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

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

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.
 

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

Cancer diagnostics market size from imaging applications is anticipated to record over 8.5% CAGR between 2023-2032. Cancer diagnostics are extensively used several imaging applications including mammography, ultrasound, MRI scan, radiology, PET scan, and SPECT. With an upsurge in cancer cases across developed and developing nations, the demand for faster and more efficient screening technologies has picked huge pace. Imaging also allows healthcare professionals to make an informed decision regarding the course of treatment. Furthermore, the emergence of groundbreaking developments, such as photon-counting CT scanners based on quantum technology, and dark-field imaging will showcase lucrative scope for the industry development.
 

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.
 

In terms of revenue, the cancer diagnostics market share from non-Hodgkin lymphoma (NHL) is estimated to reach over USD 18.5 billion 2032. The rising prevalence of NHL will proliferate the adoption of cancer diagnostic technologies. According to the American Cancer Society, NHL is one of the most prevalent types of cancers in the U.S., responsible for 4% of all cancers. In 2022, NHL was estimated to affect more than 80,000 people, causing nearly 20,250 deaths. The growing geriatric population across the globe will represent a lucrative need for cancer diagnostics since individuals above the age of 65 years showcase a higher prevalence of NHL.
 

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

Click here to Buy Section of this Report

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