The global cancer diagnostics market is projected to expand steadily at a CAGR of 8.5% value, from 2023 to 2033. In the year 2023, the market size is projected to expand and gain a global market valuation of USD 55.71 billion. Considering this increasing growth and demand in the global market, the market is expected to reach USD 126 billion by 2033.
Cancer is among the top causes of mortality worldwide, and its incidence is increasing alarmingly. As a result, healthcare experts are concentrating on developing efficient treatment and diagnosis solutions to reduce the incidence level. Early detection improves treatment regimen success rates. Consequently, healthcare institutions and industrial companies are pushing routine exams through different awareness efforts.
Increases in the prevalence and incidence of different forms of cancer, such as lung and breast cancer, may boost the market over the projected period. Furthermore, a spike in technical improvements supporting the improved imaging of dangerous cells, innovations in equipment to detect the kind of cancer, and an increase in the accuracy of the result may assist the market in gaining momentum throughout the projection period.
Increased government activities and other private groups to raise awareness about early cancer identification and prevention are expected to drive market expansion in the future.
Furthermore, increased diagnostics laboratory infrastructure in developed nations is projected to drive the market in the coming years. During the predicted period, there may be a significant increase in emphasis on health and safety laws and a boom in the popularity of yoga and other health-related practices.
However, the high cost of diagnostic imaging systems and the development of diverse diagnostic techniques for distinct cancer mutations may stymie market expansion.
| Attribute | Details |
|---|---|
| Global Cancer Diagnostics Market Valuation in 2022 | USD 51.47 billion |
| Estimated Global Market Share in 2023 | USD 55.71 billion |
| Forecasted Global Market Size by 2033 | USD 126 billion |
| Projected Global Market Growth Rate from 2023 to 2033 | 8.5% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 7.5% CAGR |
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According to market research and competitive intelligence provider Future Market Insights, the market for cancer diagnostics reflected a value of 7.5% from 2018 to 2022. National lockdown, government controls, and a spike in infection rates across countries all had a financial impact on neurological clinics and hospitals. Several clinics and hospitals have seen a decrease in patient visits as a result of COVID-19, thereby minimizing client engagement.
Furthermore, many cancer diagnoses have been pushed back as a result of the COVID-19 dilemma. There was a global shortage of medical treatment for disorders other than COVID-19, which has had a detrimental influence on the cancer diagnostics business. Also, the restricted availability of healthcare personnel worldwide is another aspect that negatively impacts the cancer diagnostics industry.
However, post the pandemic, the complications in various people have increased. People suffering from even stage 1 cancer faced complications as the effects of the virus affected the immune system gravely. This paced up the demand for various drugs and also made the companies expand their product portfolio to provide enhanced immunity to the patients. As a result, the demand is expected to go over 8.5% CAGR during the forecast period.
Increasing the use of AI to boost the demand for Cancer Diagnostics
The usage of AI in cancer detection is also predicted to boost the market growth. Scientists have created AI technologies to help screen tests for several types of cancer, particularly breast cancer. For more than 20 years, AI-based computer algorithms have assisted clinicians in interpreting mammograms, but research in this field is rapidly expanding.
For example, Freenome, a United States-based AI genomics start-up, focuses on creating blood tests that utilize Artificial intelligence to detect the body's early warning of cancer. In October 2018, the business revealed preliminary findings from research and development for applying machine learning to identify colorectal cancer in its early stages.
The NCI's Center for Cancer Research, for example, built an AI model that might help radiologists identify possibly aggressive prostate cancer on a relatively new type of prostate MRI scan called multiparametric MRI. As a result, such achievements are projected to move the company forward in the worldwide market.
Establishment of Private Diagnostic Centers to aid Cancer Diagnostics Market Growth
Private diagnostic centers are expanding worldwide as the demand for diagnostic imaging operations rises, and the load on public hospitals grows due to the restricted imaging techniques available. In January 2021, FUJIFILM Corporation established NURA, a cancer screening medical screening center in Bangalore, India.
FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare run this medical screening center (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a FUJIFILM and Dr. Kutty's Healthcare (DKH) joint venture that operates hospitals and screening facilities throughout India and the Middle East.
Various centers are also working on liquid biopsy and animal cancer therapies simultaneously. The advancement of biopsy platforms for companion animal malignancies is likely to provide profitable growth prospects for global cancer diagnostics market participants.
