Cancer Diagnostics Market - By Application (Tumor Biomarkers Tests, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), By Cancer Type (Bladder Cancer, Breast Cancer), By End-use & Forecast, 2023-2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCancer Diagnostics Market - By Application (Tumor Biomarkers Tests, Imaging, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), By Cancer Type (Bladder Cancer, Breast Cancer), By End-use & Forecast, 2023-2032
Cancer Diagnostics Market Size
Cancer Diagnostics Market size was worth more than USD 136 billion in 2022 and is projected to exhibit over 9% CAGR from 2023-2032. Rising prevalence of cancer across the globe will accelerate industry growth.
The growing incidences of cancer driven by the adoption of unhealthy dietary habits and sedentary lifestyles is expected to influence the cancer diagnostics market outlook. Several initiatives, funding, and private-public partnerships established to boost cancer research and improve access to advanced screening services will pave the way for enhanced industry growth. For instance, in August 2022, the National Cancer Grid (NCG) of India unveiled a new digital oncology center to promote the use of digital technologies in cancer care.
The ongoing advancements in the field of next-generation cancer diagnostics are allowing early detection of cancerous cells using AI and an array of digital tools. For instance, in December 2022, Ibex Medical Analytics announced the deployment of its AI-based cancer diagnostic solution, Galen™ Prostate at the University of Pittsburgh Medical Center (UPMC) network.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Cancer Diagnostics Market Size in 2022 | USD 136 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 9% |
| 2032 Value Projection | USD 324 Billion |
| Historical Data for | 2018 to 2032 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 274 |
| Segments covered | Application, Cancer Type, End-use and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Increasing health concerns associated with radiation exposure could hamper industry outlook
The extensive usage of CT scanners in cancer diagnostics and screening is linked with high radiation exposure as compared to conventional technologies, leading to limited demand for modern radiation therapies. Patients exposed to a radiation dose of 40 mSv, equivalent to four-phase abdominal CT scanning are at a higher risk of developing different types of tumors. As a result, multiple regulatory agencies such as the U.S. FDA and the European Commission are deploying strict guidelines and regulations pertaining to adequate radiation dosage to ensure public health safety.
Cancer Diagnostics Market Analysis
The market for cancer diagnostics in the field of medical imaging is booming! It's expected to grow at a steady pace of over 8.5% each year from 2023 to 2032. That's because imaging techniques like mammography, ultrasound, MRI scans, X-rays, PET scans, and SPECT scans are widely used to detect cancer. As cancer cases keep rising all over the world, there's a huge demand for more accurate and speedy ways to find it early. Imaging helps doctors see inside the body and make better decisions about treatment plans. On top of that, new technologies like photon-counting CT scanners (powered by quantum tech!) and dark-field imaging are making imaging even more powerful. This means there's a bright future ahead for cancer diagnostics in the field of medical imaging.
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Cancer Diagnostics Market Share (%), By End-Use, 2022 |
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|
Segment |
Market share (%), 2022 |
|---|---|
|
Hospitals |
40.7% |
|
Diagnostic Laboratories |
35.9% |
|
Diagnostic Imaging Centers |
16.8% |
|
Cancer Research Institutes |
6.6% |
Hospitals segment in the cancer diagnostics market was valued at more than USD 55 billion in 2022. The increasing focus on the advancement of healthcare infrastructure has encouraged the establishment of technologically equipped hospitals. The growing disease burden is further propelling the need for modern systems suitable for faster and more efficient biopsy procedures. Additionally, hospitals have a high preference among patients as they offer access to multi-specialty domains with superior diagnostic aid and healthcare professionals. With increasing medical tourism worldwide, multiple countries are investing heavily in healthcare facilities, further complementing the industry expansion.
Cancer diagnostics for non-Hodgkin lymphoma (NHL) are set to bring in over $18.5 billion by 2032. Why? Because more and more people are getting NHL. In the U.S., NHL is a big deal, affecting about 4% of all cancer cases. Last year, over 80,000 people were diagnosed with NHL, and sadly, it took the lives of nearly 20,250 people. And as the world gets older, more people will need NHL diagnostics because NHL strikes older folks more often.
Moreover, a surge in melanoma cases is expected to further drive the demand for cancer diagnostics. Melanoma is most invasive type of skin cancer and can be life threatening, thus fueling the need for surgeries, medications, radiation and even chemotherapy. According to a study published in the JAMA Journal, by 2040, new melanoma cases across the globe are projected to increase by 50%, while melanoma-related mortality will witness a 68% surge.
Europe cancer diagnostics market size is slated to surpass USD 93.5 billion by 2032. Increasing healthcare expenditure will play a crucial role in the industry expansion. The region also records high awareness regarding early cancer diagnosis along with a solid footprint of companies specializing in cancer diagnostic tests. Furthermore, several EU agencies and health organizations are providing funding and new schemes to boost innovation in cancer diagnostics.
Cancer Diagnostics Market Share
Some of the leading companies in the global cancer diagnostics market include
- Agilent Technologies Inc
- Abbott Laboratories
- Becton
- Dickinson and Company
- AB Sciex Pte. Ltd
- Biocare Medical LLC
- BioMerieux SA
- Biocartis
- Bio-Rad Laboratories
- GE Healthcare
- Janssen Diagnostics LLC (Johnson & Johnson)
- Cancer Genetics Inc
- Hologic Inc
- Leica Biosystem Nussloch GmbH (Danaher Corporation)
- Qiagen N.V
- F-Hoffmann-La Roche Ltd
- Myriad Genetics, Inc
- Siemens Healthineers
- Thermo Fischer Scientific
- Sysmex Corporation
These firms are developing advanced products with superior performance capabilities for better consumer traction.
Impact of the COVID-19 pandemic
The outbreak of COVID-19 introduced unprecedented challenges for the cancer diagnostics industry participants. With a dramatic surge in hospitalization rates and the rising COVID-19 cases, multiple governments worldwide imposed severe lockdown restrictions, forcingseveral cancer care programs and other initiatives to cease temporarily. Moreover, it delayed cancer diagnostics and screening services due to the growing emphasis on COVID-19 treatment. For instance, in the wake of the pandemic, the Centers for Medicare & Medicaid Services (CMS) announced that cancer care will be temporarily considered as low-priority services.
The cancer diagnostics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments
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By Product
- Tumor biomarkers tests
- Imaging
- Ultrasound and radiology
- Mammography
- MRI scan
- PET scan
- CT scan
- SPECT & others
- Biopsy
- Liquid biopsy
- Immunohistochemistry
- In situ hybridization
By Cancer type
- Bladder cancer
- Breast cancer
- Colon and rectal cancer
- Endometrial cancer
- Kidney cancer
- Leukemia
- Liver-lung cancer
- Melanoma
- Non-Hodgkin lymphoma
- Pancreatic cancer
- Prostate cancer
- Thyroid cancer
- Others
By End-use
- Hospitals
- Diagnostic laboratories
- Diagnostic imaging centers
- Cancer research institutes
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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