Cancer remains of the most common reasons for deaths worldwide and the alarming rate at is the factors that boost the market.
Market Overview
The Cancer Diagnostics Market Size was assessed at USD 160.2 billion in 2021 and is expected to rise from USD 170.9 billion in 2022 to USD 269.1 billion by 2030, with a compound yearly growth rate (CAGR) of 6.70% during the forecast period (2022- 2030). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Boosters and Barriers
Cancer remains of the most common reasons for deaths worldwide and the alarming rate at which it is gaining prevalence is one of the factors that boost the market demand. Given the aggravating situation, healthcare specialists are increasing their focus on developing advanced diagnostic solutions to analyze the prevalence level.
Technological innovations in several fields including imaging, biomarkers, endoscopy; biopsy, and the rapidly expanding geriatric population also work in the cancer diagnostics market’s favor. Rising number of initiatives by the government bodies and the increasing funds being allocated in this field also fosters market growth.
Many of the top firms in the global market are able to sustain their positions by adopting strategies such as product innovations and rigorous R&D efforts for the introduction of the same. It is expected that the competition in the worldwide market could intensify substantially over the next few years, as several vendors are now more focused on carrying out researches and coming up with innovative diagnostic techniques via product range expansions, acquisitions, collaborations and mergers. To illustrate, in November 2020, NanoString Technologies collaborated with the Oregon Health & Science University for the development of GeoMx Digital Spatial Profiler-based protein assays that cater to patients with breast cancer. This product innovation is expected to boost the application range of spatial biology, with the bigger picture being improved patient care via modern molecular testing.
Market Segmentation
Cancer diagnostics market outlook can be categorized depending on type, application and end user.
The types of cancer diagnostics trend in the market are biomarkers testing, imaging testing, biopsy, in vitro diagnostic testing, and more. Imaging testing types such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scan are non-invasive, pain-free and quick diagnostic solutions and therefore, observe significant demand in the healthcare industry.
Some of the top market applications are breast cancer, lung cancer, melanoma cancer, colorectal cancer, liver cancer, prostate cancer, and others.
Research institutes, hospitals and clinics, diagnostic centers, and others are the key market end-users.
Regional Insight
Asia Pacific or APAC, the Americas, Middle East & Africa or MEA and Europe are the primary markets for cancer diagnostics.
America is currently leading the global market for cancer diagnostics, thanks to the burgeoning elderly population and the high healthcare spending.
Since 2018, Europe has remained the second biggest market for cancer diagnostics, as a result of the mounting awareness level among people about cancer and the surge in technological advances in the oncology field. Germany is the frontrunner in the regional Cancer Diagnostics Market report, considering that the country has a massive patient pool and accommodates a huge population of highly skilled healthcare professionals.
APAC could record the highest growth rate in the ensuing years, given that the region holds a vast cancer-afflicted population and this has bolstered the need for more effective diagnostics.
Top Industry Contenders
Top industry contenders analyzed in the MRFR report include Biotheranostics, Illumina, Inc., Exact Sciences Corporation, QIAGEN N.V., Arquer Diagnostics Ltd, Abbott Laboratories, Inc., Thermo Fisher Scientific, Inc., Roche Diagnostics, Siemens Healthcare, GE Healthcare, Agilent Technologies, Inc., Becton, Dickinson and Company (BD), Koninklijke Philips N.V., Inc., BioMark Diagnostics Inc., Cancer Diagnostics, Inc., to name a few.
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