For example, Zomedica Pharmaceuticals Corp., a veterinary diagnostic and pharmaceutical business, stated in January 2020 that it has completed developing and manufacturing its reference lab cancer liquid biopsy platform for canine malignancies. These advanced developments in this field are expected to accelerate the global market during the forecast period.
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Poor Reimbursement Policies and Higher Costs may restrict Market Growth.
Inadequate reimbursement regulations are predicted to hamper market expansion. In recent years, there have been several developments in radiology regarding imaging equipment. However, most medical insurance companies do not cover computer-aided detection procedures (CAD).
Consequently, individuals choose traditional diagnostic methods such as biopsies and pathology tests or conventional imaging methods such as mammography and MRI treatments.
Furthermore, the high cost of cancer detection software is projected to stifle market expansion. Computer-aided Detection (CAD) software comes with a one-year license, which hospitals must renew each year. Furthermore, some insurance companies are opting out of CAD procedure reimbursement since it is judged excessive and not recommended by senior radiologists. Such hindrances may affect the global market during the forecast period.
The Imaging Segment may dominate the segment during the Forecast Period
With a 34.2% market share in 2022, the biopsy category led the market and is likely to retain its dominance throughout the forecast period. Modalities used in imaging like computed Tomography (CT) scans and Magnetic Resonance Imaging (MRI) are rapid, non-invasive, and painless diagnostic methods.
Imaging aids in cancer staging, as do prognostic and therapy system monitoring of metabolic and functional information. Due to these advantages, the use of imaging modalities in cancer screening programs has significantly grown. Globally, the use of sophisticated imaging tests, including such as multi-photon microscopy and magnetic resonance imaging, is increasing.
The various imaging modalities, in conjunction with other genetic and laboratory testing, are employed as supporting tests in detecting a range of cancer forms, aiding in the selection of a suitable treatment strategy. These factors are expected to propel the imaging segment at an 8.0% CAGR throughout the forecast period.
| Category | By Test Type |
|---|---|
| Top Segment | Biopsy |
| Market Share in Percentage | 34.2% |
| Category | By End User |
|---|---|
| Top Segment | Hospital Associated Lab |
| Market Share in Percentage | 44.2% |
Breast Cancer Indication to gain significance during the forecast period
In 2021, the breast cancer sector held the key portion of the cancer diagnostics market, accounting for Mammography, which has become the most frequent and widely used screening technique at 34.0% for breast tumors.
Women between the ages of 50 and 74 are at a greater risk of getting breast cancer, according to the United States Preventive Services Task Force (USPSTF). As a result, the USPSTF advises that women over 40 have mammography done every two years.
Furthermore, several organizations, such as the National Breast Cancer Foundation, Inc., are launching campaigns to raise awareness about breast cancer, the benefits of early detection, and available treatment choices. Increased public awareness, along with campaigns supporting routine mammography, is driving the rising demand for scanning solutions in breast cancer detection.
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Various medical firms may boost the market demand for cancer diagnostics.
In terms of market share and revenue, the North American market is predicted to be the most lucrative market for cancer diagnostics during the forecast period, 2023 and 2033. In 2022, the regional cancer diagnostics market boomed with a revenue share of 38.9%
One of the primary factors propelling the diagnostics industry in the region is the presence of various biotechnology and medical device firms. North America is likely to maintain its lead during the projection period due to increased spending for Research and Development initiatives and widespread use of new technology.
Furthermore, the region's high concentration of important players, growing FDA approvals, strategic partnerships, and substantial expenditure in research & development activities are projected to enhance the market.
Merck & Co. Inc., for example, entered into a formal agreement in November 2020 to purchase Velosbio Inc., a privately owned clinical-stage biopharmaceutical firm dedicated to developing first-in-class cancer medicines targeting the receptor tyrosine kinase-like orphan receptor 1. (ROR1). Such advancements may strengthen the demand in this region during the forecast period.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 38.9% |
| Europe | 30.1% |
Increasing cancer incidences and low treatment rates may boost the demand in this region.
During the projection period, Asia Pacific is expected to record a CAGR of 6.9%. In the coming years, the Asia Pacific area is expected to be one of the emerging economies for cancer diagnostics.
