The global cancer diagnostics market size is predicted to garner around USD 305.39 billion by 2032 and is expanding at a CAGR of 8.8% over the forecast period 2023 to 2032.
The global cancer diagnostics market size is predicted to garner around USD 305.39 billion by 2032 and is expanding at a CAGR of 8.8% over the forecast period 2023 to 2032.
The cancer diagnostics market size was valued at USD 132 billion in 2022, grew to USD 142.96 billion in 2023. North America led the global market with the major market share of 41.8% in 2022.
Cancer diagnostics involves identifying specific proteins, biomarkers, and symptoms indicative of cancerous patient tumors. Detecting particular biomarkers and proteins common in cancer disorders is crucial to the diagnosis process, aiding in the timely and accurate identification of the disease.
According to estimates from the National Cancer Institute, new cancer cases are projected to reach 29.5 million annually. The increasing mortality rate due to cancer has raised public awareness, fostering market growth. The high per capita healthcare expenditure in countries like the USA, Germany, and Japan is a significant driver for the cancer diagnostics market. Technological advancements in cancer screening contribute to market growth, as advanced screening methods decrease patient mortality rates.
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Governments across the globe are actively engaged in comprehensive screening initiatives to detect cancer early. Private enterprises, particularly in developing nations such as Bangladesh, India, and Indonesia, are making substantial investments in diagnostic centers, significantly contributing to this upward trend. Notably, these countries are experiencing a remarkable surge in demand for refurbished diagnostic imaging devices, fostering growth in the global cancer diagnostics market.
The cancer diagnostics market is intricately segmented based on products, applications, and end-use for a thorough evaluation. Products include consumables (antibodies, kits & reagents, probes, etc.) and instruments (pathology-based, imaging, biopsy instruments). Applications encompass a spectrum of cancers, including lung, prostate, kidney, breast, blood, colorectal, skin, ovarian, liver, pancreatic, cervical, and others. End-use categories comprise hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes.
Key Insights:
- In 2022, the consumables segment accounted for the largest portion of the market with 61%.
- In 2022, the IVD testing segment generated a 62.3% market share.
- In 2022, the laboratory tests segment accounted for 25.5% of the market.
- In 2022, the hospitals and clinics segment held a 53% market share.
Growth Factors:
- The cancer diagnostics market is expected to grow due to the rising incidence of cancers like breast and lung cancer. Technological advancements leading to improved imaging of cancerous cells, enhanced equipment for identifying cancer types, and increased result efficiency contribute to the market's traction. Private organizations, government initiatives and awareness campaigns for early cancer diagnosis and prevention are further anticipated to boost market growth in the coming years.
- Furthermore, the expansion of diagnostics laboratory infrastructure in developed nations is poised to be a key driver for the market in the foreseeable future. There is anticipated to be a substantial focus on health and safety regulations, coupled with a notable increase in the adoption of health-related practices.
- However, the market may face challenges due to the elevated cost associated with diagnostic imaging systems and the ongoing development of diverse diagnostic techniques tailored for specific cancer mutations.
- Concurrently, research centers are making strides in liquid biopsy and therapeutic interventions for animal cancers. The advancement of biopsy platforms customized for companion animal malignancies is a notable development that adds to the industry's progression, expected to offer lucrative growth opportunities for participants in the global cancer diagnostics market.
- The integration of AI in cancer detection is poised to significantly enhance market growth. AI technologies have been developed to aid in screening tests for various types of cancer, with a notable focus on breast cancer. For over two decades, AI-based computer algorithms have supported clinicians in interpreting mammograms, and ongoing research in this area is expanding rapidly.
- Notably, the NCI's Center for Cancer Research has pioneered an AI model to assist radiologists in identifying potentially aggressive prostate cancer through advanced imaging techniques like multiparametric MRI. These advancements are expected to propel the industry forward on a global scale.
Market Key Players:
- Agilent Technologies, Inc.
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- Becton, Dickinson and Company
- GE Healthcare
- QIAGEN N.V.
- Abbott Laboratories, Inc.
