The global cancer diagnostics market was pegged at ~US$ 154.2 billion in 2020 and is expected to witness a CAGR of ~6.8% during the forecast period.
According to World Health Organization (WHO), cancer is a group of disease that can begin in almost any organ or tissue of the body when abnormal cells grow uncontrollably, go beyond their usual boundaries to invade adjoining parts of the body and/or spread to other organs. Cancer is the second leading cause of death globally. There are several types of cancers such as lung, prostate, colorectal, stomach, breast, cervical, thyroid cancer, and liver. Cancer burden is continuously rising and can be reduced through its early detection and management.
Factors driving the growth of the cancer diagnostic market include the rising cases of cancer, growing number of diagnostic centers, and the rising investments for developing cancer diagnostic solutions. Moreover, continuous technological advancements, new product launches, and the rising government initiatives to spread awareness about cancer and early detection of cancer are also playing a pivotal role in propelling the global cancer diagnostic market. However, requirement of high capital investments, stringent regulatory guidelines, and dearth of skilled professional are some of the factors hindering the growth of the cancer diagnostic market to a certain extent.
The global cancer diagnostic market has been analyzed from three perspectives: Type, Application, and Region.
Cancer Diagnostic Market by Type
Based on type, the cancer diagnostic market has been segmented into tumor biomarker testing, imaging, biopsy, endoscopy, and others. Imaging segment is further bifurcated into magnetic resonance imaging (MRI), computed tomography (CT), mammography, ultrasound, others (PET, SPECT, etc.). Imaging segment held the largest share in the cancer diagnostics market. The large share of this segment can be attributed to several factors including the rising cancer prevalence, the increasing demand for imaging modalities, technological advancements, and the growing demand for minimally invasive diagnostic solutions.
Cancer Diagnostic Market by Application
Based on application, the market has been segmented into breast cancer, colorectal cancer, lung cancer, cervical cancer, prostate cancer, liver cancer, pancreatic cancer, melanoma, non-Hodgkin’s lymphoma, and others. Breast cancer segment accounted for the largest market share in 2020. Increasing incidence of the breast cancer is one the major factors propelling the growth of this segment. Studies have shown that risk for breast cancer increases with age and is most common in females over the age of 50.
Cancer Diagnostic Market by Region
Regionally, the global cancer diagnostic market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest share of the global cancer diagnostic market in 2020. Factors attributing to the growth of this region include the highly developed healthcare infrastructure, the rising geriatric population, the growing number of cancer cases, and the increasing private-public funding. Moreover, the rising focus of the players on developing advanced diagnostic solutions and the growing awareness for early detection of cancer are some of the other factors playing boosting the growth of cancer diagnostics market.
Some of the prominent players operating in the global cancer diagnostic market includes:-
- General Electric Company
- F. Hoffmann-La Roche Ltd.
- Agilent Technologies, Inc.
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific Inc.
- Illumina, Inc.
- bioMérieux, Inc., among others.
- In January 2021, Roche launched two CE-IVD automated digital pathology algorithms, namely, uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis for faster and accurate diagnoses of breast cancer patients. These analytical algorithms use artificial intelligence for patient diagnoses.
- In November 2020, DermaSensor Inc. launched new point-and-click device designed as an objective tool to support clinicians’ assessment of suspicious lesions for the common forms of skin cancer.
- In October 2020, Sascan Meditech, a startup launched OralScan, a handheld imaging device for screening, detection, and biopsy guidance of oral cancer.
- In September 2020, Philips launched Azurion Lung Edition imaging system for diagnosing and treating lung cancer. This system is designed specifically for bronchoscopy procedures.
- In July 2020, Thrive Earlier Detection Corp., a Cambridge startup developing a blood test to for early cancer detection, raised US$ 257 million in funding.
Key Questions Addressed by the Report
- What is the current and future prospect of the market?
- What are the key trends governing the market?
- Who are the key players operating in the market, and how intense is the segment rivalry?
- Which market segment currently holds lion’s share and which segment is expected to grow in the coming years?
- Which regional markets are expected to witness the highest growth in the coming years?