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The cancer diagnostics market size is estimated to grow by USD 17.74 billion. at a CAGR of 13.64% between 2023 and 2028. Several factors influence the market's growth, such as the high prevalence of cancer, the increasing demand for personalized medicines, and the necessity for cost-cutting in drug discovery and development. However, certain challenges hinder market growth, including the high cost of developing companion diagnostics and a shortage of skilled personnel for complex cancer diagnosis methods. Nevertheless, trends like increased R&D and technological advancements, along with the adoption of strategies such as licensing agreements and product commercialization, are driving the market's progress.
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The market is driven by the increasing incidence of cancer worldwide. The market includes private diagnostic laboratories and centers, public hospitals, and diagnostic imaging procedures. Cancer screening, such as Colorectal cancer screening, plays a crucial role in early detection and treatment. Cancer patients undergo various laboratory tests using consumables like biomarkers, proteins, and other diagnostic testing to determine disease progression. Technology advancements in cancer diagnostics, including MRD testing, are revolutionizing the industry. Companies like Quest Diagnostics, Haystack Oncology, Blue Earth Diagnostics, and others are at the forefront of this innovation. Diagnostic testing for various types of cancer, including Skin cancer, Kidney cancer, Pancreatic cancer, Ovarian cancer, and Liver cancer, are in high demand. The use of biomarkers and proteins for cancer diagnosis is a significant trend in the market. Cancerous tumors are diagnosed through various methods, including imaging procedures and laboratory tests, to ensure accurate and timely diagnosis. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
High prevalence of cancer is notably driving market growth. Unhealthy lifestyle choices, such as unhealthy food habits, physical inactivity, and excessive tobacco and alcohol consumption, are significant risk factors for various types of cancer, including lung, stomach, kidney, head and neck, and larynx. Exposure to ionizing radiations, chemical mutagens, infectious micro-organisms, and environmental pollutants further increase the risk. The incidence of cancer is on the rise globally, with an estimated 1.81 million new cases diagnosed in the US in 2020, and 606,520 deaths reported. The diagnostic process for cancer involves several procedures, including diagnostic imaging techniques such as X-rays, CT scans, MRI, and PET scans, as well as laboratory tests like IVD testing, biopsy techniques, and endoscopic examinations.
Furthermore, diagnostic imaging procedures are essential for identifying the location and size of a cancerous tumor, while laboratory tests help detect biomarkers, such as proteins, in body fluids. Technology plays a crucial role in cancer diagnostics, with companies like GE Healthcare leading the way in providing advanced diagnostic instruments and consumables. Cancer screening, such as colorectal cancer screening, prostate cancer screening, and breast cancer screening, can help detect cancer at an early stage, leading to better treatment outcomes and reduced mortality rates. Public awareness and access to screening procedures are essential for early detection and effective treatment. However, the increasing cost of cancer treatment and diagnostic testing is a concern, especially as new and expensive treatments are adopted as standards of care. Thus, such factors are driving the growth of the market during the forecast period.
Increase in R&D and advances in technology is the key trend in the market. The incidence of cancer continues to rise, driving the demand for advanced diagnostic tools and techniques. Private diagnostic laboratories and centers play a significant role in providing accurate and timely diagnoses, utilizing diagnostic imaging procedures such as MRI, CT scans, and ultrasounds. Hospitals and diagnostic laboratories, including GE Healthcare, are investing in the development of innovative diagnostic instruments and consumables for cancer screening and diagnosis. Screening types like colorectal cancer screening using IVD testing and imaging-based techniques, biopsy, endoscopic examination, and surgery, are essential for early detection and effective treatment. Biomarkers, including proteins and genetic markers, are increasingly being used in diagnostic testing to monitor disease progression and treatment outcomes.
Furthermore, public awareness campaigns and screening procedures for cancers such as prostate, colorectal, lung, and breast cancer are crucial in reducing mortality rates. Unhealthy lifestyle choices, including alcohol use and tobacco use, are significant risk factors for various types of cancer. Vendors are investing in research and development to create novel diagnostic devices and techniques, such as nanoparticle-based cancer theranostics, which combine diagnostic and therapeutic agents for effective tumor monitoring and drug response assessment. These advancements are expected to significantly contribute to the growth of the market. Thus, such trends will shape the growth of the market during the forecast period.
High cost of developing companion diagnostics is the major challenge that affects the growth of the market. Cancer diagnostics involve the identification of biomarkers, which are biomolecules in the human body that aid in the detection of various medical conditions, including cancer. These biomarkers can be measured biologically, making them valuable diagnostic tools. Companion diagnostics utilize biomarkers in a specific context to provide biological and clinical information for informed decision-making regarding potential drug therapy. Developing novel and effective biomarkers is an intricate and costly process. The initial expense of biomarker development is substantial due to the requirement for advanced technologies and highly skilled specialists. The process begins with the creation of technology platforms and progresses to specific applications. The high cost is attributed to the necessity of sophisticated technologies and highly skilled professionals for their implementation. Cancer diagnostics encompass various methods such as diagnostic imaging procedures, biopsy techniques, and laboratory tests.
