Cancer Diagnostics Market Size, Share & Analysis Report, 2022-2030
According to Nova one advisor, the global Cancer Diagnostics market size was valued at USD 160.9 billion in 2021 and is predicted to hit USD 293.8 billion by 2030 with a registered CAGR of 6.90% during the forecast period 2022 to 2030.
Key Takeaways:
Continual introduction of innovative products, coupled with increasing need for early diagnosis of various diseases, is a prime factor driving the market. The demand for cancer diagnosis tools is significantly increasing worldwide due to technological advancements in the field of diagnosis. FDA support for developing oncological biomarkers and mass cytometry, the launch of various reagents and kits for drug discovery and diagnosis, and technologically advanced miniaturized devices facilitating portability and precision are major factors boosting the market growth.
A shift in lifestyle has resulted in further exposure to oncogenic factors. As per the report by The American Cancer Society in 2022, there will be a projected 1.9 million new cases diagnosed and 609,360 cancer fatalities in the U.S. Across several countries, cancer cases are twice as noncommunicable diseases, encouraging government and private players to increase the number of awareness and diagnosis programs globally. Thus, rising prevalence of cancer globally is anticipated to create significantly boost the demand for diagnostic products during the forecast period.
However, the advent of the COVID-19 pandemic has significantly affected the overall market. Diagnosis procedures, resection surgeries, appointments, and consultations were ceased in most countries, morbidity and mortality rates due to COVID-19 were higher in patients with cancer, and the rate of virus transmission was deemed to be high.
Rising use of microfluidic technology for diagnosis is another major factor responsible for replacing conventional methods of diagnosis. Early diagnosis of tumors is crucial for timely treatment. A large number of noninvasive tests are being conducted for the diagnosis of various types of tumors in order to increase the number of people seeking specific tests at regular intervals. The use of DNA-based liquid biopsies is one such technique for the early detection of tumors, which is being conducted by major hospitals, including Memorial Sloan Kettering Cancer Center in the U.S. Liquid biopsies are expected to be used among patients with high disease risk or as prescreening techniques that are followed by diagnostic imaging.
Similarly, the use of AI has been gaining significant traction in the cancer diagnosis industry. According to the NCI, researchers are testing the use of AI for diagnosing prostate cancer. AI tools are used for the identification of suspicious areas seen during an MRI scan, which requires biopsies to confirm the presence of malignant cells. AI tools are also being tested for improving biopsy sample analysis facilitated to render more accurate and efficient results. Thus, the advent of such technological advancements has been a key factor in propelling market growth.
Moreover, mergers and acquisitions undertaken by market players are expected to propel market growth during the forecast period. For instance, in May 2021 Hologic, Inc. acquired Biotheranostics, Inc., a commercial-stage company, for approximately USD 230 million, which supports molecular diagnostic tests for metastatic and breast cancers. In Feb 2022, BD acquired Cytognos, which specializes in flow cytometry solutions for minimal residual disease detection, blood cancer diagnosis, and immune monitoring research for blood disorders.
Radiation exposure is likely to limit the usage of CT scans, which might hinder the growth during the forecast period. Imaging modalities are widely used for diagnosing tumors. However, injecting radioactive agents increase the risk of adverse effects due to radiation exposure. In addition, radiologists and other professionals at imaging centers are at a high risk of radiation exposure.
Report Scope of the Cancer Diagnostics Market
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Report Coverage |
Details |
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Market Size |
USD 293.8 Billion by 2030 |
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Growth Rate |
CAGR of 6.90% from 2022 to 2030 |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Product, technology, screening type, application, end-user and Region, |
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Companies Mentioned |
GE Healthcare; Abbott; F. Hoffmann-La Roche Ltd; Qiagen N.V.; Becton Dickinson & Company; Siemens Healthcare GmbH; Thermo Fisher Scientific, Inc.; Hologic, Inc.; Koninklijke Philips N.V. (Philips); Illumina, Inc. |
Product Insights
The consumables segment held the largest share of over 61.0% in 2021 and is anticipated to maintain this position throughout the forecast period. Increasing usage of consumables, increased R&D expenditure, an increase in the geriatric population, and the launch of technologically advanced diagnostic kits and reagents are fueling the growth of the segment.
In January 2020, Sysmex Corporation launched ipsogen JAK2 DX reagent. It is a gene testing kit, which measures the JAK2V617F mutation quantitatively, which is used for the screening of blood cancers. In addition, in January 2020, the product gained health insurance coverage, becoming Japan’s first diagnostic product to be covered. Moreover, the tests using this reagent will be covered under the health insurance. This is anticipated to boost the opportunities for more patients to receive testing.
In September 2022, Precipio, Inc. has signed a distribution agreement for HemeScreen with a major distribution partner in the U.S. The company continues to carry out its HemeScreen distribution expansion strategy of a multi-pronged method by targeting the national and regional hospital networks, physician-owned laboratories, and reference labs. The diversity of channel partners and distributors engaging with Precipio augments its market potential.
Technology Insights
The IVD testing held the largest share of over 60.0% in 2021 owing to factors such as increasing adoption of in-vitro diagnostics. Increasing number of in vitro diagnostics products being launched by the major market players is also fueling the growth of the market. For instance, in Feb 2022, Invitae launched LiquidPlex Dx and FusionPlex Dx in Europe. The product launch will increase patients’ access to cancer diagnostics in Europe. Moreover, in June 2022, Biocartis Group NV launched its fully automated Idylla GeneFusion Panel for non-small cell lung cancer. The panel is designed for use in clinical laboratories and provides complete testing results within 180 minutes, considerably faster than recently available testing methods, which frequently take days or even weeks for the results.
