Growing awareness about early detection of cancer coupled with rising number of cancer diagnostic center’s estimated to boost the growth of cancer diagnostics market

Cancer Diagnostics Market by Type (Tumor Biomarker Testing, Imaging, Biopsy, and Endoscopy), Application (Breast Cancer, Colorectal Cancer, Lung Cancer, Cervical Cancer, Prostate Cancer, Liver Cancer, Pancreatic cancer, Melanoma, and Non-Hodgkin Lymphoma)–Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+Reports, the global cancer diagnostic market was pegged at ~US$ 154.2 billion in 2020. The market is expected to witness a CAGR of ~6.8% from 2021 to 2031.

Factors contributing to the growth of cancer diagnostics market include the rising prevalence of cancer, growing number of cancer diagnostic centers, and the rising government initiatives. Moreover, technological advancements, launch of new reagents & tests, and growing FDA approvals are some of the other factors driving the cancer diagnostics market growth. However, high capital investments, stringent regulatory guidelines for the diagnostics products, and dearth of skilled professionals are some of the factors hindering the cancer diagnostic market growth to a certain extent.

Cancer is second leading cause of death worldwide and the burden of disease is constantly increasing. According to American Cancer Society’s Cancer Statistics Center, in America, almost 1.9 million new cancer cases are expected to be diagnosed in 2021 and approximately 608,570 Americans are expected to die of cancer in 2021. However, this can be prevented through screening or early diagnosis of cancer as it increases the success rate of treatment regimens.

Rising geriatric population is found proportional to the increasing risk for developing cancer. Cancer can be developed at any age; however the incidence of cancer is dramatically higher at a later stage in life. Studies have shown that 80% of all cancers in the U.S. are diagnosed in people 55 years of age or older. Thus, the rising geriatric population and the rising number of cancer cases globally are anticipated to fuel the cancer diagnostic market growth during the forecast period. Similarly, changing lifestyle patterns and increasing alcoholic and smoker’s population can be directly linked with the rising prevalence of cancer.

Moreover, companies in the market are focused on launching new reagents, tests, and platforms for cancer detection in early as well as late stages. They are also focused on receiving FDA clearance for their tests. For instance, in December 2020, Hologic, Inc. received FDA clearance and commercial availability of its Genius AI Detection technology, new deep learning-based software designed to help radiologists detect subtle potential cancers in breast tomosynthesis images. Launch of such advanced products is propelling the market growth.

However, the high cost of imaging modalities used for cancer diagnosis and substantial capital investment for setting up advanced diagnostic laboratory are some of the factors restraining the market growth. Moreover, dearth of skilled professionals, exposure to radiation during diagnosis, and stringent government guidelines are also hampering the market growth to a certain extent.

Regionally, North America dominated the cancer diagnostics market in 2020. However, Asia Pacific is anticipated to grow at a higher CAGR during the forecast period. Several factors including rising geriatric population and the increasing incidence of cancer in this region are fueling the growth of cancer diagnostics market. According to Globocan, in Asia, approximately 9,503,710 new cases were diagnosed in 2020. Moreover, factors such as efforts from the governments to create awareness on early diagnosis of cancer and rising healthcare expenditure are also expected to boost the market growth in this region.

Some of the prominent players operating in the global cancer diagnostic market include General Electric Company, Abbott, BD., F. Hoffmann-La Roche Ltd., Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Illumina, Inc., Qiagen, and bioMérieux, Inc., among others.

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