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The Global Cancer Diagnostics Market size is forecast to increase by USD 12.63 billion at a CAGR of 11.3% between 2022 and 2027. 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 propelled by the increasing utilization of biomarkers and proteins for the early detection and monitoring of various cancers. Diagnostic testing, including MRD testing, plays a crucial role in identifying cancerous tumors and tracking disease progression. Leading companies like Quest Diagnostics, Haystack Oncology, and Blue Earth Diagnostics are pioneering innovative diagnostic solutions, particularly in areas such as PSMA testing for prostate cancer. With a focus on addressing different types of cancer, including skin, kidney, pancreatic, ovarian, and liver cancer, the market aims to improve patient outcomes through early detection and personalized treatment strategies.
The market is witnessing substantial growth due to increased research in diagnostic technologies and the rising incidence worldwide. Private diagnostic laboratories and centers play a vital role in conducting diagnostic imaging procedures, including colorectal cancer screening. Advanced technology, such as refurbished diagnostic imaging systems, aids in accurate diagnosis. Biomarkers, including proteins, help in detecting cancerous tumors and monitoring disease progression. Leading companies like Quest Diagnostics, Haystack Oncology, and Blue Earth Diagnostics are driving innovations, particularly in MRD testing and PSMA detection for various cancers like skin, kidney, pancreatic, ovarian, and liver cancer. Our researchers analyzed the data with 2022 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.
One of the key factors driving the global market growth is the high prevalence of cancer. There have been increasing cases of cancer due to factors such as unhealthy food habits, physical inactivity, and excessive tobacco and alcohol consumption which can cause lung, stomach, kidney, head, neck, and larynx cancer.
Additionally, other several factors such as exposure to ionizing radiations, chemical mutagens, infectious micro-organisms, and environmental pollutants can also lead to cancers. One of the popular methods of identifying cancer includes molecular and companion diagnostics.
A key factor shaping the market growth is the increase in R and D and advances in technology. There has been an increase in investments by several Companies in R and D to develop novel diagnostic devices for cancer diagnosis and treatment. One such approach is the development of nanoparticle-based cancer theranostics using gold nanoparticles.
This approach helps to effectively monitor the target tumor and provides a better understanding of the effect of cancer drugs on the tumor. In addition, several other developments in technology help physicians detect and quantify specific DNA or RNA sequences and proteins for early diagnosis and treatment of diseases, thereby improving clinical outcomes. Hence, such advancements in technology are expected to drive the market growth and trends during the forecast period.
The high cost of developing companion diagnostics is one of the key challenges hindering market growth. Biomarkers are biomolecules in the human body and are one of the key components that help in the identification of various medical conditions that can be measured biologically by increasing their use as diagnostic tools.
But, the initial cost of biomarker development is especially high as the development of novel and useful biomarkers is an expensive, tedious, and time-consuming process. It involves the formation of technology platforms, and then advancing to specific applications. Factors such as the need for advanced technologies and highly skilled specialists for their work is significantly contributing to the high cost. Hence, such factors are expected to hinder the market growth 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 market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting 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 growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 end-user segment of the market comprises various entities, including private diagnostic laboratories, centers, and public hospitals. With the rising incidence of cancer worldwide, these facilities play a crucial role in providing diagnostic imaging procedures and laboratory tests to cancer patients. Private diagnostic centers often utilize refurbished diagnostic imaging systems and consumables to conduct screening and diagnostic procedures efficiently. Public hospitals also contribute significantly to cancer diagnosis, offering a range of diagnostic services to patients. Overall, these end-users work together to facilitate early detection and accurate diagnosis of cancer, thereby improving patient outcomes and survival rates.
The market share growth by the hospitals and clinics segment will be significant during the forecast period. Some of the key benefits provided by the cancer diagnostic across hospitals and clinics across multiple levels include improved patient care and satisfaction, enhanced operations at POC (Point of care), and facilitating cost savings by strengthening the operational bottom line.
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The hospitals and clinics segment was valued at USD 6.05 billion in 2017 and continued to grow until 2021. Factors such as growing cases of chronic cancer and the presence of skilled professionals have significantly contributed to the revenue of the hospital segment in the year 2021. Additionally, other factors which significantly contributed to the growth of the global market include chronic diseases such as different types of cancer, such as cervical, head, and neck, lung, skin, colorectal cancer, etc., and availability of skilled medical professionals who can accurately diagnose the medical condition using various types of rapid diagnostics devices. Thus, such factors have significantly contributed to the growth of the segment which in turn will contribute to the global market growth during the forecast period.
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North America is estimated to contribute 43% 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. One of the main factors for the growth of the global market in North America is due to factors such as the presence of many established medical facilities like NYU Langone Hospitals, New York, NY, Mayo Clinic, Rochester, and Mayo Clinic Rochester, Memorial Sloan Kettering Cancer Center, NY, etc, have state-of-the-art infrastructure and offer advanced treatment solutions in the region. As the medical facilities in the region emphasize cancer diagnostics to treat various types of cancers it has led to the demand for personalized medicines and the development of associated cancer diagnostics. Hence, such factors are expected to drive the global market growth in the region during the forecast period.
The market is witnessing significant growth due to the rising incidence of cancer worldwide. Both private diagnostic laboratories and private diagnostic centers play crucial roles in conducting diagnostic imaging procedures and laboratory tests for cancer detection. While public hospitals also contribute to cancer diagnosis, cancer screening, especially for diseases like colorectal cancer, remains vital. The market sees a demand for refurbished diagnostic imaging systems to support diagnostics. Cancer patients benefit from these advanced diagnostics, which often require specific consumables tailored to the screening type and the nature of the cancerous tumor. Overall, the market thrives on advancements in diagnostic testing technologies and methodologies.
The market continues to advance with innovations aimed at enhancing colorectal cancer screening and detecting diseases at various stages of disease progression. Companies like Haystack Oncology and Blue Earth Diagnostics contribute to the market with cutting-edge technologies such as MRD testing and PSMA imaging for improved diagnosis of cancers like kidney cancer, pancreatic cancer, ovarian cancer, and liver cancer. Colorectal cancer screening methods are evolving, offering more accurate detection and early intervention opportunities.
The market is driven by a range of instruments and IVD testing methods, including imaging-based techniques and biopsy procedures, aimed at detecting various types of cancer. Companies like GE Healthcare are at the forefront, providing innovative solutions to improve treatment outcomes. From tumor biopsy to endoscopic examination and surgery, diverse diagnostic approaches are utilized, complemented by genetic testing to assess individual risks. Despite increased public awareness and screening procedures, challenges persist, with prevalent factors such as prostate cancer, breast cancer, and lifestyle habits like alcohol and tobacco use contributing to higher mortality rates. Early detection remains crucial, emphasizing the importance of genetic tests, biopsies, and endoscopy in combating cancer effectively.
The market trends and analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.3% |
Market growth 2023-2027 |
USD 12.63 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
11.18 |
Regional analysis |
North America, Europe, APAC, and the Rest of the World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, China, Germany, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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