- Roche Diagnostics
- Siemens Healthcare
- Philips Healthcare
- R. Bard, Inc.
- bioMérieux SA
- NeoGenomics Laboratories, Inc.
- Volpara Solutions Limited
- Hologic Inc.
- Canon Medical Systems Corporation
- PenRad Technologies Inc.
- BioNTech Diagnostics GmbH
- BioGenex
Company Synopsis
GE Healthcare
GE Healthcare offers various services, including performance improvement, performance solutions, computerized data management, and remote diagnostic and repair services for the company's and others' medical equipment.
In July 2023, GE Healthcare is set to unveil SIGNA PET/MR AIRi. This cutting-edge system integrates GE's advanced AIR technologies with the SIGNA PET/MR AIR system, promising to enhance diagnostic precision, streamline treatment evaluation, and elevate overall patient comfort.
Siemens Healthineers
It is a global medical technology company that provides services, including medical imaging, laboratory diagnostics, point-of-care testing, digital ecosystem, and reading solutions for healthcare applications, serving clients worldwide.
Siemens Healthineers unveiled the Atellica CI 1900 Analyzer, an integrated biochemical and immunoassay solution, marking its debut in Korea at the 2023 spring symposium of the Korean Society for Laboratory Medicine held last Thursday and Friday.
Philips Healthcare
Philips Healthcare, headquartered in the Netherlands, is a leading health technology company committed to improving health outcomes across the entire health continuum. Their focus spans from promoting healthy living and prevention to diagnosis, treatment, and home care.
Regional Stance
The U.S. cancer diagnostics market size was estimated at USD 31.39 billion in 2022 and is projected to surpass around USD 69.99 billion by 2032, growing at a CAGR of 8.40% from 2023 to 2032.
North America has held a leading position in the global market for cancer diagnostics, because of its concentrated efforts in oncology research for the development of early tumor detection techniques and its grants from government healthcare organizations. These factors are contributing to the development of a strong medical environment in the region during the fight against cancer. Furthermore, the market expansion has been reinforced by the growing number of biotechnology and medical device companies operating in this region, more funding available for R&D projects, and a high rate of adoption of new technologies.
Because of its sophisticated healthcare system, high literacy rate, high per capita healthcare spending, and high level of awareness, North America now maintains the highest market share, followed by Europe. Early diagnosis is one of the main causes of the lowering cancer patient mortality rate in the United States. Numerous biotechnology and medical device companies, as well as the availability of qualified technicians, are some of the key factors influencing the growth of the market in the area. There are a few other elements that can accelerate market expansion, such as significant finance options and high research and development. The market is growing as a result of Europe's ageing population.
However, due to investments in private diagnostic centres, rising awareness, and medical tourism, the industry in Asia Pacific is also thriving. This is because there is a large patient base, a clear regulatory framework that supports quick product approvals, and inexpensive, skilled labour is readily available.
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Cancer Diagnostics Market Scope
|
Report Highlights |
Details |
|
Market Size in 2023 |
USD 142.96 Billion |
|
Market Size by 2032 |
USD 305.39 Billion |
|
Growth Rate From 2023 to 2032 |
CAGR of 8.8% |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2032 |
|
Segments Covered |
Test Type, Application |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Potential
Technological innovations in diagnostic testing are anticipated to propel market growth in the forecast period. Hologic, Inc. introduced the Genius Digital Diagnostics System in Europe, representing a cutting-edge cervical cancer screening solution. This system incorporates deep learning-based AI and advanced volumetric imaging technology, facilitating the identification of cervical cancer cells and pre-cancerous lesions in women, thereby contributing to anticipated market expansion.
In addition to technological advancements, the market is experiencing a surge in collaborations and acquisitions within cancer diagnostics products. A noteworthy example is the collaboration between the Precision Cancer Consortium (PCC) and pharmaceutical companies in 2022. This collaboration extends comprehensive testing for cancer patients globally, with the PCC spearheading various initiatives to enhance patient access to precision diagnostics through extensive genomic testing, including NGS. These collaborative efforts are pivotal in fostering market growth.
