Cancer Diagnostics Market– Statistics And Analysis & Forecast To 2030

Posted by Mrudula Anil Karmarkar on March 17th, 2023

The global cancer diagnostics market size is expected to reach USD 293.5 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.89% from 2022 to 2030. Continual introduction of innovative products, coupled with increasing need for early diagnosis of various diseases, is a prime factor driving the market. The demand for cancer diagnosis tools is significantly increasing worldwide due to technological advancements in the field of diagnosis. FDA support for developing oncological biomarkers and mass cytometry, the launch of various reagents and kits for drug discovery and diagnosis, and technologically advanced miniaturized devices facilitating portability and precision are major factors boosting the market growth.

A shift in lifestyle has resulted in further exposure to oncogenic factors. As per the report by The American Cancer Society in 2022, there will be a projected 1.9 million new cases diagnosed and 609,360 cancer fatalities in the U.S. Across several countries, cancer cases are twice as noncommunicable diseases, encouraging government and private players to increase the number of awareness and diagnosis programs globally. Thus, rising prevalence of cancer globally is anticipated to create significantly boost the demand for diagnostic products during the forecast period.

However, the advent of the COVID-19 pandemic has significantly affected the overall market. Diagnosis procedures, resection surgeries, appointments, and consultations were ceased in most countries, morbidity and mortality rates due to COVID-19 were higher in patients with cancer, and the rate of virus transmission was deemed to be high.

Rising use of microfluidic technology for diagnosis is another major factor responsible for replacing conventional methods of diagnosis. Early diagnosis of tumors is crucial for timely treatment. A large number of noninvasive tests are being conducted for the diagnosis of various types of tumors in order to increase the number of people seeking specific tests at regular intervals. The use of DNA-based liquid biopsies is one such technique for the early detection of tumors, which is being conducted by major hospitals, including Memorial Sloan Kettering Cancer Center in the U.S. Liquid biopsies are expected to be used among patients with high disease risk or as prescreening techniques that are followed by diagnostic imaging.

Similarly, the use of AI has been gaining significant traction in the cancer diagnosis industry. According to the NCI, researchers are testing the use of AI for diagnosing prostate cancer. AI tools are used for the identification of suspicious areas seen during an MRI scan, which requires biopsies to confirm the presence of malignant cells. AI tools are also being tested for improving biopsy sample analysis facilitated to render more accurate and efficient results. Thus, the advent of such technological advancements has been a key factor in propelling market growth.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/cancer-diagnostics-market/request/rs1

Moreover, mergers and acquisitions undertaken by market players are expected to propel market growth during the forecast period. For instance, in May 2021 Hologic, Inc. acquired Biotheranostics, Inc., a commercial-stage company, for approximately USD 230 million, which supports molecular diagnostic tests for metastatic and breast cancers. In Feb 2022, BD acquired Cytognos, which specializes in flow cytometry solutions for minimal residual disease detection, blood cancer diagnosis, and immune monitoring research for blood disorders.

Cancer Diagnostics Market Report Highlights

• The consumables segment held the largest share in 2021 and is anticipated to maintain this position throughout the forecast period owing to the factors such as launch of technologically advanced products, increasing cancer cases globally, and upsurge in the geriatric population
• Based on technology, IVD testing held the largest share in 2021. Development of automated IVD systems and launch of novel IVD products are some of the factors driving the segment
• Rising application of PCR in research and diagnostic laboratories is projected to boost the need for polymerase chain reaction tests
• Biopsy technique is expected to be the fastest-growing segment during the forecast period owing to consumer preference toward minimally invasive surgical procedures coupled with advantages offered by liquid biopsy
• The genetic tests segment is expected to exhibit the fastest CAGR at 7.04% during the forecast period. Increase in the development of novel genetic tests is augmenting the growth of the segment
• The breast cancer application segment is expected to grow lucratively over the forecast period due to increasing research and development, increasing breast cancer cases, advancements in technology, and strategic activities by the leading companies
• North America dominated the global market in 2021 owing to increasing demand for new diagnostic technologies, a large pool of key players, presence of several clinical laboratories, and advanced healthcare infrastructure
• Asia Pacific is expected to grow significantly during the forecast period due to the rising prevalence of cancer and increasing growth strategies and expansion of key players in this region

Radiation exposure is likely to limit the usage of CT scans, which might hinder the growth during the forecast period. Imaging modalities are widely used for diagnosing tumors. However, injecting radioactive agents increase the risk of adverse effects due to radiation exposure. In addition, radiologists and other professionals at imaging centers are at a high risk of radiation exposure.

