Cancer Diagnostics Market Forecasts to 2028 – Global Analysis By Technology (Instrument-Based, Platform-Based Diagnostics), Application (Blood Cancer, Breast Cancer, Cervical Cancer), and By Geography

Cancer Diagnostics Market Forecasts to 2028 – Global Analysis By Technology (Instrument-Based, Platform-Based Diagnostics), Application (Blood Cancer, Breast Cancer, Cervical Cancer), and By Geography

According to Stratistics MRC, the Global Cancer Diagnostics Market is accounted for $17.82 billion in 2021 and is expected to reach $43.24 billion by 2028 growing at a CAGR of 13.5% during the forecast period. Cancer diagnostics is a method of identifying different biomarkers, proteins, and some signs that lead to the identification of the presence of a cancerous tumor. Efficient diagnostic testing is used to validate or rule out the existence of illness, monitor the progression of the disease, and schedule & review treatment outcomes. Diagnostic procedures for cancer may include imaging, tumor biopsy, laboratory tests (including tests for tumor markers), endoscopic examination, surgery, or genetic testing.

Market Dynamics:

Driver:

Development in the number of private diagnostic centers

The number of private diagnostic centers is rising across the globe as there is a rising demand for diagnostic imaging procedures and an increasing burden on public hospitals owing to the limited number of imaging modalities at their disposal. Favorable healthcare policies, coupled with high per capita healthcare spending, have created a conducive environment for the adoption of advanced cancer diagnostic technologies such as imaging. Strategies undertaken by these companies include product launches and expansion plans, which will drive market growth.

Restraint:

High cost

The rising demand for tests coupled with technological advancements with faster results and accuracy has escalated the price associated with imaging cancer diagnostics. The practice of imaging diagnostics has grown exponentially over the last decade in the industry. Though, in numerous countries, it is observed that some cancer diagnostic services are not fully covered by insurance.

Opportunity:

Recommendations for cancer screening, Introduction of novel diagnostic biomarkers

The identification of prospective cancer biomarkers has been made possible by technological developments in the field of biotechnology, and some of these biomarkers have been marketed. The introduction of novel diagnostic biomarkers is creating lucrative opportunities for the growth of the market. Moreover, to detect cancer in the early stages and bring down the mortality rate, governments in advanced countries and primary care doctors are recommending cancer screening tests for patients. The increased understanding of certain cancer biomarkers is creating a huge commercial opportunity for treating cancer patients through improved detection technology and equipment.

Threat:

Insufficient reimbursement policies

Inadequate reimbursement policies are predictable to threaten the growth of the market. There have been numerous advancements in radiology concerning imaging equipment in the recent past. Moreover, most medical insurance companies do not offer reimbursement for procedures using Computer-aided Detection (CAD). Thus, people tend to choose conventional methods for diagnosis such as biopsy, pathological tests, or conventional imaging methods such as mammography, and MRI procedures.

Breast Cancer segment is expected to be the largest during the forecast period

The breast cancer category is the largest segment in the market, due to upsurge in older women population and increase in breast cancer prevalence between the women. Moreover, the market will gain traction owing to an increase in the number of initiatives conducted by numerous groups are some of the factor foster the segment growth.

The Hospital Associated Labs segment is expected to have the highest CAGR during the forecast period

The hospitals segment accounted for the largest share of the market, owing to the increasing number of in-house diagnostic procedures performed in hospitals, the growing number of patients visiting hospitals, and rising consciousness regarding early diagnosis is the major driving factor for this market.

Region with highest share:

The North America is projected to hold the highest market share, owing to developed healthcare infrastructure, government initiatives toward public health care are expected to drive this dominance. Moreover, the rise in cancer cases, the presence of key manufacturers, well-established healthcare infrastructure, and rising awareness regarding cancer and its proper management. The additionally rising presence of numerous biotechnology as well as medical device companies, rising greater funding available for research and development projects, and high adoption of advanced technologies in this province are some of the factors driving the market growth in the province.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR, The growth is accredited to the rise in the medical tourism market, and the increase in the prevalence of cancer disease in countries of this area is favouring the market growth. The Asia Pacific is also flourishing owing to medical tourism, increasing awareness, and investment in private diagnostic centers. This is owing to the presence of a huge patient population, a well-defined regulatory system that favours fast product approvals, and the accessibility of qualified personnel at a reduced cost.

Key players in the market:

Some of the key players profiled in the Cancer Diagnostics Market include Abbott Diagnostics, Agilent Technologies, Inc., Becton, Dickinson and Company, bioMérieux, C.R. Bard, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare (A Subsidiary of General Electric Company), Hologic,Inc, Illumina, Inc, Koninklijke Philips N.V, Qiagen, Roche Diagnostics, Siemens Healthcare GmbH, Thermo Fisher Scientific, Inc.

Key developments:

In July 2020: F. Hoffmann-La Roche Ltd launched the uPath PD-L1 image analysis for non-small cell lung cancer, which is an automated digital pathology algorithm.

In November 2021: Hologic, Inc. commercially launched its new Genius™ Digital Diagnostics System in Europe. The Genius Digital Diagnostics System is the next generation of cervical cancer screening that combines deep learning-based artificial intelligence (AI) with advanced volumetric imaging technology to help identify pre-cancerous lesions and Cervical Cancer cells in women.

In March 2021: Agilent Technologies Inc. acquired Resolution Bioscience, to reinforce its headship position in cancer diagnostics and in September 2020, Illumina, Inc. acquired GRAIL to launch a new phase of a cancer diagnosis. This acquisition is aimed to accelerate the adoption and commercialization of transformative multi-cancer diagnosis test with the prospective to detect more cancers earlier and enable better outcomes..

Technology’s Covered:
• Instrument-Based
• Platform-Based Diagnostics
• Tumor Biomarkers Tests

Applications Covered:
• Blood Cancer
• Breast Cancer
• Cervical Cancer
• Colorectal Cancer
• Kidney Cancer
• Liver Cancer
• Lung Cancer
• Melanoma
• Ovarian Cancer
• Pancreatic Cancer

End Users Covered:
• Hospital Associated Labs
• Diagnostic Laboratories
• Cancer Research Institutes

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances