Cancer Diagnostic Market will reach to USD 276.62 billion by 2029 : GreyViews

Cancer Diagnostic Market Size By Application (Breast Cancer, Prostate Cancer, Liver Cancer, Lung Cancer, and Others), By Screening Application (Laboratory tests, Biopsy, Proteomic, Genetic Tests, and Others), By Product Type (Instruments and Consumables), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 15, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the cancer diagnostic market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the cancer diagnostic market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the application, screening application, product type, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global cancer diagnostic market are GE Healthcare, Abbott, Illumina, Inc., F. Hoffmann-La Roche Ltd., Qiagen N.V., Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., BD, Hologic, Inc., Koninklijke Philips N.V. (Philips), Agilent Technologies, Inc., Thermo Fisher Scientific among others. To achieve a substantial market share in the worldwide cancer diagnostic market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

The two main components employed in cancer diagnosis are companion diagnostics and molecular diagnostics. A laboratory approach known as molecular diagnostics is used to search for specific proteins, genes, or other compounds that may be a sign of cancer. Cancer diagnosis approaches include tumor biomarker studies, imaging, biopsy, and endoscopy. Cancer diagnostics cover applications such as cervical cancer, breast cancer, liver cancer, blood cancer, kidney cancer, colorectal cancer, pancreatic cancer, ovarian cancer, melanoma, and others. End users such as cancer research organizations, diagnostic labs, hospitals, and others use these programs. Today’s approaches to diagnosing and treating cancer have numerous limitations. Theranostic agents, often known as theranostics, are innovative nano-platforms that perform both diagnostic and therapeutic roles for cancer. They have evolved over the last 10 years as a result of improvements in understanding and technology in cancer biology, material science, and, in particular, nanomedicine. To address the issues of cancer heterogeneity and adaptive resistance, these new nanodevices can target many cancer markers and kill cancer cells in synergistic ways. Furthermore, theranostics cancer drugs can be directed by diagnostic imaging results, improving cancer treatment. High loading and regulated release of anticancer drugs, ultrasensitive imaging of numerous tumor-specific markers, suitable compact size and surface chemistry for efficient cellular uptake, and acceptable cancer targeting skills should be hallmarks of the best theranostics. To address these multifunctional needs, theranostics relies on advances in material science and engineering, particularly the fabrication of nanocomposites.

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Scope of Cancer Diagnostic Market Report

Report Metric Information
Study Period 2021-2029
Base Year           2021
Forecast Period 2022-2029
Market Share Unit  161 USD Billion
Segments Covered Application, Screening Application, Product Type, and Regions
Regions Covered North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players GE Healthcare, Abbott, Illumina, Inc., F. Hoffmann-La Roche Ltd., Qiagen N.V.,Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc., BD, Hologic, Inc., Koninklijke Philips N.V. (Philips), Agilent Technologies, Inc., Thermo Fisher Scientific among others

Segmentation Analysis

The breast cancer segment is expected to be the fastest-growing segment in 2021. 

The breast cancer segment is breast cancer, prostate cancer, liver cancer, lung cancer, and others. According to the World Health Organization (WHO) and the International Agency for Research on Cancer (IARC), 2.3 million women will be diagnosed with breast cancer in 2020, resulting in 685,000 deaths worldwide. By the end of 2020, there will be 7.8 million women alive who have been diagnosed with breast cancer within the previous five years, making it the most commonly diagnosed cancer application in the world. Breast cancer accounts for approximately 30% of all female malignancies worldwide, with a 15% mortality-incidence ratio. Clinical markers are heavily used in breast cancer identification and treatment.

The consumables segment is expected to be the fastest-growing segment in 2021. 

The product type segment includes instruments and consumables. The consumables segment is expected to witness the highest growth rate during the forecast period. The segment’s growth is being driven by an increase in the older population, increased R&D spending, rising consumable usage, and the introduction of technologically advanced diagnostic kits and reagents. In January 2020, Sysmex Corporation released the ipsogen JAK2 DX reagent. It is a blood cancer screening gene testing kit that quantifies the JAK2V617F mutation. Furthermore, the device will be covered by health insurance in January 2020, making it the first diagnostic product to be covered in Japan. Furthermore, health insurance will cover the costs of the tests performed with this reagent. This should enhance the possibility of more patients being tested.

The laboratory test segment is expected to be the fastest-growing segment in 2021. 

The screening application segment includes laboratory tests, biopsy, proteomic, genetic tests, and others. The laboratory test segment is expected to witness the highest growth rate during the forecast period. The category is growing as the occurrence of cancer rises. During cancer testing, samples of urine, blood, or other body fluids or tissues are examined in the laboratory for tumor markers or abnormal cells that can help determine whether a person has cancer or a precancerous illness. Laboratory tests are also used to identify high-risk patients, determine different treatments, define the stage of the illness, and monitor how well the disease is responding to therapy. These tests can determine whether a patient has a new tumor or has had a cancer relapse.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the cancer diagnostic include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The North America region witnessed a major share. The presence of pharmaceutical companies and research institutions in the United States and Canada, the expansion of government initiatives and programs related to cancer drug therapy and treatment options, and the global expansion of the healthcare industry are all factors contributing to the increasing demand for Cancer Diagnostics. Significant enterprises engaged in more strategic operations are driving the market in this region. For example, Agilent purchased Resolution Bioscience Inc. in March 2021. The acquisition expands and complements the company’s capabilities in NGS-based cancer diagnostics, as well as providing the company with cutting-edge technology to satisfy the demands of the increasing precision medicine market.

Country Analysis

  • Germany

Germany’s Cancer Diagnostic market size was valued at USD 4.4 billion in 2021 and is
expected to reach USD 6.50 billion by 2029, at a CAGR of 5% from 2022 to 2029. As a result of the country’s desirable healthcare policies and high average per capita healthcare costs, Germany has produced a favourable climate for the adoption of cutting-edge cancer detection technology such as imaging. Furthermore, the presence of major players fosters regional growth. The growth strategies of these companies, which include new releases, will help Germany’s overall expansion.

  • China

China’s Cancer Diagnostic market size was valued at USD 6.1 billion in 2021 and is
expected to reach USD 9.94 billion by 2029, at a CAGR of 6.3% from 2022 to 2029. Rising cancer prevalence, a supportive environment for clinical trials, and more government funding for drug development programs are projected to fuel the region’s Cancer Diagnostic market. Furthermore, one of the primary growth causes is the increased attention that pharmaceutical companies are paying to this region, as well as the government’s growth initiatives for cancer diagnosis.

  • India

India’s Cancer Diagnostic market size was valued at USD 5.7 billion in 2021 and is expected to reach USD 9.08 billion by 2029, at a CAGR of 6% from 2022 to 2029. Because of the rising demand for tailored medication and growing awareness among patients and healthcare professionals about the need for early detection of malignancies, India’s Cancer Diagnostic market is predicted to rise rapidly in the following decade. According to projections, the adoption rate will rise as more new cancer diagnostics drugs and diagnostics obtain regulatory approval.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven due to the increasing cases of cancer.

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