Moreover, private diagnostic laboratories and centers play a significant role in offering these services, while public hospitals primarily focus on treatment. GE Healthcare and other diagnostic companies provide instruments and consumables for these procedures. Screening procedures, such as colorectal cancer screening, prostate cancer screening, and breast cancer screening, are essential for early detection and treatment. These screening types employ various methods, including imaging-based techniques, endoscopic examinations, and genetic testing. Lifestyle factors, such as alcohol use, tobacco use, and unhealthy diets, contribute to the incidence of cancer. Cancer patients undergo diagnostic testing to determine disease progression and treatment outcomes. Mortality rate reduction and public awareness are crucial for effective cancer management. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers cancer diagnostics of comprehensive tumor markers and harmonized instrument families to provide laboratories with clinically relevant results for the most debilitating, costly, and commonly occurring cancers.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Hospitals and clinics segment will be significant during the forecast period. The market is driven by the increasing incidence of cancer and the need for early and accurate diagnosis. Both private diagnostic laboratories and centers, as well as public hospitals, play significant roles in cancer screening and diagnostic testing. Diagnostic imaging procedures, such as magnetic resonance imaging (MRI), computed tomography (CT) scans, and ultrasounds, are commonly used in cancer diagnosis.
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The On-premises segment showed a gradual increase in the market share of USD 6.71 billion in 2018. Companies like GE Healthcare manufacture and supply instruments and consumables for these procedures. Screening types include cancer-specific tests, such as colorectal cancer screening, prostate-specific antigen (PSA) tests for prostate cancer, and low-dose CT scans for lung cancer. Biopsy techniques, endoscopic examinations, surgery, and genetic testing are also utilized for diagnosis and disease progression assessment. Laboratory tests, including IVD testing and biomarker analysis for proteins associated with cancerous tumors, are essential for treatment outcomes determination. Public awareness campaigns and screening procedures have led to increased mortality rate reductions for breast, colorectal, and lung cancers. Unhealthy lifestyle choices, such as alcohol use and tobacco use, contribute to the rising cancer cases. Technological advancements in imaging and biomarker detection continue to improve diagnostic accuracy and treatment outcomes.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market encompasses various diagnostic tools and techniques for the early detection and identification of different types of cancers, including Cervical, Blood (Leukemia and Lymphoma), Skin, Kidney, Pancreatic, Ovarian, Liver, and Aggressive cancers. Technologies utilized in cancer diagnostics comprise Genetic tests, Biopsy, Endoscopy, X-rays, Ultrasound, Computed tomography (CT), Single Photon Emission Computed Tomography (SPECT), Magnetic resonance imaging (MRI), Posititon emission tomography (PET), and Optical imaging. Notable players in this sector include The National Cancer Institute (NCI), Illumina, Guardant Health, OverC, Quest Diagnostics, Haystack Oncology, Blue Earth Diagnostics, and others. Advanced technologies like Radiopharm Theranostics are gaining traction in cancer diagnosis and treatment. Modalities like Mammography are crucial for breast cancer screening. Early detection through these diagnostic methods significantly enhances the chances of effective treatment.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Rest of Europe
Head and Neck Cancer Diagnostic Methods Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, France, China, Japan - Size and Forecast
Oncology Molecular Diagnostics Market by Product, Type and Geography - Forecast and Analysis
Cancer Immunotherapy Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, China, France, Canada - Size and Forecast
The market is driven by the increasing incidence of cancer worldwide. Private diagnostic laboratories and Private diagnostic centers play a significant role in providing diagnostic services, including diagnostic imaging procedures and biopsy techniques. These procedures help in identifying the presence of cancerous tumors at an early stage, enabling effective treatment and improving treatment outcomes. Diagnostic imaging procedures such as X-rays, CT scans, MRI, and PET scans are commonly used in cancer diagnosis. IVD testing, using instruments like centrifuges, microplate readers, and ELISA readers, is also a crucial part of cancer diagnostics. Hospitals and diagnostic laboratories, including those from prominent players like GE Healthcare, provide essential diagnostic services to cancer patients. Screening procedures like Colorectal cancer screening and Prostate cancer screening using laboratory tests and biomarkers such as proteins are essential for early detection.
Furthermore, cancer screening helps reduce mortality rates and improve public awareness. Unhealthy lifestyle choices like alcohol use and tobacco use increase the risk of various types of cancer, including Lung cancer, Breast cancer, and Colorectal cancer. Genetic testing is also used to identify the risk of cancer and monitor disease progression. Technology advancements in imaging, tumor biopsy, endoscopic examination, surgery, and genetic testing continue to shape the market.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
Market growth 2024-2028 |
USD 17.74 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.73 |
Regional analysis |
North America, Europe, APAC, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, Canada, China, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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