The global cancer diagnostics market was valued at USD 134.16 billion in 2018. Rising prevalence of cancer and technological advancement in molecular diagnostics together drive the cancer diagnostics market.
The global Cancer Diagnostics market worth USD 269.1 billion by 2030, growing at a CAGR of 6.7%
As per the research findings brought forward by the World Health Organization (WHO) 2018, cancer was responsible for the death of 9.6 million people throughout the globe. It is considered as the second largest cause of mortality worldwide. It is estimated that seventy percent of the deaths are occurring in the low and middle income countries. The major risk factors identified for the early prognosis of cancer are excessive tobacco & alcohol consumption, dietary risk, lack of physical activity and high body mass index etc.
The global cancer diagnostics market is further categorized as by technology and application. The technology segment is further classified as imaging, molecular diagnostics, biopsy and others. The application segment is further categorized as breast cancer, lung cancer, prostate cancer, colorectal cancer, skin cancer and others.
In 2018, North America is dominating the regional segment for global cancer diagnostics market with 41.34% share. Asia Pacific is anticipated to be the fastest growing segment during the forecast period owing to developing healthcare infrastructure and constantly growing medical tourism.
The key players actively engaged in the production of cancer diagnostics are Agilent Technologies, Inc., Becton Dickinson & Company, bioMeriux SA, Danaher Corporation, GE Healthcare, Hologic, Inc., Illumina, Inc., Philips Healthcare, Qiagen, Siemens Healthineers and Thermo Fisher Scientific, Inc.
Cancer Diagnostics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 269.1 billion|
|Growth Rate||CAGR of 6.7 % during 2022-2030|
|Segment Covered||By end-users, Application, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||GE Healthcare, Abbott, F. Hoffmann-La Roche Ltd, and Siemens Healthcare GmbH|
Key Segments of the cancer diagnostics market
By Technology, 2015-2025 (USD Billion)
- Molecular diagnostics
By Application, 2015-2025 (USD Billion)
- Breast cancer
- Lung cancer
- Prostate cancer
- Colorectal cancer
- Skin cancer
Regional Overview, 2015-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of MEA
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global cancer diagnostics market
- The overall segmentation of the cancer diagnostics market, especially key segments such as technology and application is thoroughly studied. Molecular diagnostics and lung cancer are anticipated to be the fastest growing sub segment till 2025
- Rampant growth in medical tourism and developing healthcare infrastructure in the Asia Pacific regional segment will further drive the cancer diagnostics market growth
- Rising public health awareness and constant rise in disease diagnosis will further propel the cancer diagnostics market growth
What does the report include?
- The study on the global cancer diagnostics market includes qualitative analysis of factors such as drivers, restraints and opportunities
- The report covers qualitative and quantitative analysis of the overall market segmented on the basis of technology & application and breakdown of the same at regional level
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key market players with a significant global and/or regional presence along with top company positioning
Who should buy this report?
This study is suitable for industry participants and stakeholders in the biopharmaceutical and medical device manufacturers, seeking an in-depth insight into the movement of the cancer diagnostics market. The report will benefit:
- Executives of medical device companies that are engaged in the production and sale of medical devices and consumables pertaining to cancer diagnosis
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to cancer diagnostics solutions
- Venture capitalists, investors, financial institutions, analysts, government organizations, regulatory authorities, policymakers, researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies
- Biopharmaceutical firms who are looking for new avenues of revenue generation
Frequently Asked Questions (FAQ) :
Prevention of cancer is the most critical aspect under scrutiny worldwide primarily focussing in culminating various efforts in reducing healthcare burden and mortality rate associated with the disease. Healthcare agencies worldwide are being proactive in raising public health awareness which results in early cancer screening and thorough diagnosis. According to the research citings brought forward by World Health Organization (WHO) approximately 30 to 50% cancer cases can be prevented by avoiding risk factors and effective implementation of guidelines pertaining to cancer diagnosis. Researchers throughout the globe hold opinion that many cancer types are curable if diagnosed at an early stage.
Detection of cancer is a multi-step approach, patients often visit oncologists due to repeated occurrence of symptoms. Usually physicians conduct clinical examination and recommend the patients to undergo different types of imaging such as CT scan, MRI, endoscopy, ultrasound etc., Molecular diagnostics are performed to further elucidate the findings encountered in imaging technology regarding cancer. Final confirmation of cancer is given by pathologist after conducting thorough biopsy of tumor cells under investigation.
Oncomine Dx target test (Thermo Fisher Scientific, Inc.,) is the first FDA approved CE-IVD solid tumor biomarker test employing next generation sequencing (NGS) technique to identify cancer biomarkers such as EGFR, KRAS, BRAF, ROS1, ALK and NRAS etc. Panther® system (Hologic, Inc.) is an integrated moelcualr diagnsotc kit is available at reduced cost to expedite the screening of human papilloma virus (HPV) which is the major risk factor associated with cervical cancer. GE Healthcare currently possess comprehensive breast cancer diagnostic portfolio such as Automated Breast Ultrasound, 2D and 3D Mammography, MRI, CT and PET/CT. Siemens Healthineers has recently signed an agreement with ScreenPoint Medical to create an artificial intelligence (AI) based applications for the detection of breast cancer.
The technology segment comprises of imaging, molecular diagnostics, biopsy and others. In 2018, the imaging technology spearheaded the segment owing to its popularity among oncologists worldwide as primary screening for cancer diagnosis. Imaging modalities such as MRI and CT scans are widely employed on account of its inherent features such as non-invasive, quick and pain free preliminary screening for cancer diagnosis. Molecular diagnostics are anticipated to be the fastest growing segment owing to technological advancement in next generation sequencing and cancer biomarkers for early identification of different types of cancers.
The application segment is categorized by different cancer types such as breast cancer, lung cancer, prostate cancer, colorectal cancer, skin cancer and others. Other cancers are currently dominating the application segment owing to rising public health awareness and proactive initiatives adopted by government healthcare agencies to promote early detection and curbing the mortality rate associated with cancer worldwide. Lung cancer is anticipated to grow at a faster pace during the forecast period owing to constant rise in tobacco consumption and rise in air pollution at an alarming rate.
The global cancer diagnostics market is spread across North America, Europe, Asia Pacific, Latin America and Middle East & Africa regions. In the present scenario North America is leading the regional segment for global cancer diagnostics market. According to the latest research citings presented by American Cancer Society (ACS) in 2019, approximately 1.7 million new cancer cases are anticipated to be diagnosed. It is expected that in 2019, around 606,880 Americans will die due to cancer. The key factors driving the cancer diagnostics market growth in the region are domicile of market leaders such as Thermo Fisher Scientific, Inc., Hologic, Inc., Qiagen, GE Healthcare and Danaher Corporation. Europe trails behind in the second position owing to the rising prevalence of cancer and strategic collaboration between academic institutes and medical device manufacturers to launch new technology pertaining to cancer diagnostics. Asia Pacific is expected to exhibit rampant growth during the forecast period on account of constant rise in medical tourism and developing healthcare infrastructure.