Cancer Diagnostics Market is Expected to Reach $26.6 billion | MarketsandMarkets.
Chicago, March 23, 2023 (GLOBE NEWSWIRE) -- The cancer diagnostics industry is expected to experience significant growth in the near future as a result of technological advances, such as artificial intelligence (AI) and machine learning (ML). AI and ML are already being used to detect cancer in its early stages, helping to increase the accuracy and reduce the cost of cancer diagnostics. Additionally, advancements in genomics, biomarkers, and imaging technologies are providing more accurate and reliable methods for cancer diagnosis. Furthermore, the emergence of personalized and targeted treatments for cancer is driving the demand for more precise and accurate diagnostics. As a result, the cancer diagnostics industry is expected to continue to grow in the near future as new technologies are developed and deployed.
Cancer Diagnostics market in terms of revenue was estimated to be worth $17.2 billion in 2021 and is poised to reach $26.6 billion by 2026, growing at a CAGR of 11.5% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growth in this market is attributed to the prevalence of cancer, the increasing number of private diagnostic centers. Moreover, the growth opportunities in emerging markets are expected to provide growth opportunities for players in the cancer diagnostics market during the forecast period.
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Cancer Diagnostics Market Scope:
Report Coverage | Details |
Market Revenue in 2021 | $17.2 billion |
Estimated Value by 2026 | $26.6 billion |
Growth Rate | Poised to grow at a CAGR of 11.5% |
Market Size Available for | 2019–2026 |
Forecast Period | 2021–2026 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Products, Cell Type, Application, End User and Region |
Geographies Covered | North America (US, Canada), Europe (Germany, France, UK, Spain, Italy, and RoE), APAC (China, India, Japan and the RoAPAC), and Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunity | Recommendations for cancer screening |
Key Market Drivers | Growth in the number of private diagnostic centers |
By product, the cancer diagnostics market is segmented into consumables and instruments. In 2020, the instruments segment accounted for the larger share of the cancer diagnostics market. The large share of this segment can be attributed increasing incidence of cancer.
Based on the technology, the cancer diagnostics market is segmented into IVD testing, Imaging Based and biopsy techniques. In 2020, the IVD testing segment accounted for the largest share of the cancer diagnostics market. The large share of this segment can be attributed to incidences of cancer and technological advancement.
Based on application, the cancer diagnostics market is segmented into breast cancer, lung cancer, colorectal cancer, melanoma, and other cancer. The breast cancer segment accounted for the largest market share in 2020. The increasing incidence of breast cancer are the major driving factors for this market.
By end user, the cancer diagnostics market is segmented into a hospitals and diagnostic laboratories. The hospitals segment accounted for the largest market share in 2020. The increasing number of patients visiting hospitals, rising number of in-house diagnostic procedures performed in hospitals, are the major driving factors for this market.
The cancer diagnostics market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the cancer diagnostics market, followed by Europe. The large share of North America can be attributed to factors such as the increasing incidences of cancer, growing awareness early diagnosis and technological advancement.
Key Market Players:
The major players in the cancer diagnostics market are Danaher Corporation (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US.), F. Hoffman-La Roche AG (Switzerland), QIAGEN N.V. (Netherlands), Fujifilm Corporation (Japan), Aglient Technologies (US) and Thermo Fisher Scientific Inc. (US) etc.
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Hypothetic Challenges of Cancer Diagnostics Market in Near Future:
Increased competition from existing and new players: As the cancer diagnostics market continues to grow, there will be increased competition from existing and new players, making it more difficult for companies to gain market share.
Adoption of new technologies: New technologies such as artificial intelligence and machine learning are rapidly advancing in the field of cancer diagnostics. As these technologies become more widely adopted, companies must be prepared to invest in research and development to stay competitive.
Need for more accurate tests: As the demand for accurate cancer diagnostics grows, companies must be prepared to develop improved tests that can accurately detect cancer earlier.
Cost pressures: As the cost of healthcare continues to rise, the cost of cancer diagnostics tests must also increase in order to remain competitive. Companies must find ways to reduce costs while still providing high-quality tests.
Privacy concerns: With the increased use of electronic health records and other digital technologies, companies must also ensure that they are compliant with all applicable privacy laws and regulations.
Top 3 Use Cases of Cancer Diagnostics Market:
Early Detection: The use of cancer diagnostics for early detection of cancer is one of the most important use cases of this market. Early detection tests can help detect the presence of cancer in its early stages, leading to improved outcomes and better quality of life for patients.
Genetic Testing: Genetic testing is an important use case of cancer diagnostics. Genetic testing can help identify the presence of mutations in genes that are associated with increased risk of developing certain types of cancers. This type of testing can be used to identify those at risk of developing cancer and can be used to monitor the progression of the disease.
Biomarker Testing: Biomarker testing is another important use case of cancer diagnostics. Biomarkers are molecules that can be used to help diagnose and monitor the progression of cancer. These molecules can be used to detect the presence of the disease and to help identify which treatments are most effective for particular types of cancers.
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Recent Developments:
In February 2021, Applied DNA Sciences, Inc. announced the launch of a new COVID-19 PCR test on its SigNature T platform. The test has been designed to detect the SARS-CoV-2 virus in nasal swab samples. The test has been developed in collaboration with the Broad Institute of Harvard and MIT and validated in the US and Europe.
In January 2021, Thermo Fisher Scientific Inc. announced that its Oncomine Precision Assay has been approved by the US Food and Drug Administration (FDA). The assay is a next-generation sequencing-based test that can detect single nucleotide variants in a wide-range of cancer-related genes.
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