Cancer Diagnostics Global Market Report 2023
Major players in the cancer diagnostics market are Abbott, Becton Dickinson and Company, Hoffmann-La Roche Ltd, GE Healthcare Ltd., Thermo Fisher Scientific, Siemens Healthcare GmbH, Accuray, Illumina, Elekta AB, and C.
New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cancer Diagnostics Global Market Report 2023" - https://www.reportlinker.com/p06277171/?utm_source=GNW
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The global cancer diagnostics market will grow from $19.18 billion in 2022 to $21.38 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cancer diagnostics market is expected to grow to $33.13 billion in 2027 at a CAGR of 11.6%.
The cancer diagnostics market consists of sales of pathology-based instruments (slide staining systems, tissue processing systems, cell processors, PCR instruments, NGS instruments, and other pathology-based instruments), imaging Instruments (CT systems, ultrasound systems, MRI systems, mammography systems, and nuclear imaging systems) and biopsy instruments that are used for the diagnosis of cancer. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
Cancer diagnostic devices are used to diagnose the stage and cause of the condition by identifying the oncogenic proteins, and certain enzymes released by the tumor cells in patients.
North America was the largest region in the cancer diagnostics market in 2022.Asia Pacific was the second-largest region in the cancer diagnostics market.
The regions covered in the cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products in cancer diagnostics are companion diagnostics and molecular diagnostics.Molecular diagnostics is a laboratory method that is used to check for certain proteins, genes, or other molecules that may be a sign of cancer.
The methods used in cancer diagnostics are biopsy, endoscopy, tumor biomarker tests, and imaging. The applications covered in cancer diagnostics are cervical cancer, breast cancer, liver cancer, blood cancer, kidney cancer, colorectal cancer, pancreatic cancer, ovarian cancer, melanoma, and others that are used by end-users such as cancer research institutes, diagnostic laboratories, hospitals, and others.
A high prevalence rate of various types of cancers is a major driver of the cancer diagnostics market.This is because the increasing incidences of various types of cancers are leading to a greater number of people opting for diagnosis and treatment.
In addition, according to the World Health Organization (WHO), cancer was the second-leading cause of death worldwide. The National Cancer Institute (NCI) has estimated the number of new cancer cases per year to reach 23.6 million by 2030.
Product recall is one of the major restraints for the cancer diagnostics market.Product recall is a process of retrieving all faulty and defective products that have been sold or are available in the market.
When a company recalls a product from the market, it takes up the cost of fixing the defective product and replacing it.This cost of replacement of cancer diagnostics devices can be very high for manufacturers, which ultimately restricts the growth of the market.
For example, Siemens Healthcare Diagnostics had to recall its IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay as it was not meeting the required high-dose hook effect expectation. An IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay can be used as an aid in the detection of prostate cancer along with digital rectal examination (DRE) in men aged 50 years or older.
The AI-based cancer detection system is an emerging trend in the cancer diagnostics market.AI helps in improving the accuracy of image detection in diagnostic processes such as breast cancer and lung cancer diagnostics, by detecting the cancers in early stages.
AI also reduces the instances of false positives in lung cancer screening, thus, improving lung cancer detection accuracy.For instance, researchers at the Naval Medical Center San Diego and Google’s AI research division Google AI developed a reliable solution comprised of cancer-detecting algorithms used for autonomous evaluation of lymph node biopsies.
This AI solution improved the accuracy of metastatic breast cancer detection to 99%.
The cancer diagnostics market is regulated by the FDA which imposes restrictions on cancer diagnostic devices such as magnetic resonance imaging (MRI) and nuclear magnetic resonance spectroscopy (NMR).The FDA categorizes these devices into the Class II category, as they have a moderate risk associated with usage.
Class II devices are bounded by device-specific regulations which include performance standards, premarket data requirements, post market surveillance, and labeling requirements associated with their usage.For instance, the labeling of such devices is required to have a list of contraindications, adverse reactions, precautions, warnings, and other instructions before being released in the market.
Hence, regulations such as these would keep a check on manufacturers of cancer diagnostics devices.
The countries covered in the cancer diagnostics market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The cancer diagnostics market research report is one of a series of new reports that provides cancer diagnostics market statistics, including cancer diagnostics industry global market size, regional shares, competitors with a cancer diagnostics market share, detailed cancer diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the cancer diagnostics industry. This cancer diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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