Cancer Diagnostics Market Size to Hit USD 258.54 BN by 2030

The global cancer diagnostics market size is expected to hit around USD 258.54 billion by 2030 from valued at USD 124.96 billion in 2021, according to Precedence Research.

The global cancer diagnostics market is expected to expanding growth at a CAGR of 8.4% over the forecast period 2022 to 2030.

Growth Factors

Cancer is one of the leading causes of death globally and its prevalence has been steadily increasing. According to World Health Organization (WHO), cancer is the largest cause of death in the world, with approximately 10 million fatalities expected by 2020. Thus, healthcare providers are focusing their activities and efforts towards the growth and development of appropriate treatment and diagnostic solutions to establish the incidence rate. Early screening treatment guidelines and procedures have a better success chance. Hence, cancer detection firms and hospitals are campaigning for daily checkups through different public awareness campaigns.

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The increased prevalence of cancers and tumors has demanded the new and innovative technology for cancer detection and diagnostics. Over the forecast period, the global cancer diagnostics market is expected to rise at a rapid pace. The use of new technology for diagnosis of different cancers such as lung cancer, breast cancer, and colon cancer. Also, liquid biopsy can lead to better therapeutic effects to the patients. Moreover, as scanning and imaging technologies improve for early-stage cancer treatment, the cancer diagnostics market is likely to grow during the forecast period.

The growing fatality rates are primarily due to late cancer diagnosis. The desire for better diagnosis and screening and treatment has risen as a result of this. Furthermore, research investments are expected to open up new potential for the cancer diagnostics market in the next years. Government funded research and improved cancer diagnostic repayment options are projected to enhance the cancer diagnostics market growth during the projection period.

Increased patient acceptance of minimally invasive diagnostics and hospital laboratory needs create tremendous growth prospects for cancer diagnostics test researchers and suppliers. The hospital-based laboratories are under pressure to provide more services at lower cost due to associated costs in the cancer diagnostics market. Thus, healthcare institutions are dealing with issues such as an geriatric population and an increase in the incidence of chronic disorders, which is driving the global cancer diagnostics market.

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Report Highlights:

• Based on the type, the imaging segment dominated the global cancer diagnostics market in 2020 with highest market share. The use of imaging tests to detect cancer aids healthcare providers in determining the best course of therapy for the patient. With the rising prevalence of cancer, the imaging segment is quickly expanding.

• Based on the application, the breast cancer segment dominated the global cancer diagnostics market in 2020 with highest market share. Breast cancer is growing at a rapid pace which is leading death of women on a large scale. Breast cancer has affected 2.3 million women worldwide in 2020, with 685,000 fatalities.
• North America is the largest segment for cancer diagnostics market in terms of region. Higher cancer rates as well as rising medical tourism, enhanced health care materials, expanding population, and considerable public awareness and government policies would effectively boost the growth of the cancer diagnostics market in North America region.
• Asia-Pacific region is the fastest growing region in the cancer diagnostics market. Growing urbanization and an increase in cancer cases around the globe are producing a big demand for accurate diagnosis, which is propelling the cancer diagnostics market in Asia-Pacific region.

Future of Cancer diagnostics Market

The key market players in the global cancer diagnostics market are likely to benefit from the development of biopsy technologies for early detection of cancer. Furthermore, the usage of artificial intelligence in cancer early detection is projected to boost the growth of the global cancer diagnostics market in upcoming years.

COVID-19 Impact Analysis:

• In many countries, the COVID-19 pandemic had a negative influence on cancer care programs and the cancer diagnostics market.
• Furthermore, the advent of the COVID-19 pandemic impeded the research and development efforts involving product development and clinical trials focusing on cancer diagnosis.
• The development and production of COVID-19 related commodities and components received a lot of attention from medical device market players and other stakeholders in the supply chain.

Key Developments in the Marketplace:

• 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.
• GRAIL, a healthcare business firm specializing in multi-cancer early detection, was bought by Illumina in September 2020. The Galleri multi-cancer screening test, the company’s most recent product.
• NeoGenomics and Genoptix signed a binding agreement in October 2018 to buy each other’s operating assets. NeoGenomics’ leadership in the cancer test market is strengthened by the purchase of Genoptix, which considerably expands coverage of oncology practices, expands customer reach, and positions the company for future growth.

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