Burlingame, July 19, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global cancer diagnostics market is estimated to be valued at US$ 59.1 Billion in 2023 and is expected to exhibit a CAGR of 9.6% during the forecast period (2023-2030).
Analysts’ Views on Global Cancer Diagnostics Market:
Cancer is one of the top causes of death globally, with a higher incidence in developed and developing markets. Technological advancements in diagnostic tests are anticipated to accelerate industry growth as healthcare professionals focus on developing effective screening and treatment solutions to check prevalence levels. Different healthcare professionals primarily focus on developing effective screening and treatment solutions to evaluate the prevalence levels. Several healthcare agencies and market players are launching different programs promoting different advanced diagnostics, thus accelerating market growth.
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Global Cancer Diagnostics Market- Driver
Increasing number of cancer diagnostics approvals
Increasing number of cancer diagnostics approvals by regulatory bodies is expected to aid in the growth of the market during the forecast period. Untapped markets in emerging economies can be capitalized through favorable product pricing and new product approvals, which can further facilitate the use of PARP inhibitors biomarkers. For instance, in May 2020, Merck & Co., Inc., a multinational pharmaceutical company, headquartered in Rahway, New Jersey, U.S., announced that Lynparza (olaparib) in combination with bevacizumab has been approved in the U.S. for the maintenance treatment of adult patients with advanced epithelial ovarian, fallopian tube or primary peritoneal cancer who are in complete or partial response to 1st-line platinum-based chemotherapy and whose cancer is associated with homologous recombination deficiency (HRD) positive status defined by either a deleterious or suspected deleterious BRCA mutation, and/or genomic instability. Patients will be selected for therapy based on a U.S. FDA-approved companion diagnostic test.
Global Cancer Diagnostics Market- Restraint
Inadequate reimbursement policies
Inadequate reimbursement policies are expected to hinder the growth of the cancer diagnostics market. There have been various advancements in radiology with regard to imaging equipment in the recent past. However, most medical insurance companies do not offer reimbursement for procedures using Computer-aided Detection (CAD). As a result, people tend to choose conventional methods for diagnosis such as biopsy, pathological test or conventional imaging methods such as mammography, and MRI procedures. For instance, in June 2022, Medicaid is the public health insurance provider in the United States. As such, Medicaid policy has significant implications for the health of people with low incomes. One issue affecting access to care is Medicaid’s notably low reimbursement rates: health providers and institutions often spend more money caring for Medicaid beneficiaries than they receive in reimbursement. For example, in 2020 hospitals received only 88 cents for every dollar spent caring for Medicaid patients. This amounted to a US$24.8 billion underpayment.
Cancer Diagnostics Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 59.1 | |
| Historical Data for: | 2018 to 2022 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 9.6% | 2030 Value Projection: | US$ 112.2 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc. Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Cancer Diagnostics Market- Opportunity
Development of biopsy platforms for companion animal cancers
The development of biopsy platforms for companion animal cancers is expected to offer lucrative growth opportunities for players in the global cancer diagnostics market. For instance, in January 2020, Zomedica Pharmaceuticals Corp., a veterinary diagnostic and pharmaceutical company, announced completing the development and manufacturing of its reference lab cancer liquid biopsy platform for canine cancers.
Use of AI in early detection of cancer
The use of AI in the early detection of cancer is also expected to aid in the growth of the cancer diagnostics market. For instance, Freenome, an AI genomics company based in the U.S., is focused on developing blood tests to detect the body’s early-warning signs of cancer, using AI. For Instance, According to an article published in the National Library of Medicine, reported in breast cancer imaging, AI can detect mammographic abnormalities with comparable accuracy to radiologists, and a wealth of commercial software packages
Global Cancer Diagnostics Market Cross Sectional Analysis:
Among Cancer Type, the breast cancer segment is dominant during the forecast period in North America region due to the key players focusing on programs on legal regulation in health care service, which is expected to drive segment growth over the forecast period. For instance, in October 2020, Exagen Diagnostics, a U.S.-based commercial-stage diagnostics company that develops and sells diagnostic tests, announced the launch of the Second variant-validated blood test to detect anticarbamylated protein antibodies, which is significantly elevated in patients with Breast Cancer. These kinds of developments in the healthcare system and rising health expenditures are fueling the Cancer Diagnostics market in North America.
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Global Cancer Diagnostics Market Segmentation:
The Global Cancer Diagnostics Market report is segmented into Test Type, End user, and Region
Based on Test Type, the market is segmented into Tumor biomarkers tests (PSA tests, CTC tests, AFP tests, CA-19 tests, HER2 tests, BRCA tests, ALK tests, CEA tests, EGFR mutation tests, KRAS Mutation Tests, Others), Imaging (ultrasound, mammography, MRI Scan, PET scan, CT scan, SPECT & Others), Biopsy (needle biopsy, endoscopic biopsy, bone marrow biopsy, others), Liquid biopsy, Immunohistochemistry, and In situ hybridization. Out of which, the Tumor biomarkers tests (PSA tests, CTC tests, AFP tests, CA-19 tests, HER2 tests, BRCA tests, ALK tests, CEA tests, EGFR mutation tests, KRAS Mutation Tests, Others) is expected to hold a dominant position in the global cancer diagnostics market during the forecast period and this is attributed to the awareness of cancer disease.