The IVD testing segment is further sub-segmented into polymerase chain reaction, in situ hybridization, immunohistochemistry, next-generation sequencing, microarrays, flow cytometry, immunoassays, and other IVD testing technologies. PCR held the largest market share in 2021 as PCR-based techniques need comparatively simple infrastructure and instrumentation, utilize only small amounts of biological material, and are extremely compatible with the clinical routine. NGS is expected to grow at the fastest rate during the review period.
Biopsy technique is expected to be the fastest-growing segment during the forecast period. Biopsy is one of the most significant screening techniques for cancer detection. This screening technique has revolutionized breast, prostate, and skin cancer diagnoses to a great extent. An increase in the global number of cancer cases has spurred the demand as well as supply of biopsy devices.
Furthermore, a global shift in consumer preference toward minimally invasive surgical procedures owing to growing awareness about associated benefits such as faster recovery times, smaller incisions, and reduced pain and scarring further propel investment in the space.
Screening Type Insights
The laboratory tests segment held the largest share of over 26.0% in 2021 owing to rise in the prevalence of cancer. While conducting laboratory tests for cancer, samples of urine, blood, or other body fluids or tissues are examined for tumor markers or abnormal cells that help determine if an individual has a precancerous condition or cancer. Laboratory tests are also used to screen high-risk patients, identify various treatment options, pinpoint disease stage, and evaluate if the disease is responding to treatment. These tests help determine if a patient has cancer recurrence, or a new tumor has developed.
Rising number of research activities undertaken by various academic and research organizations is also expected to fuel the market growth during the forecast period. For instance, in August 2021, The Cancer Prevention and Research Institute of Texas (CPRIT) announced new 74 cancer research and grants on prevention for over USD 112 million. The projects approved include 7 prevention awards, 65 academic research grant awards, and research for the development of 2 product awards, which is granted to 16 companies and institutions across the state. These awards will increase clinical trial access, support groundbreaking research, and deliver much needed cancer screening.
The biopsy segment is expected to grow at the fastest rate during the forecast period due to various benefits associated with the test, including early detection of cancer. In addition, biopsy helps determine how aggressive the disease is and how likely it is to spread to other organs. A biopsy helps in the selection of a specific treatment plan, depending on the spread of tumor. Furthermore, key operating players have introduced innovative products for market expansion, thus driving the market. For instance, in February 2021, Twist Bioscience Corporation launched Twist NGS Methylation Detection System for liquid biopsy cancer analysis and epigenetic studies.
End-user Insights
The hospitals and clinics segment led the global market in 2021 and accounted for a revenue share of more than 51.0%. Factors such as increasing awareness regarding personalized medicine, upsurge in affordable healthcare services, and strategic activities are fueling the segment growth. For instance, in December 2021, City of Hope acquired Cancer Treatment Centers of America for USD 390 million to build a national, integrated research and treatment system for cancer. The joint entity will be one of the major cancer treatment and research organizations in the U.S. with one of the leading geographic footprints, serving nearly 115,000 patients every year.
The diagnostic laboratories segment is expected to expand at the fastest CAGR over the forecast period owing to the large volume of testing performed in the laboratories, coupled with favorable reimbursement policies. For instance, in 2018, CMS finalized a National Coverage Determination, which covers diagnostic laboratory tests using NGS for patients with advanced cancer, thereby increasing access and expanding coverage to patients.
Application Insights
The others segment dominated the market and held a share of over 21.0% in 2021. The breast cancer segment held the second-largest share in 2021. Growth of R&D in advanced screening tools for breast cancer is anticipated to boost the segment growth significantly. In March 2022, Paige launched Paige Breast Lymph Node, an Artificial Intelligence medical device software, which helps pathologists identify if breast cancer has grown to lymph nodes.
Moreover, in September 2022, Optellum raised USD 14 million in a Series A funding round. The investment will enable the company to scale its operations, base, and commercial launches in the U.S. and the U.K.; fast-track the R&D; and expand its platform for personalized therapy evaluations. Additionally, growth in initiatives to spread awareness among individuals is expected to boost the market growth. In April 2022, the Department of Health & Family Welfare, Roche Pharma India, Niramai Health Analytix, and the Government of Punjab have signed a partnership to fast-track Breast cancer treatment and screening in the state of Punjab.
Regional Insights
North America held the largest share of over 41.0% in 2021. Increasing strategic activities by key players are driving the market in this region. For instance, in March 2021, Agilent acquired Resolution Bioscience Inc. The acquisition expands and complements the company’s competencies in NGS-based cancer diagnostics and provides the company with advanced technology to serve the needs of the increasing precision medicine market.
Asia Pacific is estimated to be the fastest-growing region over the forecast period due to strategic initiatives undertaken by major players, a considerable rise in cervical screening programs conducted to increase awareness and screening, a rise in R&D, and technological advancements. For instance, in November 2019, the Australian Cervical Cancer Foundation (ACCF) launched National Cervical Cancer Awareness Week 2019. The ACCF aims at eliminating cervical cancer by 2035 by increasing awareness among women across Australia. Hologic Inc. is one of the sponsors of ACCF screening programs.
Some of the prominent players in the Cancer Diagnostics Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cancer Diagnostics market
By Geography
North America
Europe
Asia Pacific
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers