NEW YORK, May 10, 2024 /PRNewswire/ — The global cancer diagnostics market size is estimated to grow by USD 12.63 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 11.3% during the forecast period.
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.3% |
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Market growth 2023-2027 |
USD 12626.21 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
11.18 |
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Regional analysis |
North America, Europe, APAC, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Canada, China, Germany, and France |
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Key companies profiled |
Abbott Laboratories, Agilent Technologies Inc., Astellas Pharma Inc., Becton Dickinson and Co., bioMerieux SA, Bristol Myers Squibb Co., Eli Lilly and Co., F. Hoffmann La Roche Ltd., General Electric Co., GlaxoSmithKline Plc, Hologic Inc., Illumina Inc., Merck KGaA, Myriad Genetics Inc., Novartis AG, Pfizer Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens AG, and Thermo Fisher Scientific Inc. |
Market Driver
The global cancer diagnostics market is witnessing significant growth due to the investment in R&D for innovative diagnostic devices. Novel approaches, such as nanoparticle-based cancer theranostics using gold nanoparticles, combine therapeutic and diagnostic agents for effective tumor monitoring and drug response understanding. Key players like The NCI, Illumina, Guardant Health, OverC, Quest Diagnostics, Haystack Oncology, Blue Earth Diagnostics, and MRD testing are pioneering this field. Technologies like Radiopharm Theranostics, SPECT, Magnetic resonance imaging, Positron emission tomography, Optical imaging, and Mammography are utilized in diagnosing various cancers, including Cervical, Blood, Skin, Kidney, Pancreatic, Ovarian, Liver, Aggressive types, and Colorectal. Diagnostic procedures are provided in hospitals, diagnostic laboratories, and public hospitals, while instruments and IVD testing are essential for imaging-based and biopsy techniques. GE Healthcare and Cancer patients also contribute to this market.
Market Challenges
- The cancer diagnostics market encompasses various aspects, including the identification of cancer through biomarkers, diagnostic imaging procedures, and tumor biopsy in private diagnostic laboratories and centers. Key biomarkers are proteins derived from cancerous tumors, which aid in disease progression assessment and treatment outcomes prediction. Advanced technologies and skilled specialists drive up the initial cost of biomarker development. Cancer screening types, such as colorectal and prostate cancer, are crucial for early detection, reducing mortality rates. Unhealthy lifestyles, alcohol use, and tobacco use contribute to cancer incidence, necessitating public awareness and screening procedures. Genetic testing is another essential diagnostic tool for identifying cancer risk and guiding treatment options. Companies like GE Healthcare provide instruments and consumables for IVD testing and imaging-based diagnostics. Diagnostic testing in hospitals and endoscopic examinations, surgery, and genetic tests further expand the market scope.
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Segment Overview
This cancer diagnostics market report extensively covers market segmentation by
- End-user
- 1.1 Hospitals
- 1.2 clinics
- 1.3 Diagnostic laboratories
- 2.1 IVD
- 2.2 Imaging
- 2.3 LDT
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Rest of World (ROW)
1.1 Hospitals-
The hospitals and clinics segment, valued at USD 6.05 billion in 2017, saw continuous growth until 2021. Factors like increasing cases of chronic cancer and the presence of skilled professionals significantly fueled segment revenue in 2021. Moreover, the global market’s growth was bolstered by the rise of chronic diseases such as cervical, head and neck, lung, skin, and colorectal cancers, alongside the availability of proficient medical experts proficient in precise diagnosis using various rapid diagnostics devices.
The cancer diagnostics market continues to expand, driven by advancements in genetic testing, screening procedures, and public awareness. Genetic tests, such as those offered by Illumina and Guardant Health, play a crucial role in identifying the genetic predisposition to various cancers, including breast, colorectal, lung, prostate, and skin. Early detection through methods like mammography, endoscopy, X-rays, ultrasound, computed tomography, SPECT, magnetic resonance imaging, positron emission tomography, and optical imaging is essential for reducing mortality rates. Unhealthy lifestyles, alcohol use, tobacco use, and diabetes contribute significantly to the prevalence of aggressive cancers like cervical, blood, kidney, pancreatic, ovarian, liver, and aggressive forms of breast, lung, and prostate cancer. The National Cancer Institute (NCI) advocates for public awareness campaigns and encourages the use of advanced diagnostic tools like radiopharm theranostics and MRD testing, which employ PSMA and other targeted markers for accurate diagnosis and treatment planning. Key players in the market include OverC, Quest Diagnostics, Haystack Oncology, and Blue Earth Diagnostics, offering a range of services from biopsy to imaging and molecular testing. These advancements in cancer diagnostics not only improve patient care and satisfaction but also contribute to cost savings by enabling early detection and effective treatment.
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Research Analysis
The Cancer Diagnostics Market encompasses a range of services and solutions aimed at identifying various types of cancer in their early stages. This market includes private diagnostic laboratories and centers that utilize advanced diagnostic imaging procedures to examine patients for potential cancerous tumors. Public hospitals also play a significant role in cancer diagnostics, offering cancer screening programs for conditions such as colorectal, skin, kidney, pancreatic, ovarian, and liver cancer. Consumables, technology, and screening types are integral components of the cancer diagnostics market. Laboratory tests, including MRD testing using proteins like PSMA, serve as essential tools for disease progression assessment and treatment planning. Biomarkers, which can indicate the presence or absence of cancer, are also crucial in diagnostic testing. Key players in the market include Haystack Oncology and Blue Earth Diagnostics, offering innovative solutions to improve cancer diagnostics and patient outcomes. The integration of technology and advanced screening methods continues to drive growth in the cancer diagnostics market.
Market Research Overview
The Cancer Diagnostics Market is a significant sector in the healthcare industry, prioritizing early detection and precise diagnosis of various cancer types. This market involves the use of advanced technologies such as imaging modalities, biomarker tests, and genetic screening. The primary goal is to identify diseases in their initial stages, enabling effective treatment and improving patient outcomes. Centers and laboratories play a crucial role in this process, providing diagnostic services and consulting with healthcare providers. The diagnostic process can involve a combination of techniques, including colonoscopy, MRI, PET scans, and biopsy procedures. Genetic testing and personalized approaches are also gaining popularity in cancer diagnostics. The market is driven by increasing incidences of cancer, technological advancements, and growing awareness and demand for early and accurate diagnosis. However, challenges such as high costs and ethical considerations remain. The future of cancer diagnostics lies in the integration of artificial intelligence and machine learning to enhance accuracy and efficiency.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Hospitals
- Clinics
- Diagnostic Laboratories
- Type
- IVD
- Imaging
- LDT
- Geography
- North America
- Europe
- APAC
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Website: www.technavio.com/
SOURCE Technavio