Due to a big patient pool, the availability of experienced technicians at a reduced cost, and a clear regulatory environment encouraging quicker product approvals, Asia Pacific is likely to display the strongest growth in the near future. Furthermore, the burgeoning medical tourism business in countries like China, India, and Malaysia is likely to increase demand for cancer diagnosis and treatment screening.
East Asia's growth rate is predicted to accelerate. According to the World Health Organization, around 4.7 million new cancer cases may be diagnosed in China by 2025. Obesity and hormone exposure-related malignancies, such as breast cancer in women, and ‘lifestyle change-related diseases,’ such as prostate cancer in men, are on the rise in China, resulting in increased use of cancer diagnostics.
These incidents may boost the regional growth of cancer diagnostics.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 32.6% |
| Germany | 4.5% |
| Japan | 5.2% |
Desirable policies and growing diagnostic centers may accelerate the demand.
The European market is predicted to increase significantly throughout the forecast period, with a CAGR of 5.2% from 2023 to 2033.
Desirable healthcare policies and high average per capita healthcare costs have produced a favorable climate in the United Kingdom for the adoption of modern cancer diagnostic technology such as imaging. In addition, the existence of key players promotes expansion in the United Kingdom. These firms' strategies include new releases and growth initiatives, which may continue to help overall development in Europe.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 6.4% |
| China | 9.8% |
| India | 8.33% |
| Australia | 13.4% |
The adoption of novel goods and their significant Research and Development efforts have helped key companies operating in the sector maintain a strong position in the worldwide market. The market's competition is projected to heat up soon as numerous businesses focus their efforts on research and the introduction of novel diagnostic procedures through product line expansions, acquisitions, and mergers.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.5% from 2023 to 2033 |
| Market Value for 2023 | USD 55.71 billion |
| Market Value for 2033 | USD 126 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Test Type, Indication, End User, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; The Middle East & Africa (MEA) |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, Gulf Cooperation Council Countries, South Africa, Israel |
| Key Companies Profiled | Abbott Laboratories; Roche Holding AG; Thermo Fisher Scientific Inc.; Siemens AG; Bio Rad Laboratories Inc.; GE Healthcare; Illumina, Inc.; Bristol-Myers Squibb; Koninklijke Philips N.V.; Toshiba Medical Systems Corporation; Agilent Technologies Inc. |
| Report Customization & Pricing | Available upon Request |
The market size is expected to reach a value of USD 55.71 billion by 2023-end.
By 2022, the North America market accounted for a valuation of 38.9% globally.
The imaging segment is expected to advance at a faster rate by 2033.
India is set to register an exponential growth of 8.33% through 2033.
The China market is to grow at 9.8% CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Test Type 5.1. Tumor Biomarkers Tests 5.1.1. PSA Tests 5.1.2. CTC Tests 5.1.3. AFP Tests 5.1.4. CA Tests 5.1.5. HER2 Tests 5.1.6. BRCA Tests 5.1.7. ALK Tests 5.1.8. CEA Tests 5.1.9. EGFR Mutation Tests 5.1.10. Others 5.2. Imaging 5.2.1. Ultrasound 5.2.2. Mammography 5.2.3. MRI Scan 5.2.4. PET Scan 5.2.5. CT Scan 5.2.6. SPECT & Others 5.3. Biopsy 5.3.1. Needle Biopsy 5.3.2. Endoscopic Biopsy 5.3.3. Bone Marrow Biopsy 5.3.4. Others 5.4. Liquid Biopsy 5.5. Immunohistochemistry 5.6. In Situ Hybridization 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Indication 6.1. Breast Cancer 6.2. Lung Cancer 6.3. Colorectal Cancer 6.4. Melanoma 6.5. Blood Cancer 6.6. Prostate Cancer 6.7. Ovarian Cancer 6.8. Stomach Cancer 6.9. Liver Cancer 6.10. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Hospital Associated Labs 7.2. Independent Diagnostic Laboratories 7.3. Diagnostic Imaging Centers 7.4. Cancer Research Institutes 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Abbott Laboratories 18.2. Roche Holding AG 18.3. Thermo Fisher Scientific Inc. 18.4. Siemens AG 18.5. Bio Rad Laboratories Inc. 18.6. GE Healthcare 18.7. Illumina, Inc. 18.8. Bristol-Myers Squibb 18.9. Koninklijke Philips N.V. 18.10. Toshiba Medical Systems Corporation 18.11. Agilent Technologies Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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Cancer Diagnostics Market