COVID-19 has placed an unprecedented strain on healthcare systems globally. It has led to challenges in offering care while minimalizing the spread of the virus and created a great demand for hospital resources. Healthcare systems across the world have struggled to adjust to the challenges posed by the COVID-19 pandemic. Subsequently, surgeons have seen a lessening number of elective procedures executed since the pandemic began. Planned oncology surgeries have been affected by this rescheduling of non-urgent elective operations. Patients with tumors are at a high risk of infection. Furthermore, morbidity and mortality from COVID-19 are increased in patients with cancer. As per the report by the American Society of Clinical Oncology in March-July 2020 in comparison with 2022, there was a considerable decrease in biopsies, tumor screenings, office visits, therapy, and surgeries. In April 2020, at the peak of the pandemic, screenings for colon, breast, lung, and prostate cancers were lower by 75%, 85%, 56%, and 74%, respectively. Additionally, in March 2020 alone, the COVID-19 pandemic forced the delay of more than 800 appointments for the screening of lung cancer. Even after the screening resumed to a normal schedule, the percentage of new patients screening remained low.

Cancer is one of the leading causes of death across the world and the prevalence of the disease has been escalating at an alarming rate. Therefore, healthcare professionals are focusing on the development of effective screening and treatment solutions to check prevalence levels. Early screening increases the success rate of treatment regimens. As a result, healthcare agencies and market players, through various awareness programs, are promoting routine check-ups and screenings. For instance, in March 2022, HHS announced funding of USD 5 million to improve equity in the screening of cancer at health centers.

The global oncology burden is projected to reach 28.4 million cases in 2040, a 47% upsurge from 2020. Thus, rise in the incidence is anticipated to boost the adoption of cancer diagnostic products. In April 2022, the Precision Cancer Consortium (PCC) collaborated with pharmaceutical companies by permitting access to comprehensive testing for all cancer patients globally. The PCC drives diversity of initiatives aimed at growing patient access to precision diagnostics using wide-ranging genomic testing including NGS. The founding members of PCC include Novartis, Bayer, Roche, and GlaxoSmithKline.

Technological advancements in diagnostic testing are further expected to fuel market growth during the forecast period. For instance, in November 2021, Hologic, Inc. announced the commercial accessibility of the Genius Digital Diagnostics System in Europe. The system is the next-generation cervical cancer screening, which combines the deep learning-based AI with innovative volumetric imaging technology to help identify the cervical cancer cells and pre-cancerous lesions in women. In addition, in March 2022, Hartford HealthCare and Ibex Medical Analytics announced a research initiative involving Ibex's ‘Galen Breast’, an Artificial Intelligence solution helping doctors deliver high-quality enhanced care and screening for breast cancer patients. Thus, such growing initiatives by the key players are expected to boost the industry growth in the near future.

Rising number of programs to raise awareness about malignant tumor screening by various organizations is a key factor responsible for the increased demand for diagnostic products worldwide. Collaborations and partnerships undertaken by the National Cervical Cancer Coalition, the WHO, the CDC, and the U.S. Preventive Services Task Force for increasing cervical cancer screening are expected to boost industry growth during the study period. Moreover, several countries have undertaken measures to increase screening for early screening and help the existing patients. For instance, the Indian government has initiated the Ayushman Bharat and the Prime Minister’s National Relief Fund for patients who require assistance during the treatment.

List of Key Players of Cancer Diagnostics Market

• GE Healthcare
• Abbott
• F. Hoffmann-La Roche Ltd.
• Qiagen N.V.
• BD
• Siemens Healthcare GmbH
• Thermo Fisher Scientific, Inc.
• Hologic, Inc.
• Koninklijke Philips N.V. (Philips)
• Illumina, Inc.