Westford, USA, July 28, 2022 (GLOBE NEWSWIRE) -- Cancer diagnostics market is growing rapidly with high potential for growth. The disease burden from cancer is increasing and there is an increasing demand for more accurate and early detection methods. According to the World Health Organization, in 2017, the total cost of cancer treatment was valued at $214.6 billion, and the number of deaths from cancer was about 10 million in 2020. This trend is expected to continue, as the population ages and the incidence of cancer rises. In addition, because cancer is a heterogeneous disorder with numerous symptoms, it can be difficult for physicians to determine which patients have cancer and which do not.
In order to address these issues, there is a need for more accurate diagnosis methods that can be used in clinical settings. Some of the most commonly used methods cancer diagnostics market include: blood tests that look for indicators of cancer such as tumor markers or proteins; imaging tests such as MRI and CT scans; and physical exams that help identify signs of cancer or other health problems. However, these methods are not always reliable or specific enough for physicians to make an accurate diagnosis.
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Global Outlook of Cancer Diagnostics Market
In 2021, the US dominated the global cancer diagnostics market with a share of 43%. The market is forecast to grow rapidly in Asia Pacific, Latin America, and Eastern Europe over the next few years. However, North America is expected to hold the largest share in the global market until 2028. Nearly two-thirds (64%) of global revenues are forecast to be generated by companies in North America during the forecast period. The top five diseases associated with cancer include lung cancer, breast cancer, colorectal cancer, prostate cancer, and liver cancer. It is estimated that more than 27.5 million people will be diagnosed with cancer by 2040.
Prevalence and demand for cancer diagnostics market continues to rise as more people are diagnosed with the disease. In 2016, there were an estimated 22 million people who had cancer, and that number is projected to rise to 29 million people by 2026.
One of the key players in this market is GE Healthcare. The company has been engrossed in developing diagnostic tools for cancers such as leukemia and breast cancer. In 2016, GE Healthcare had a revenue of $5.4 billion from its products and services related to cancer diagnostics. Another player in the global cancer diagnostics market is Siemens Healthineers AG. The company has been focusing on developing targeted therapies for various types of cancers. It had a revenue of $6.1 billion from its products and services related to cancer diagnostics in 2016.
Global Outlook of Cancer Diagnostics Market: Skin Cancer Diagnostics to Generate Highest Revenue by 2028
According to a recent report by the SkyQuest, the market for early cancer diagnostics is growing rapidly, as more and more patients seek to have their conditions diagnosed and treated as early as possible. This exciting new development is being fueled in part by innovative technologies that are making it easier than ever for doctors to detect cancer earlier.
Breast cancer is the most common type of cancer in women. Each year, approximately 2.26 million women are diagnosed with breast cancer. Considering this, the breast cancer diagnostics market is projected to attain a value of $6.7 billion by 2028.
Lung cancer is the leading cause of death from cancer in men and women combined. Approximately 2.21 million people are diagnosed with lung cancer each year generating market value of around $4.7 billion by 2028.
Colorectal cancer affects around 1.93 million people each year. The prevalence of colorectal cancer varies greatly depending on where someone lives. For example, the prevalence of colorectal cancer in the United States is around 21% while the prevalence in Europe is around 10%. The difference in prevalence is likely due to factors such as diet and lifestyle. In 2021, the colorectal cancer diagnostics market was valued at $2.3 billion and is expected to inflate to $4 billion by 2028.
Prostate cancer is the third most common form of cancer in men. Approximately 1.41 million cases are diagnosed each year. As per the SkyQuest technology, the demand for prostate cancer diagnostics to continue growing at a CAGR of over 13% and is projected to attain a value of around $8.9 billion by 2028.
Cervical Cancer is the fourth most common cancer in women. Every year, it takes lives of over 31,000 women around the globe and more than 600,000 women are being diagnosed with the cancer. As a result, the cervical cancer diagnostics market is witnessing a healthy growth at a CAGR of 5% and reach market size of $7 billion by 2028.
Skin cancer is the fifth most common types of cancer in the world, affecting over 1.7 million people in around the globe each year. It is estimated that over 85% of all skin cancers are caused by exposure to the sun and related sunscreens. Considering the growing prevalence of skin cancer, the demand for its diagnosis to grow at a CAGR of 9.8% and is expected to attain market size of $ 11 billion by 2028.
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Liquid Biopsy and Next Generation Sequencing is On the Rise
The high prevalence of cancer give impetus to the high need for superior cancer diagnostics technologies that can help in detecting the cancer in early stage and help in improving the patient care and reduce mortality rate. In fact, WHO has published in a study in March 2022 that said early diagnosis of cancer can reduce the rate of mortality by 50%.
