Cancer Diagnostics Market Size, Trends and Industry Outlook by Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma Cancer, Prostate Cancer, Liver Cancer and others), by Type (Imaging Testing, Biomarkers Testing, In Vitro Diagnostic Testing, Biopsy and others), End-User (Diagnostic Centers, Hospitals and Clinics, Research Institutes and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2027
Cancer Diagnostics Market Overview
The cancer diagnostics market is expected to reach USD 163,000 million by the end of 2025, with a CAGR of 8.9% over the projected period. Cancer is the abnormal growth of tumor cells in any part of the body that has the potential to spread to other areas. It is one of the leading causes of death worldwide, and its prevalence is increasing at an alarming rate. As a result, medical practitioners are focusing their efforts on developing effective diagnostic and therapeutic solutions to assess the prevalence rate. Early detection and treatment modalities have a higher success rate. As a result, hospitals and cancer detection firms are encouraging routine screenings through various public awareness campaigns.
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Due to the growing demand for diagnostic imaging therapies and the limited number of imaging modalities available in public hospitals, the number of private cancer diagnostic centers is growing worldwide. Some of the key causes driving the global need for screening tools and processes are increasing oncologic case prevalence, continuous technical breakthroughs in diagnostics, and the expanding requirement for efficient screening tests. Two more aspects that are predicted to boost the cancer diagnostics market expansion throughout the forecast period are raising awareness and supporting government efforts.
Many hospitals in impoverished countries are unable to invest in diagnostic imaging technology due to rising prices, decreasing reimbursement rates, and fiscal constraints. However, due to the growing demand for diagnostic imaging services in these nations, hospitals that cannot afford to buy new imaging equipment opt to employ used equipment. Refurbished equipment is far less expensive than new systems, with prices ranging from 40% to 60% of the full purchase price.
Cancer Diagnostics Market Segmental Analysis
The cancer diagnostics market is segmented on the basis of type, application, end-user, and region. On the basis of end-user, the market is segmented into diagnostic centers, hospitals & clinics, and research institutes. Based on type, the market is segmented into imaging testing, in vitro diagnostic testing, biomarkers testing, and biopsy. On the basis of application, the cancer diagnostics market is segmented into melanoma cancer, colorectal cancer, breast cancer, lung cancer, prostate cancer, liver cancer, and others.
Cancer Diagnostics Market Regional Analysis
The cancer diagnostics market in North America is highly diversified, and prominent competitors have employed a variety of strategies to expand their footprints in this market, including new product releases, expansions, agreements, joint ventures, partnerships, acquisitions, and others. In 2018, North America dominated the cancer diagnostics market, accounting for 42.0% of the net revenue. Due to various factors such as increased financing for research and development initiatives and high adoption of innovative technologies, North America is likely to maintain its dominance during the forecast period.
Asia Pacific is expected to grow the fastest in the near future due to the presence of a large patient pool, the availability of competent technicians at a lower cost, and a clear regulatory environment encouraging faster product approvals. In countries like India and China, favorable government policies fostering manufacturing industry growth and lower manufacturing costs are expected to lure global players to set up production facilities in these countries. Furthermore, the estimated increase in the number of patients in the Asia Pacific is expected to fuel cancer diagnostics market growth in the near future. Factors such as the rising geriatric population and the increasing number of cancer cases are driving Europe’s cancer diagnostics market growth. On the other hand, high cancer diagnostic costs in some European countries are constraining market expansion and are expected to have a negative impact on cancer diagnostics market growth in the forthcoming years.
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Cancer Diagnostics Market Competitive Analysis
Some of the leading players in the cancer diagnostics industry include G.E. Healthcare, Abbott, F. Hoffmann-La Roche Ltd, and Siemens Healthcare GmbH. Due to their adoption of unique goods and considerable research and development efforts to give breakthroughs in the area, these companies have a strong presence in the global market.
Some other key players are
- Exact Sciences Corporation
- BioMark Diagnostics Inc
- Agilent Technologies, Inc.
- Illumina, Inc.
- Roche Diagnostics
- Koninklijke Philips N.V. Inc.
- Arquer Diagnostics Ltd.
- Cancer Diagnostics, Inc.
- Thermo Fisher Scientific, Inc.
- Dickinson and Company (B.D.)
- QIAGEN N.V.
Cancer Diagnostics Market Industry Updates
In January 2021, FUJIFILM Corporation established a cancer screening facility called NURA in Bangalore, India. It is a joint venture called FUJIFILM DKH LLP, managed by Dr. Kutty’s Healthcare (DKH) and FUJIFILM Co.
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