsys Cancer Diagnostics Market The PARP is an innovative blood test that aims to facilitate the earlier diagnosis of Alzheimer’s disease.

In March 2022, Invitae, a medical genetics company, announced full access to its Personalized Cancer Monitoring (PCMTM) platform to help detect minimal or molecular residual disease (MRD) in patients with solid tumors. Invitae PCM uses a novel set of personalized assays based on a patient's tumor to detect circulating tumor DNA (ctDNA) in blood, offering the ability to perform risk stratification, response assessment to treatment, and detection of cancer recurrence, based on recent studies.

In June 2022, Roche launched the new BenchMark ULTRA PLUS system for cancer diagnostics enabling timely, targeted patient care.

Regional Analysis of Global Cancer Diagnostics Industry

North America holds the leading position in the global cancer diagnostics market due to concentrated oncology research and government healthcare grants. The region's robust medical environment, increasing number of biotechnology and medical device companies, increased funding for R&D projects, and rapid adoption of new technologies have contributed to the market's expansion.

The American Cancer Society predicts a rise in new cancer cases in the US from 1,918,030 in 2022 to 1,958,310 by 2023. Breast cancer is expected to see 300,590 new cases in 2023, while colon cancer cases are predicted to rise from 80,690 in 2022 to 81,860 in 2023. The high prevalence of colorectal cancer necessitates more screening tests, accelerating the growth of the cancer market.

North America holds the largest market share in the healthcare industry due to its advanced infrastructure, high awareness, literacy rate, and per capita healthcare expenditure. Early cancer diagnosis is crucial for reducing death rates.

The growth of the market is influenced by the presence of biotechnology and medical device companies, qualified technicians, significant funding options, and high levels of research and development.

The Asia Pacific market is expected to experience significant growth due to its high number of registered clinical trials related to medicines, and government reforms and investment efforts are expected to further accelerate the expansion of the chimeric antigen receptor (CAR)-T cell treatment market.

Segments Covered in the Cancer Diagnostics Market Report

Segment by Diagnostic Type

• Laboratory Tests
• Genetic Tests
• Imaging
• Endoscopy
• Biopsy

Segment by Application

• Breast
• Lung
• Liver
• Cervical
• Colorectal
• Skin
• Blood Cancer
• Kidney Cancer
• Liver Cancer
• Pancreatic Cancer
• Ovarian Cancer

Market by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
• Middle East
• Africa
• Latin America

Frequently Asked Questions

What is the expected growth rate of the Cancer Diagnostics market over the next 7 years?

The Cancer Diagnostics Market is estimated to increase at a CAGR of 8.67% from $ 102.78 Billion in 2023 to $ 198.56 Billion by 2030.

Who are the major players in the Cancer Diagnostics market and what is their market share?

Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., Becton, Dickinson and Company, GE Healthcare, QIAGEN N.V., Abbott Laboratories, Inc., Roche Diagnostics, Siemens Healthcare, Philips Healthcare, R. Bard, Inc., bioMérieux SA, NeoGenomics Laboratories, Inc., Volpara Solutions Limited, Hologic Inc., Canon Medical Systems Corporation, PenRad Technologies Inc., BioNTech Diagnostics GmbH, BioGenex., are prominent players operating and dominating in the market.

Who are the top 3 Cancer Diagnostics Market Key Vendors?

Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc, are key players in the Cancer Diagnostics market.

Which geographical areas dominate the worldwide market for Cancer Diagnostics?

North America region are emerging as the top regional markets for Cancer Diagnostics solutions.

1.SUMMARY

1.1. Cancer Diagnostics Market Overview

1.2. Key Insights

1.3. Report Scope

1.4. Research Methodology

1.5. Frequently Asked Questions

1.6. Chapter Outlines

2. DECISION-MAKING SUMMARY
3. INTRODUCTION

3.1. Overview of Cancer Diagnostics

3.2. Key Historical Events

3.3. Structure

3.4. Biochemical Interaction

3.5. Target Indications

3.6. Advantages of Cancer Diagnostics

3.7 Challenges associated with Cancer Diagnostics

3.8. Future Perspectives.

4. MARKET LANDSCAPE

4.1. Methodology

4.2 Cancer Diagnostics: Developer Landscape

4.2.1. Analysis by Year of Establishment

4.2.2. Analysis by Company Size

4.2.3. Analysis by Location of Headquarters (Region-wise)

4.2.4. Analysis by Location of Headquarters (Country-wise)

4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)

4.2.6. Most Active Players

5. COMPANY

5.1. Company Overview

5.1.2 Management Team

5.1.3. Product Portfolio

5.1.4. Recent Developments and Future Outlook

6. PARTNERSHIPS AND COLLABORATIONS

6.1. Partnership Models

6.2. Cancer Diagnostics: Partnerships and Collaborations

6.2.1. Analysis by Year of Partnership

6.2.2. Analysis by Type of Partnership

6.2.3. Analysis by Year and Type of Partnership

6.2.4. Analysis by Type of Partner

6.2.5. Analysis by Year of Partnership and Type of Partner

6.2.6. Analysis by Type of Partnership and Type of Partner

6.2.7. Analysis by Type of Partner and Parent Company Size

7. ACADEMIC GRANTS ANALYSIS

7.1. Methodology and Key Parameters

7.2. Cancer Diagnostics: Academic Grants Analysis

7.2.1. Analysis by Year of Grant Award

7.2.2. Analysis by Amount Awarded

7.2.3. Analysis by Funding Institute Center

7.2.4. Analysis by Support Period

7.2.5. Analysis by Funding Institute Center and Support Period

7.2.6. Analysis by Type of Grant Application

7.2.7. Analysis by Purpose of Grant

8. PUBLICATION ANALYSIS

8.1. Analysis Methodology and Key Parameters

8.2. Cancer Diagnostics: Publication Analysis

8.2.1. Analysis by Year of Publication

8.2.2. Analysis by Type of Publication

8.2.3. Analysis by Type of Conjugate

8.2.4. Analysis by Target Indication

8.2.5. Analysis by Copyright Holder

8.2.6. Word Cloud: Emerging Focus Area

8.2.7. Most Active Publishers: Analysis by Number of Publications

9. SUCCESS PROTOCOL ANALYSIS

9.1. Methodology and Key Parameters

9.2. Key Assumptions and Scoring Criteria

9.3. Success Protocol Analysis

9.4. Assessment of Approved Cancer Diagnostics

10. Appendix 1: Tabulated Data
11. Appendix 2: List of Companies

1. Agilent Technologies, Inc.
2. Thermo Fisher Scientific, Inc.
3. Illumina, Inc.
4. Becton, Dickinson and Company
5. GE Healthcare
6. QIAGEN N.V.
7. Abbott Laboratories, Inc.
8. Roche Diagnostics
9. Siemens Healthcare
10. Philips Healthcare
11. Bard, Inc.
12. bioMérieux SA
13. NeoGenomics Laboratories, Inc.
14. Volpara Solutions Limited
15. Hologic Inc.
16. Canon Medical Systems Corporation
17. PenRad Technologies Inc.
18. BioNTech Diagnostics GmbH
19. BioGenex

Segments Covered in the Cancer Diagnostics Market Report

Segment by Diagnostic Type

• Laboratory Tests
• Genetic Tests
• Imaging
• Endoscopy
• Biopsy

Segment by Application

• Breast
• Lung
• Liver
• Cervical
• Colorectal
• Skin
• Blood Cancer
• Kidney Cancer
• Liver Cancer
• Pancreatic Cancer
• Ovarian Cancer

Market by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
• Middle East
• Africa
• Latin America