One such technology in the global cancer diagnostics market is liquid biopsy, which uses a small amount of blood drawn from the patient to determine whether or not they have cancer. This approach is becoming increasingly popular because it is less invasive than other methods, such as surgery, and it can be done without any radiation exposure. Additionally, tests that use liquid biopsy are relatively quick and affordable, making them an attractive option for health care providers. It has been found that the technology is majorly used for diagnosis of prostate, lung, ovarian, colorectal, and gastrointestinal cancers.
Another technology on the rise is next-generation sequencing (NGS). This approach involves sequencing a patient’s entire genome – 3 billion DNA base pairs – in order to detect any abnormalities. NGS has the potential to revolutionize cancer diagnosis, as it can identify tumors even if they are very small and/or haven’t yet caused any symptoms. In addition, NGS can speed up the process of finding a cure for cancer patients. With the advancement in this technology, the technique is being successfully implemented for prompt diagnosis of bladder cancer, renal cell carcinoma, small-cell lung cancer, prostate cancer, acute myelogenous leukemia, and chronic lymphocytic leukemia.
Top 3 Technologies Shaping the Cancer Diagnostics Market and Companies Operating in it
Cancer diagnostics market has high potential for growth, as the global population continues to age. However, the diagnostic market is becoming competitive, with a number of startups and large companies alike vying for a piece of this lucrative market.
• Molecular profiling: This involves looking at the specific genes and proteins or biomarkers that are expressed in a tumor, which can help to identify its unique characteristics and inform treatment decisions.
To maintain their edge in the industry, some companies are turning to innovative technologies and business models to stay afloat. For example, AkersBio Solutions uses patient data to develop new cancer-diagnostic biomarkers and sells these biomarkers to commercial partners. Additionally, Digitech Diagnostics is capitalizing on the trend of genetic testing by offering its customers access to personal genomic data. These innovative companies are demonstrating that there is abundant opportunity in the cancer diagnostics market, regardless of competition.
• Nanotechnology: Tiny particles called nano sensors are being developed that can be injected into the body and target specific cells, including cancer cells. These nano sensors can then relay information about the cell’s activity back to a computer for analysis.
Becton Dickinson and GE Healthcare are actively developing nanotechnology-based cancer diagnostics. These new techniques have the potential to provide earlier detection of cancer, as well as more accurate information about the specific type of cancer present. In addition, nanotechnology-based diagnostics may be able to identify which treatments will be most effective for a particular patient's cancer.
Currently, Becton Dickinson is developing a method for detecting circulating tumor cells (CTCs) using magnetic nanoparticles in the global cancer diagnostics market. This technique could potentially be used to detect very small numbers of CTCs, which can indicate the presence of cancer even before symptoms appear. GE Healthcare is also working on a number of nanotechnology-based diagnostic tools for cancer, including one that uses quantum dots to fluoresce in the presence of certain proteins that are associated with cancer.
•Artificial intelligence: Machine learning algorithms are being used increasingly to analyze large data sets from patients, including images and genomic data. This could eventually lead to more personalized treatment recommendations based on an individual ‘tumor characteristics.
Grail Inc. uses AI to improve cancer diagnosis and treatment. Their software reads Magnetic Resonance Imaging (MRI) scans and other medical records to identify patterns that indicate which treatments might be effective for a patient.
Fujifilm Holdings Corporation uses AI to create digital photographs of patients’ tumors and progressions. They then use these images to develop new treatments and diagnostic methods.
IBM Corporation uses AI for research, development, and manufacturing of cancer treatments. Their Watson platform can identify new targets for drugs and improve the accuracy of diagnoses by combining data from various sources.
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Key Players in Global Cancer Diagnostics Market
- GE Healthcare (US)
- Abbott Laboratories (US)
- Hologic Inc. (US)
- Agilent Technologies Inc. (US)
- Roche Diagnostics (Switzerland)
- FUJIFILM Corporation (Japan)
- Danaher Corporation (US)
- DiaSorin S.P.A. (Italy)
- Myriad Genetics Inc. (US)
- Siemens Healthineers AG (Germany)
- BD (US)
- bioMérieux SA (France)
- Bio-Rad Laboratories (US)
- Cancer Diagnostics Inc. (US)
- Vela Diagnostics (Singapore)
- Roche Diagnostics (Switzerland)
- AMOY Diagnostics CO. LTD. (China)
- Quidel Corporation (US)
- Bio SB (US)
- Biocartis NV (Belgium)
- Exact Science (US)
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