The rising number of initiatives to enhance awareness about malignant tumor screening across various organizations is a pivotal factor driving the global demand for diagnostic products. Many countries have implemented measures to promote early screening and support patients. Take, for instance, the Indian government's initiatives, like the Prime Minister's National Relief Fund and Ayushman Bharat, aimed at assisting patients in need of treatment. This factor significantly contributes to the growth of the market.
Industry Spotlight:
- In 2022, Precipio, Inc. forged a distribution alliance for HemeScreen with a critical partner in the US as part of its comprehensive expansion approach. The strategy encompasses reaching out to physician-owned laboratories, national and regional hospital networks, and reference labs to broaden the distribution of HemeScreen.
- In December 2022, Indian startup PredOmix introduced a groundbreaking cancer detection blood test, OncoVeryx-F, designed to identify early-stage cancers in women with an impressive 98% accuracy rate.
- In July 2023, PathAI introduced AIM-HER2 Breast Cancer, an AI-powered pathology tool for research. This innovative algorithm offers automated digital HER2 scoring, utilizing additive multiple instance learning (aMIL) heatmaps to visualize slide features. Accessible on PathAI's AISight digital pathology platform, it serves biopharma researchers and clinical research lab pathologists in clinical research labs and trial settings.
- In July 2023, CORE Diagnostics and PredOmix Technologies collaborated to launch OncoVeryx-F, a multi-cancer detection test designed for high-risk and asymptomatic women. With an impressive 98% accuracy, the test identifies cancer at stages 1 and 2, offering a screening solution for breast, endometrial, cervical, and ovarian cancers. This innovative technology provides a comprehensive and accurate assessment of cancer presence and accurately identifies the Tissue of Origin (TOO) in a single test.
Related Reports:
- Non-Invasive Cancer Diagnostics Market: The global non-invasive cancer diagnostics market size accounted for USD 140.4 billion in 2022 and it is expected to hit around USD 285.35 billion by 2032, expanding at a CAGR of 7.4% during the forecast period from 2023 to 2032.
- Next Generation Cancer Diagnostics Market: The global next generation cancer diagnostics market size reached USD 15.2 billion in 2022 and is expected to be worth around USD 32.9 billion by 2032, registering a CAGR of 8.02% during the forecast period from 2023 to 2032.
- Cervical Cancer Diagnostic Market: The global cervical cancer diagnostic market size was valued at USD 8.43 billion in 2022 and it is expected to be worth around USD 14.02 billion by 2032, growing a CAGR of 5.22% during the forecast period 2023 to 2032.
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Recent Developments
Philips revealed plans to offer its HealthSuite Imaging PACS through Amazon Web Services (AWS), leveraging Amazon HealthLake Imaging to automate cloud imaging data storage, access, and analysis. This strategic move enhances the platform with AI development, reflecting the company's commitment to advancing healthcare through innovative solutions.
Market Segmentation
By Product
- Consumables
-
- Antibodies
- Kits & Reagents
- Probes
- Other Consumables
- Instruments
-
- Pathology-based Instruments
- Slide Staining Systems
- Tissue Processing Systems
- Cell Processors
- PCR Instruments
- NGS Instruments
- Microarrays
- Other Pathology-based Instruments
- Imaging Instruments
-
- CT Systems
- Ultrasound Systems
- MRI Systems
- Mammography Systems
- Nuclear Imaging Systems
- Biopsy Instruments
By Technology
- IVD Testing
-
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Next-generation Sequencing (NGS)
- Microarrays
- Flow Cytometry
- Immunoassays
- Other IVD Testing Technologies
- Imaging
-
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography (PET)
- Mammography
- Ultrasound
- Biopsy Technique
By Application
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
- Prostate Cancer
- Skin Cancer
- Blood Cancer
- Kidney Cancer
- Liver Cancer
- Pancreatic Cancer
- Ovarian Cancer
- Others
By End Use
- Hospitals and Clinics
- Diagnostic Laboratories
- Diagnostic Imaging Centers
- Research Institutes
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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