Based on Cancer Type, the market is segmented into Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Blood Cancers, Prostate Cancer, Ovarian Cancer, Stomach Cancer, Liver Cancer, Others. Out of which, Breast Cancer is expected to dominate the market over the forecast period and this is attributed to the increases overweight or obese after menopause.
Based on End User, the market is segmented into Hospital associated labs, Independent diagnostic laboratories, Diagnostic imaging centers, Cancer research institutes and others. Out of which, Breast Cancer Segment is expected to dominate the market over the forecast period and this is attributed to the poor lifestyle and excessive body weight.
Global Cancer Diagnostics Market: Key Developments
In October 2020, Roche Diagnostics is developing innovative solutions to help labs and clinicians in the U.S. partnered with DASA Group, an lab test manufacturing company in the U.S., for creating an integrated core lab in the U.S. This partnership help them to uncover meaningful opportunities, which support top organizational goals by securing long term financial stability of healthcare institution, providing new business opportunities and for strengthening reputation and leadership.
On May 24, 2023, Myriad Genetics, Inc., a company of genetic testing and precision medicine, launched Folate Receptor Alpha to Precise Oncology Solutions Portfolio to expand treatment options for women living with ovarian cancer.
On May 17, 2023, Roche Information Solutions India Pvt Ltd., developing innovative solutions to help labs and clinicians in the U.S., announced that it is showcasing innovative laboratory solutions and digital diagnostics through - "Innovation Past, Present, and Future" at this year's WorldLab-EuroMedLab 2023 in Rome, Italy, 21-25 May. Attendees have the opportunity to experience first-hand Roche's latest technological advancements in lab automation, serum work area, molecular and point-of-care solutions and find out more about the company is transforming patient care through advancements in breakthrough high-medical value diagnostic and digital solutions.
On February 22, 2023, Roche Information Solutions India Pvt Ltd, developing innovative solutions to help labs and clinicians in U.S. Roche developing innovative solutions to help labs and clinicians meet current and future demands. Roche is harnessing the power of data analytics and workflow integration to gain insights that help laboratories in improving patient care with more efficient management of data.
Key Market Takeaways:
The global cancer diagnostics market is expected to exhibit a CAGR of 9.6% during the forecast period due to the increasing approval by regulatory bodies. On May 09, 2023, F. Hoffmann-La Roche Ltd (Roche), a biotechnology company that develops drugs and diagnostics to treat major diseases, announced that the U.S. Food and Drug Administration (FDA) has accepted the company’s supplemental Biologics License Application (sBLA) for Vabysmo (faricimab) for the treatment of macular edema following Cancer Diagnostics.
Among End User, the Hospital associated labs is expected to dominate the market over the forecast period and this is attributed to the early diagnostic tests and prompt treatment that can lead to proper recovery. For instance, in December 2022, Lupin Diagnostics is Manufacture of formulations, Active Pharmaceutical Ingredients (API), drug delivery systems and biotechnology in India launched a new regional reference hospital laboratory in Indore. The newly launched regional lab is equipped with qualified clinical experts & automated, streamlined processes. This expansion will improve access to reliable, high-quality, advanced testing centers & home care collection facilities at affordable prices. The newly launched lab will offer cytogenetics, molecular diagnostics, microbiology, cytology, hematology, flow cytometry, immunology, serology, biochemistry, and so on.
Competitive Landscape:
Key players operating in the global Cancer Diagnostics market are include Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc., Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics.
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Detailed Segmentation:
Global Cancer Diagnostics Market, By Test Type:
- PSA Tests
- CTC Tests
- AFP Tests
- CA-19 Tests
- HER2 Tests
- BRCA Tests
- ALK Tests
- CEA Tests
- EGFR Mutation Tests
- KRAS Mutation Tests
- Others
- Ultrasound
- Mammography
- MRI Scan
- PET Scan
- CT Scan
- Needle Biopsy
- Endoscopic Biopsy
- Bone Marrow Biopsy
- Others
- Tumor Biomarkers Tests
- Imaging
- Biopsy
- Liquid Biopsy
- Immunohistochemistry
- In Situ Hybridization
Global Cancer Diagnostics Market, By Cancer Type:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Blood Cancers
- Prostate Cancer
- Ovarian Cancer
- Stomach Cancer
- Liver Cancer
- Others
Global Cancer Diagnostics Market, By End User:
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Diagnostic Imaging Centers
- Cancer Research Institutes
- Others
Global Cancer Diagnostics, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country:
- South Africa
- Central Africa
- North Africa
- By Country:
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