In 2020, the size of the global cancer diagnostics market was valued over USD 112.8 billion and is expected to grow at a CAGR of 9.2% from 2021 to 2026.
Cancer is one of the leading causes of death worldwide and has been heightening at a startling rate. In 2018, the World Cancer Research Fund International found about 18 million recorded cancer cases worldwide. The continuous rise in the number of cancer patients is the primary market growth factor. Yet, high-cost therapy and low compensation policies in the world's developing countries may hinder market growth.
MARKET DRIVERS
The continual innovation of products and the increasing need for advanced diagnosis of several diseases are prime market growth factors. In addition, the growing cases of cancer raise the demand for screening tests and imaging methods to control disease progression.
Governments and corporations are taking independent and collaborative initiatives to raise awareness about early cancer diagnosis benefits. Moreover, cancer research institutes and private bodies invest massively in research projects to launch advanced diagnostic tools in the market, proficient in diagnosing the disease much before the symptoms appear.
MARKET RESTRAINTS
The increasing use of diagnostic tests coupled with advancements that enable accurate and quicker results, has escalated diagnostics' costs. The majority of the population cannot afford advanced diagnostic imaging methods, thus impeding the market revenue.
Although various screening procedures enable disease detection at an early stage, they pose certain risk factors that negatively affect health, such as nausea and diarrhea. Also, the cost entailed in performing diagnosis is relatively high. Therefore, the damaging effects of imaging solutions and the high price of diagnosis are expected to hinder market growth. In addition, large-scale investments by medical corporations and low profit-cost quotient, and a scarcity of skilled professionals pose restrictions to this market's growth.
Impact of COVID-19 on the cancer diagnostics market
The recent outbreak of the COVID-19 has shifted the healthcare industry's focus and subsequently impacted the Cancer Diagnostics market. The pandemic has disrupted the spectrum of cancer care, as screening programs and services have been suspended or decreased in many countries. Thus, the COVID-19 is expected to have some impact on cancer outcomes. However, market players still focus on R & D investments, leading to innovations in the cancer treatment and diagnosis market. Severe shortages of critical medical supplies and expeditiously rising COVID-19 cases have resulted in reconstruction rather than progression in the healthcare ecosystems.
Furthermore, transportation restrictions and supply chain disruptions have created a logistical ordeal for market players, leading to severe diagnostic product shortages globally.
REPORT COVERAGE
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Product, Application, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global cancer diagnostics market has been segmented and sub-segmented based on the product, application, end-user, and region.
Cancer Diagnostics Market - By Product
The technology segment comprises imaging, molecular diagnostics, biopsy, and others. In 2018, imaging technology led the segment due to its popularity among oncologists worldwide as primary cancer diagnosis screening. Imaging modalities such as MRI and CT scans are widely popular because of their inherent features such as non-invasive, quick, and pain-free preliminary screening. Due to technological advancement in next-generation sequencing and cancer biomarkers for early identification of different cancers, Molecular diagnostics are anticipated to be the fastest-growing segment.
Cancer Diagnostics Market - By Application
Other cancers (than listed above) are currently dominating the application segment due to the rise in public health awareness programs and proactive undertakings by government healthcare departments to encourage early detection and curb the mortality rate connected with cancer globally. Lung cancer is anticipated to grow faster during the forecast period due to the constant rise in tobacco consumption and the rise in air pollution at an alarming rate.
Cancer Diagnostics Market - By End-User
The hospital segment leads with the highest shares of the market owing to the growing number of hospitals with an increasing patient pool. In addition, diagnostic laboratories are also gaining traction in gaining the highest shares due to the increasing demand for the early detection of diseases.
Cancer Diagnostics Market - By Region
Currently, North America leads the regional segment for the global cancer diagnostics market. American Cancer Society (ACS), in its latest research citings in 2019, approximated 1.7 million new cancer cases to be diagnosed and around 606,880 deaths in America due to cancer. The principal factor driving the cancer diagnostics market growth in the region is the home of market leaders such as Thermo Fisher Scientific, Inc., Hologic, Inc., Qiagen, GE Healthcare, and Danaher Corporation. Europe follows behind in the second position due to the rising predominance of cancer. It focuses on developing advanced technology on cancer diagnostics by strategic collaboration between academic institutes and medical device manufacture; finally, The Asia Pacific region is expected to manifest widespread growth during the forecast period due to the continual rise in medical tourism and developing healthcare infrastructure.
KEY MARKET PARTICIPANTS:
Abbott Laboratories Inc., F. Hoffmann-La Roche Ltd, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., GE Healthcare, Hologic Inc., Illumina Inc., Bio-Rad Laboratories, Inc., Agilent Technologies Inc., and bioMérieux SA are playing a crucial role in the global cancer diagnostics market.
RECENT MARKET DEVELOPMENTS:
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