Cancer Diagnostic Market
Cancer Diagnostic Market is segmented By Diagnostic Type (Tumor Biomarkers, Diagnostic Imaging Tests, Biopsy, Immunohistochemistry, in Situ Hybridization, Next-Generation Sequencing, Polymerase Chain Reaction, Others), By Application (Lung Cancer, Breast Cancer, Liver Cancer, Kidney Cancer, Blood Cancer, Prostate Cancer, Cervical Cancer, Pancreatic Cancer, Skin Cancer, Ovarian Cancer, Others), By End-User (Hospitals, Diagnostic Imaging Centers, Diagnostic Laboratories, Cancer Research Institutes, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
Cancer Diagnostic Market size was valued USD million in 2022 and is estimated to reach USD million by 2029, growing at a CAGR of 9.60% during the forecast period (2023-2030).
The cancer diagnostic market involves tests and procedures that confirm the presence of disease and identify the correct tumor type, location, extent, and stage, which will help a physician give the appropriate treatment. Biopsy, imaging tests, nuclear medicine scans, and tumor biomarker tests are some of the diagnostic tests used to detect the early stage of cancer.
As per DataM Intelligence, Cancer Diagnostic Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Cancer Diagnostic Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Cancer Diagnostic Market in the United States and Canada produces the utmost share. Whereas the European Cancer Diagnostic Market is projected to continue its presence globally during the period of 2023-2030.
Cancer Diagnostic Market Scope:
Metrics |
Details |
Market CAGR |
9.6% |
Segments Covered |
By Product, By Technology, By Application, By End User, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
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Market Dynamics
The growing prevalence drives global Cancer Diagnostic market growth for gynecological issues and fertility disorders, growing demand for self-detecting pregnancy kits, increasing government support for the use of pregnancy tests, technological advancements in pregnancy test kits, increase in unintended pregnancy rate as well as adolescent pregnancy rate and increase in the number of launches of new products.
Recent advances in cancer detection and treatment by microfluidic technology are expected to drive market growth.
Numerous cancer-related deaths are due to a lack of effective diagnostic and therapeutic approaches. Microfluidic systems for analyzing a small volume of samples offer an accurate, fast, and easy-to-use technique for cancer diagnosis and treatment. Microfluidic devices can detect cancer diagnostic factors from biological fluids and generate suitable nanoparticles for drug delivery. Therefore, microfluidics can be valuable in cancer because of their high sensitivity, high throughput, and low cost. Although microfluidic platforms are not yet used in the clinic, they are expected to become the primary cancer diagnosis and treatment technology. Microfluidic systems are proving to be more sensitive and accurate than traditional assays for detecting cancer biomarkers and therapeutic strategies. Microfluidic lab-on-a-chip platforms have shown remarkable potential in developing novel methods for cancer detection, therapy and follow-up, as well as in developing new drug delivery systems for cancer treatment. Thus, from the above statements, the market is expected to drive in the forecast period.
Restraint:
However, the high cost of diagnostic systems, stringent regulatory framework, and prolonged time of approvals for product launching are some factors hindering the growth of the cancer diagnostics market globally. Diagnostic imaging systems such as MRI, X-ray, Ultrasound, Computed Tomography (CT) systems, and Single Photon Emission Computed Tomography (SPECT) are highly expensive. Further, the room which hosts these machines cost even more and adds to the overall cost of the system. Due to the cost of the machine, cancer diagnostic imaging is a costly business for patients.
According to NerdWallet Health, the average cost of an MRI in the U.S. was $2,611. Diagnostic Imaging Cost has increased in recent years. The medical imaging costs increased an average of 7.8% per year; imaging costs increased by 8.3% per year. Stringent tax policies, which allow only philanthropic and public healthcare institutions to purchase medical devices without tax, heighten device prices and further dissuade small clinics and private hospitals from procuring imaging diagnostic equipment.
Industry Analysis
The cancer diagnostic market provides in-depth analysis of the market based on various industry factors such as unmet needs, pricing analysis, supply chain analysis, regulatory analysis etc.
Segment Analysis
Consumables segment is expected to hold the largest market share in the cancer diagnostic market.
The consumables segment accounted for the largest market share in 2021. The key factors driving the segment's growth are the increasing use of consumables for cancer diagnostics, increased spending on research and development, increased cancer prevalence, an increase in the elderly population, and the introduction of technologically advanced products. For instance, Freenome uses a type of artificial intelligence called machine learning to identify patterns of cell-free biomarkers in the blood to detect cancer early. Moreover, Freenome recently launched its first clinical study, AI-EMERGE, to create a blood test to detect colorectal cancer early on. They will collect blood and stool samples from healthy and colorectal cancer patients. Thus, from the above statements, the market segment accounted for the largest market share in the forecast period.
Geographical Analysis
North American region is expected to hold the largest market share in the global cancer diagnostic market.
The North American region accounted for the largest market share in 2021. Owing to the high incidence of cancer cases and rising technological advancements to diagnose cancer at an early stage, well-established infrastructure and product approvals by FDA in the region are the factors to drive the market in the forecast period. For instance, according to the American Cancer Society, in 2021, it is estimated that 43,780 breast cancer deaths (43,250 women and 530 men) will occur. In contrast, in 2022, an estimated 287,850 women will be diagnosed with breast cancer in the U.S, making it the most common cancer in American women. Every two minutes, a woman in the U.S. is diagnosed with the disease. Therefore, it has increased the demand for cancer diagnostic in the region. Moreover, in May 2020, Myriad Genetics, Inc. received approval from the U.S. Food and Drug Administration (FDA) for its BRACAnalysis CDx test as CDx for Lynparza in homologous recombination repair-mutated metastatic castration-resistant prostate cancer. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.
Competitive Landscape
Major key players in the cancer diagnostic market are Abbott Laboratories, Thermo Fisher Scientific, Inc., Agilent Technologies Inc., Qiagen, F. Hoffmann-La Roche Ltd, bioMérieux SA, Biocare Medical, LLC, Danaher Corporation, Illumina Inc., and GE Healthcare.
Abbott Laboratories:
Overview:
Abbott Laboratories is an American multinational medical device and healthcare company that explores, develops, manufactures, and sells a broad and diversified line of healthcare products. It split off its research-based pharmaceuticals business into AbbVie in 2013. It benefits through the following segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, Cardiovascular and Neuromodulation Products, and Others. Its well-known products across the medical devices, diagnostics, and nutrition divisions are Pedialyte, Similac, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT and MitraClip. One hundred nine thousand colleagues serve people in more than 160 countries.
Product Portfolio:
PathVysion HER-2 DNA Probe Kit II: The PathVysion HER-2 DNA Probe Kit II (PathVysion Kit II) is designed to detect amplification of the HER-2/neu gene via fluorescence in situ hybridization (FISH) in formalin-fixed, paraffin-embedded human breast and gastric cancer tissue specimens.
The global cancer diagnostic market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.
Frequently Asked Questions
What is the Projected CAGR value of the Cancer Diagnostic Market?
Cancer Diagnostic Market is expected to grow at a CAGR of 9.6% during the forecasting period 2023-2030.
Which region controlled the global market during 2023-2030?
North America region Controls the Cancer Diagnostic Market during 2023-2030.
Which is the fastest growing region in the Cancer Diagnostic Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period.