Covina, March 29, 2023 (GLOBE NEWSWIRE) -- A CAGR of 11.50% is projected for the Cancer Diagnostics Market, which is expected to grow from US$ 1.39 billion in 2020 to US$ 46.29 billion by 2030. Cancer Diagnostics Market refers to the various tools and methods used to diagnose cancer in patients. Cancer is a complex disease that requires early detection and accurate diagnosis for effective treatment. The cancer diagnostics market includes a wide range of products and services, including laboratory tests, imaging procedures, and biopsies.
Cancer Diagnostics Market includes a variety of diagnostic tests, such as imaging tests like X-rays, CT scans, MRI scans, and PET scans, as well as laboratory tests like blood tests, biopsies, and genetic tests. These tests help healthcare providers identify the presence of cancer, determine its location and stage, and monitor the progress of treatment.
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Report Overview:
- The cancer diagnostics market refers to the industry involved in the development and commercialization of various tests and tools used for the diagnosis and detection of cancer.
- Cancer diagnostics are critical in the management and treatment of cancer, and as such, the market is a crucial component of the healthcare industry.
- The market is primarily driven by the increasing prevalence of cancer globally, which is attributed to several factors such as lifestyle changes, aging population, environmental factors, and genetic predisposition.
- According to the World Health Organization (WHO), cancer is the second leading cause of death globally, with an estimated 10 million deaths in 2020.
- The market is also driven by technological advancements in cancer diagnostics, such as the development of liquid biopsies, molecular diagnostics, and next-generation sequencing. These innovations have led to the development of more accurate and efficient diagnostic tools, which have improved the early detection and treatment of cancer.
Key Highlights:
- On 10 October 2021, Apollo hospitals launched Varian's TrueBeam radiotherapy system to treat cancer. It is an intelligent software solution for interventional oncology at Apollo health city campus and Apollo cancer institute which is in Hyderabad.
- In 2020, GE Healthcate entered into partnership with GenesisCare to improve patient outcomes for the two biggest health burdens globally, cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare’s 440 cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain
- In 2020, Roche Diagnostics entered into partnership with Illumina to provide broad access to clinical oncology next-generation sequencing
Analyst View:
Increasing prevalence and incidences of various types of cancer like lung cancer and breast cancer, help the cancer diagnostics market to grow significantly during the forecast period. The surge in technological advancements aiding in imaging of cancerous cells, increase in efficiency of the result help to identify the type of cancer, the cancer diagnostics industry to procure traction during the forecast period. Rising government initiatives and private organizations to spread awareness regarding early diagnosis and prevention of cancer are expected to boost the growth of the market. The growth of several diagnostic laboratories in developing counties has driven the market in the coming years. The lack of infrastructure in rural areas, lack of awareness regarding the disease, and high costs associated with the diagnosis of cancer are the restrain of the cancer diagnostics market.
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Key Market Insights from the report:
Cancer Diagnostics Market accounted for US$ 1.39 billion in 2020 and is estimated to be US$ 46.29 billion by 2030 and is anticipated to register a CAGR of 11.50%. The Global Cancer Diagnostics Market is segmented by Method, Disease Indication, and Region.
- By Method, the Global Cancer Diagnostics Market is segmented into Enzyme-Linked Immunosorbent Assay (ELISA), Enzyme-Linked Fluorescent Assay (ELFA), Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), Immunohistochemistry, Microarray, Imaging, Magnetic Resonance Imaging (MRI), Computed Tomography (CT scan), Positron Emission Tomography (PET), Ultrasound, Mammography, Biopsy, and Others.
- By Disease Indication, the market is segmented into Breast cancer, colorectal cancer, cervical cancer, Lung cancer, Prostate cancer, Skin cancer, Blood cancer, Kidney cancer, Liver cancer, pancreatic cancer, Ovarian cancer, and Others.
- By region, the Global Cancer Diagnostics Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East, and Africa.
Competitive Landscape:
Key players in the global cancer diagnostics market includes, Thermo Fisher Scientific Inc., Hoffmann-La Roche Ltd., Abbott Laboratories, Becton, Dickinson and Company, Agilent Technologies, Inc., Roche Diagnostics GmbH, QIAGEN N.V., Illumina, Inc., Eli Lilly and Co., and Philips Healthcare Informatics, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Key Questions:
- What are the major drivers of the cancer diagnostics market?
-The major drivers of the cancer diagnostics market include the increasing prevalence of cancer worldwide, technological advancements in cancer diagnostics, and the growing demand for non-invasive diagnostic tools.
- What are the different types of cancer diagnostic tests?
-The different types of cancer diagnostic tests include imaging tests such as MRI, CT scans, and X-rays, biopsy tests, blood tests, and molecular diagnostics. Biomarkers and cancer screening are also used for cancer diagnosis.
- What is the role of biomarkers in cancer diagnostics?
-Biomarkers are substances or indicators that are found in the body that can indicate the presence of cancer. Biomarkers play a critical role in cancer diagnostics, as they help in the early detection of cancer and also in monitoring the progress of the disease.
- Which region has the largest market for cancer diagnostics?
-North America has the largest market for cancer diagnostics, followed by Europe and Asia Pacific. This is mainly due to the high prevalence of cancer in these regions, as well as the presence of established healthcare infrastructure and advanced diagnostic technologies.
Segmentation:
By Methods- Enzyme-Linked Immunosorbent Assay (ELISA), Enzyme-Linked Fluorescent Assay (ELFA), Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), Immunohistochemistry, Microarray, Imaging, Magnetic Resonance Imaging (MRI), Computed Tomography (CT scan), Positron Emission Tomography (PET), Ultrasound, Mammography, Biopsy, and Others.
By Disease Indication – Hospitals Breast cancer, Colorectal cancer, Cervical cancer, Lung cancer, Prostate cancer, Skin cancer, Blood cancer, Kidney cancer, Liver cancer, Pancreatic cancer, Ovarian cancer, and Others
Regional Analysis:
North America - U.S., Canada
Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America - Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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The cancer diagnostics market includes a variety of diagnostic tests, such as imaging tests like X-rays, CT scans, MRI scans, and PET scans, as well as laboratory tests like blood tests, biopsies, and genetic tests. These tests help healthcare providers identify the presence of cancer, determine its location and stage, and monitor the progress of treatment.
