Cancer Diagnostics Market Outlook 2031
The global cancer diagnostics market size was valued at USD 19.18 Billion in 2022 and is likely reach to USD 51.09 Billion by 2031, expanding at a CAGR of 11.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing occurrences of oncologic cases, growing need of effective screen testing, and continuous technological developments in the study and development of cancer.
Cancer is defined as a collection of diseases that involve abnormal cell growth, which has the ability to spread at a rapid pace and can also invade towards additional components of the body. Initial symptoms and signs include prolonged cough, a lump, and irregularities in bowel movements, unexplained weight loss, and abnormal bleeding.
The use of tobacco is considered to be the main cause of cancer deaths. Other reasons can be due to obesity, lack of physical activity, sedentary lifestyle, excess drinking habit of alcohol, and poor diet. Experience to ionizing radiation, environmental pollutants, and certain infections can also attribute to cancer formation.
The risk involved in the development of most cancers can be controlled by following a healthy lifestyle, maintaining a good body mass index, quit smoking, limiting alcohol intake, vaccination against infectious diseases, and eating nutritious fruits, whole grains and vegetables. 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 seek to find information 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 are widely adopted by doctors to identify deformities that can lead to cancer.
Imaging tests allow the doctor to investigate the patient’s internal organs and bones as well as search for signs leading to cancer effectively and accurately. Moreover, doctors can also collect samples of cells for the biopsy testing, which depends on the organ to which the cancer is diagnosed towards.
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.
Cancer Diagnostics Market Trends, Drivers, Restraints, and Opportunities
- The major driver for the global cancer diagnostics market is the rising awareness of different cancer diagnostic procedures along with favorable government initiatives for the treatment and diagnosis of this disease.
- The increase in funding and investments from both the government and private investors to the diagnosis to cancer present a major driver for the growth in this market.
- Numerous screening practices such as imaging, endoscopy, and other laboratory tests, which enable the detection of disease at the preliminary stage. This is projected to boost the market growth.
- Several risk factors related to the using of medical imaging acts as a key challenge that can hinder towards the global cancer diagnostics market growth.
- High cost in performing of the cancer diagnosis especially in developing countries is a major restraint in the global cancer diagnostics market.
Scope of Cancer Diagnostics Market Report
The report on the global cancer diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Cancer Diagnostics Market Size - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Laboratory Tests, Genetic Tests, Imaging, Endoscopy, Biopsy, Barium Enema, and Others) and Applications (Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Pancreatic Cancer, Ovarian Cancer, and Others)
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
GE Healthcare; Abbott Laboratories; F.Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Becton, Dickinson & Company; Illumina Inc.; Koninklijke Philips N.V; and Hologic Inc.
Cancer Diagnostics Market Segment Insights
Imaging segment to lead the market share
Based on types, the global cancer diagnostics market is segmented into laboratory tests, genetic tests, imaging, endoscopy, biopsy, barium enema, and others. The imaging segment is expected to lead the market in terms of the revenue share in the coming years owing to wide adoption of imagining process for cancer detection.
Latest imaging sensory systems such as the magnetic resonance imaging and the computer tomography scanning are pain-free diagnostic, precise, accurate, non-invasive, and quick solutions.
These imaging modalities can also be used for supportive testing as well as other genetic and laboratory tests to understand the severity and location of the cancer condition that is dwelled in the patient’s body. These factors are also the main reason to boost the imaging segment during the forecast period.
On the other hand, the laboratory and genetic tests segments in combined is projected to register a significant CAGR during the forecast period. During the process of cancer diagnosis of a patient, the genetic and laboratory tests are done on the preliminary basis and then the imaging test procedure is conducted for conclusive diagnosis of the cancer.
Breast Cancer to constitute a large market share
On the basis of applications, the market is divided into breast cancer, colorectal cancer, cervical cancer, lung cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, pancreatic cancer, ovarian cancer, and others. The breast cancer segment is anticipated to constitute a large market share in the coming years owing to the rise of wide application of mammography. It is considered to be one of the most popular and common screening tests for breast tumor and cancer screening
Cancer Diagnostics Market Regional Outlook
North America to hold a major revenue market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a dominant market share representing more than 40% of the global market share in 2016 and is expected to continue this trend during the forecast period, 2023-2031.
The presence of major key players in the region and existing favorable healthcare insurance to its citizens. Along the greater funding available for research and development activities, the adoption of advanced technology in cancer diagnostics devices and kits is a key factor propelling the regional market growth.
Meanwhile, the market in Asia Pacific is anticipated to register a substantial CAGR during the forecast period owing to rising number of cancer patients and growing awareness of cancer diagnostic process. Several government policies to improve the existing healthcare facilities and expansion of various medical infrastructure in the region play another key factor for the market growth in Asia Pacific.
- Laboratory Tests
- Genetic Tests
- Barium Enema
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Blood Cancer
- Kidney Cancer
- Pancreatic Cancer
- Ovarian Cancer
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Some of the major players competing in the global cancer diagnostics market are GE Healthcare; Abbott Laboratories; F.Hoffmann-La Roche Ltd; Siemens Healthcare GmbH; Becton, Dickinson & Company; Illumina Inc.; Koninklijke Philips N.V; and Hologic Inc.
These players are currently focused on research and development activities to provide innovative technique and kits for cancer diagnostics to ensure that these innovative methods are for low cost and time efficiency.