Advanced Cancer Diagnostics Market Outlook 2031
The global advanced cancer diagnostics market size was USD XX Billion in 2022 and is anticipated to reach USD XX Billion by 2031 register a significant CAGR XX% during the forecast period, 2023-2031. The growth of the market is attributed to the rapidly increasing occurrences of the cancer disease along with the growing of patient awareness levels.
Cancer is defined as a collection of diseases that involves abnormal cell growth which has the ability to spread and invade towards additional components of the body, unlike tumors. Initial symptoms and signs include prolonged cough, a lump, change in bowel movements, unexplained weight loss and abnormal bleeding.
Researchers, doctors and scientists have discovered different approaches to the treatment of cancer, which varies upon the stages which the patient is undergoing. Physical examinations are the preliminary methods where the doctors will search for any abnormalities in the patient such as enlargement of certain organs and changing in skin color. Laboratory testing such as blood and urine tests helps the doctors identify deformities that can lead to cancer.
Imaging tests allow the doctor to investigate the patient’s internal organs and bones and search for signs leading to cancer. The doctors can also collect samples of cells for the biopsy testing, which depends on the organ to which the cancer is diagnosed towards. According to the reports of World Cancer Research Fund International, global cancer occurrences is expecting to rise to more than 19 million cases by 2028.
The COVID-19 pandemic has reduced the growth of the global cancer diagnostics product & services market initially. However, upon further studies, researchers and scientists found out that the coronavirus has the viral gene of accelerating illness of the hosts. Basically, a patient of cancer was more susceptible to the COVID-19 virus than that of a healthy person.
This steered to hospitals, clinics, and healthcare laboratories to focus more on both COVID-19 vaccination and cancer diagnosis simultaneously for the prevention and treatment of diseases and this led to its market growth.
Advanced Cancer Diagnostics Market Trends, Drivers, Restraints, and Opportunities
Increasing knowledge of cancer from both the doctors & the public along with Government initiatives for the treatment and diagnosis of this disease, is projected to boost the global advanced cancer diagnostics market growth during the forecast period, 2021-2028. Healthcare professionals have focused on the research and development studies about cancer, its symptoms, the different stages and how to identify each of them with respect to their patients and the best treatment program available for the same.
Rapid growth of funding and investments from both the Government and private investors to the diagnosis to cancer are also major factors driving the market expansion in the coming years.
The devices and equipment used for screening practices such as imaging, endoscopy and other laboratory tests will enable the detection of disease at the preliminary stage. However, there are risk factors when following the medical imaging which includes radiation exposure to fluorescent, improper administration of Barium contrast and other endoscopic and imaging procedures.
This requires high maintenance cost for safety & execution and thereby hinders the global advanced cancer diagnostics market growth. Lack of adequate healthcare infrastructure, especially in the developing economies, present as main challenges that can restrict the market expansion in the coming years.
R&D investment and technological advancement are expected to offer significant opportunities for the market players. Researchers and scientists have now discovered advanced diagnostic techniques such as the next generation sequencing, high density microarrays, cellular analysis involving capture & identification, lab-on-a-chip, real time PCR or the RT-PCR, and multiplied assays.
Scope of The Advanced Cancer Diagnostics Market Report
The report on the global advanced cancer diagnostics market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Advanced Cancer Diagnostics Market Size - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
By Products (Genomics Based, Epigenomics Based, Proteomics Based and Cellular Analysis Based)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players Covered in the Report
Roche Diagnostics; Abbott Laboratories; Biocept; Beckman Coulter Inc; Becton Dickinson and Co.; Affymetrix Inc; Biotheranostics; GE Healthcare; Gen-Probe Inc; and Others
Global Advanced Cancer Diagnostics Market Segment Insights
The genomics based segment is projected to represent a large market share
Based on the products available, the global advanced cancer diagnostics market is divided into genomics based, epigenomics based, proteomics based, and cellular analysis based. The genomics based segment is expected to constitute a major share of the market during the forecast years, 2023-2031 owing to the technological advancements such as the enhanced protein-coding, high resolution genome wide screening and super genome sequencing.
These techniques have not only discovered latest cancer threats and causes, but also improved upon the existing methods in terms of efficiency and efficacy.
North America is anticipated to dominate the global advanced cancer diagnostics market
On the basis of regions, the global advanced cancer diagnostics market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. North America is expecting to expand at an impressive and healthy CAGR during the forecast period, 2023-2031.
This regional market growth can be attributed to the existence of high patient awareness which encourages patients to undergo diagnostic procedures along with the healthcare infrastructure available for people from this region.
The global advanced cancer diagnostics market size has been segmented in terms of
- Genomics Based
- Epigenomics Based
- Proteomics Based
- Cellular Analysis Based
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Roche Diagnostics
- Abbott Laboratories
- Beckman Coulter Inc
- Becton Dickinson and Co.
- Affymetrix Inc
- GE Healthcare
- Gen-Probe Inc
Major players competing in the global advanced cancer diagnostics market are Roche Diagnostics; Abbott Laboratories; Biocept; Beckman Coulter Inc; Becton Dickinson and Co.; Affymetrix Inc; Biotheranostics; GE Healthcare; Gen-Probe Inc; and others. These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
They are simultaneously looking to innovate the current product they have in order to get a competitive edge in the market. For instance, in January 2020, Roche Diagnostics developed the interventional radiology that involves the usage of invasive techniques such as catheters and needles which also provides alternative surgery to some patients.