Cancer Diagnostics Market Growth Statistics, Size Estimation, Emerging Trends, Outlook to 2030 – ManufactureLink
the global cancer diagnostics market the size was 175.1 billion USD in 2021 and is expected to grow at a CAGR of 7.2% to reach USD 305.3 billion by 2030. Rising prevalence of oncology cases, rising demand for effective screening tests, and steady technological advancements in diagnostics are the major factors driving the demand for screening tools worldwide. Furthermore, growing awareness and supportive government initiatives are additional factors that are expected to drive the growth of the industry over the forecast period.
Cancer is one of the leading causes of death worldwide. Moreover, according to data published by the WHO, the number of new cases of cancer is expected to increase by about 70% in a few decades. The organization also claimed that cancer is the second leading cause of death in the United States and accounts for nearly one in four deaths nationwide. The increasing prevalence of cancer is driving the demand for cancer diagnostics.
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Early detection of cancer increases the chances of successful treatment. Thus, a new technology capable of detecting tumor growth early (even before signs and symptoms are observed) is in high demand. Superior imaging techniques are in high demand for cancer screening.
Global cancer diagnostics market definition
Cancer is a disease in which abnormal cells divide out of control and invade nearby tissues. Cancer cells can also spread to other parts of the body through the blood and lymphatic systems. There are several main types of cancer.
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Diagnostic is the process of identifying a condition, disease or injury from its signs and symptoms. A medical history, physical exam, and tests, such as imaging tests, blood tests, and biopsies, may be used to help make a diagnosis.
Global Cancer Diagnostics Market Dynamics
Drivers: Initiatives taken by government and global health organizations to raise awareness of cancer
Cancer has the highest mortality rate in the world. The government and some global health organizations are undertaking awareness initiatives through various campaigns. These programs aim to raise awareness of the signs, symptoms and complications of cancer.
The American Cancer Society recommends that women between the ages of 45 and 55 have mammograms at least once a year. Such programs increase the number of cancer cases diagnosed each year as more people voluntarily undergo screening in the early stages of the disease.
Constraints: Lack of sensitivity and specificity
Accurate detection of cancer progression is very important for selecting an appropriate treatment regimen. Currently available tests show false positive results in some cases. Thus, supportive confirmatory tests must be performed, which increases the monetary burden on patients. Tests using specific biomarkers and tumor markers give comparatively more accurate results. However, specific biomarkers and tumor biomarkers are not available in abundance. As a result, the lack of highly sensitive tests is hampering the growth of the market.
Scope of the Global Cancer Diagnostics Market Research Report
The study categorizes the cancer diagnostics market based on screening type, application and end-use regionally and globally.
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By Outlook Screening Type (Sales, million USD, 2017–2030)
- Laboratory tests
- Genetic tests
- Other (barium enema)
By Outlook app (Sales, million USD, 2017–2030)
- Breast cancer
- Colorectal cancer
- Cervical cancer
- Lung cancer
- Prostate cancer
- Skin cancer
- kidney cancer
- Liver cancer
- Pancreatic cancer
- Ovarian cancer
By end-use outlook (Sales, million USD, 2017–2030)
- Hospitals and Clinics
- Diagnostic laboratories
- Diagnostic Imaging Centers
- Research institutes
Outlook by region (Sales, million USD, 2017–2030)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The imaging segment represents the largest market share, by type of screening
The global cancer diagnostics market is divided into laboratory tests, genetic tests, imaging, endoscopy, biopsy and others based on the type of screening. In 2021, the imaging segment accounted for 27.5% in the global cancer diagnostics market. Imaging tests can help confirm the presence of a tumor in conjunction with laboratory and genetic tests. Computed tomography (CT), magnetic resonance imaging (MRI), X-rays, ultrasound, and other radiographic tests are examples of imaging tests. One of the disadvantages of imaging modalities is that ingestion of fluorescent and radioactive materials used in imaging can lead to various side effects. Additionally, patients with pacemakers are not suitable candidates for imaging because the metallic components of implanted pacemakers cause interference in MRI scans.
Asia Pacific is the fastest growing region during the forecast period
On the basis of regions, the global cancer diagnostics market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is expected to hold the highest CAGR of 7.7% in the global cancer diagnostics market during the forecast period. Economic development in countries like India and China is expected to fuel the growth of the market. The large population and low per capita income of the Asia-Pacific region has led to a high demand for affordable treatment options.
International companies are eager to invest in developing countries like China, Japan and India. Thus, many collaborative partnerships and strategic alliances are formed with companies in this region to stimulate cancer research and raise awareness of the signs, symptoms and diagnostic tests available for cancer screening.
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Main market players
Each company follows its own business strategy to achieve the maximum market share. Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG, Danaher Corporation, Hologic, Inc., Koninklijke Philips NV, Qiagen NV, Siemens Healthcare GmbH and Thermo Fisher Scientific Inc. market.