The cancer diagnostics market is expected to grow from US$ 18.23 billion in 2021 to US$ 54.62 billion by 2028; it is expected to grow at a CAGR of 11.7% from 2022 to 2031.
Growing technological advancements in cancer diagnostic devices to address the surging number of cancer cases is a prominent factor promoting the growth of the market. However, the increasing cost of medical system is the major factor restraining its growth. Nonetheless, the increasing geriatric population followed by escalating healthcare expenditure in developed countries will bring huge growth opportunities during the forecast period. Moreover, ongoing research and development by various manufacturers assist in developing new opportunities for the market.
The following are a few recent developments by some of the key market players:
- In 2022, Medical Device Innovation Consortium launched an initiative to improve the accuracy of next-generation sequencing-based cancer diagnostics.
- In 2020, Roche Diagnostics entered into a partnership with Illumina to provide broad access to clinical oncology next-generation sequencing.
- In 2020, GE Healthcare entered into a partnership with GenesisCare to improve patient outcomes for the two major health burdens—cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare’s 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain.
MARKET DYNAMICS
The cancer diagnostics market growth is majorly attributed to the increasing cancer incidences, private diagnostic cancer center growth, and favorable reimbursement policies. In addition, the rising demand for personalized medicinal treatments, followed by companion diagnostics, is likely to add impetus to the market expansion. However, the high cost of the diagnostic imaging system is hampering the growth of the market.
MARKET SCOPE
The “Global Cancer Diagnostics Market Analysis to 2028” report aims to provide an overview of the cancer diagnostics market with detailed market segmentation based on product, technology, application, and end user. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global cancer diagnostics market is segmented into product, technology, application, and end users. Based on product, the market is segmented into consumables (antibodies, kits & reagents, probes, and other consumables) and instruments [pathology-based instruments (slide staining systems, tissue processing systems, cell processors, PCR instruments, NGS instruments, microarrays, and other), imaging instruments (CT systems, ultrasound systems, MRI systems, mammography systems, nuclear imaging systems, and biopsy instrument), and biopsy instruments.
The consumables segment held the largest market share in 2021. Increasing demand for kits and reagents is the major factor promoting the growth of the market. For instance, the UroVysion Bladder Cancer Kit (UroVysion Kit) manufactured by Digital Impression is FDA approved and intended to distinguish aneuploidy for chromosomes 3, 7, 17, and loss of the 9p21 locus via fluorescence in situ hybridization (FISH) in urine samples from individuals with hematuria supposed of having bladder cancer.
Based on technology, the market Is segmented into IVD testing [polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next-generation sequencing (NGS), microarrays, flow cytometry, immunoassays and other IVD testing technologies], imaging [magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound], and biopsy technique.
Based on application, the market is segmented into breast cancer, lung cancer, colorectal cancer, melanoma, and other cancers. As per the WHO data, the breast cancer segment held the largest market share in 2020 and accounted for ~15.7% of the total cancers across the world.
Based on end user, the market is segmented into hospitals and diagnostic laboratories. The hospital segment held a larger market share in 2021 and ise expected to grow at a higher CAGR during the forecast period, as hospitals are largely visited by patients over diagnostic laboratories.
The global cancer diagnostics market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region. North America held the largest market share in 2021.
From the regional perspective, North America dominated the cancer diagnostics market with ~35% market share in 2021. The market growth in the region is majorly attributed due to the increasing presence of numerous biotechnology and medical device companies, funding available for research and development projects, and high adoption of advanced technologies in the region. Due to rising favorable government policies supporting the growth of the manufacturing industry, as well as lower manufacturing costs in this region, Asia Pacific is expected to be the fastest-growing region in terms of cancer diagnostics. Medical tourism, increasing investment in infrastructure, and a high population base are among other notable factors driving growth of the market in the region.
Source: The Insight Partners Analysis
The report analyzes factors such as drivers, restraints, opportunities, and future trends impacting the cancer diagnostics market. It also provides an exhaustive Porter's five forces analysis of the factors affecting the cancer diagnostics market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has affected major businesses worldwide by disrupting production cycles and supply chains across industries. The industry of cancer diagnostic devices has faced multiple challenges in eliminating the pandemic, as the number of infections showed minimal to no signs of dropping. In the US, many doctors, hospitals, and other healthcare facilities delayed or canceled cancer procedures, surgeries, and sometimes screenings or other treatments, if it was not considered urgent. Cancer patients were requested to strictly adhere to social distancing norms as they were prone to get infected with COVID-19 due to weak immune system. More research was being conducted on COVID-19 vaccines other than on any other disease drug. Pharmaceutical companies halted ongoing studies and delayed the launch of new trials. The market was therefore impacted heavily by the pandemic and the demand for cancer diagnostics for elective procedures plunged drastically.
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The report covers key developments in the cancer diagnostics market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the cancer diagnostics market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for cancer diagnostics.
The report also includes the profiles of key cancer diagnostics market companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
The list of a few companies engaged in the cancer diagnostics market is mentioned below:
- GE Healthcare
- Abbott Laboratories
- Hologic Inc.
- Agilent Technologies Inc.
- Roche Diagnostics
- FUJIFILM Corporation
- Danaher Corporation
- DiaSorin S.P.A.
- Myriad Genetics Inc.
- Siemens Healthineers AG
- BD
- bioMérieux SA
- io-Rad Laboratories
- Cancer Diagnostics Inc.
- Vela Diagnostics
- Roche Diagnostics
- AMOY Diagnostics CO. LTD.
- Quidel Corporation
- Bio SB
- Biocartis NV
- Exact Science
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Technology, Application, End Users
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
1. F. Hoffmann-La Roche AG
2. Thermo Fisher Scientific, Inc.
3. Agilent Technologies, Inc.
4. Illumina, Inc.
5. Merck KGaA
6. GenScript
7. Cell Signaling Technology, Inc.
8. PerkinElmer Inc.
9. Cancer Diagnostics, Inc.
10. MultiplexDx International
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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