The North America oncology diagnostics market size is predicted to grow at a CAGR of 8.2% from 2024 to 2029.
The growing cancer patient population across North America is majorly propelling the oncology diagnostics market growth in North America. The number of people suffering from cancer is growing rapidly in North American countries. According to the statistics published by the American Cancer Society, an estimated 1.9 million new cancer cases were recorded in 2022 in the U.S. alone. The factors such as genetic diseases, the aging population, the increasing incidence of infectious diseases, and the growing adoption of an unhealthy lifestyles are resulting in the increased incidence of cancer in North America, which is further contributing to the growing demand for oncology diagnostics. These diagnostics include imaging, laboratory tests, tumor biopsy, endoscopic examination, surgery, or genetic testing. In addition, cigarette smoking is the leading cause of lung cancer in the United States. This results in increasing oncology diagnostics in this North American region.
The growing usage of cancer screening for cancer detection is further anticipated to boost the oncology diagnostics market in the North American region. Early detection of cancer will result in the cure of cancer without further spread. Yearly, 30,000 lives can be saved by using regular screening. This screening test is done to check whether any symptoms of cancer exist in people or not. If any are detected, this further goes to diagnosis, which drives the oncology diagnostics market forward.
The rising adoption and usage of precision medicine are contributing to the growth rate of the North America oncology diagnostics market. Precision medicine is used to improve cancer diagnosis and treatment for individuals. These drugs help in proper diagnosis and improve treatment. Additionally, it allows individuals to adopt healthy behaviors and earlier cancer screenings to help reduce their risk.
The growing usage of biosensors in advanced oncology diagnostics is accelerating the growth of the oncology diagnostics market in North America. Biosensors devices are designed to detect cancer detection and monitoring. Biosensor technology allows rapid and exact cancer cell detection, accurate cancer cell imaging, angiogenesis, and cancer spread tracking, and the ability to evaluate anticancer chemotherapeutic drugs' efficacy. In addition, biosensors detect whether a tumor is present, whether it is cancerous, and whether the treatment has effectively reduced or eliminated cancerous cells.
However, high costs associated with cancer detection diagnostics are the primary factor restraining the market growth. In addition, the lack of insurance for diagnostics systems for cancer diagnosis, strict regulatory guidelines, reduced diagnosis of cancer due to coronavirus disease and increased refurbished diagnostics equipment impede the market growth.
This research report on the North America Oncology Diagnostics Market has been segmented and sub-segmented based on the categories.
By Product:
Based on product, the instruments segment had the leading share of the North American market in 2023 and the same trend is likely to continue throughout the forecast period. The growth of the segment is primarily attributed to the rising demand for imaging instruments such as computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET), the rising prevalence of cancer and the need for accurate and timely diagnosis. Technological advancements in imaging instruments are another notable factor fuelling the growth rate of the segment.
The consumables segment is anticipated to hold a substantial share of the North American market in 2023. The growing number of advancements in diagnostic technologies and the increasing prevalence of cancer primarily drive segmental growth.
By Application:
The breast cancer segment had a considerable share of the North American market in 2023 and is expected to grow at a promising growth rate during the forecast period. The segmental growth is majorly driven by factors such as the growing demand for breast cancer diagnostics, rising awareness about breast cancer screening and the availability of advanced diagnostic technologies. In addition, the rapid adoption of advanced imaging technologies for breast cancer diagnosis, growing emphasis on personalized medicine and precision diagnostics and rising investments for the research and development of breast cancer diagnostics further fuelling the growth rate of the segment.
By End-User:
By Country:
Geographically, the U.S. led the North American market in 2023 and is anticipated to register a promising CAGR during the forecast period. Factors such as the growing number of cancer cases and increasing awareness among people about cancer through various programs majorly drive the U.S. market growth. Cancer is the second leading cause of death in the United States. Prostate cancer is the main reason of death for men and is the most diagnosed cancer. Prostate cancer is the main reason for death for men and is the most frequently diagnosed cancer.
Canada held a substantial share of the North American market in 2023. Lung cancer is the most diagnosed cancer in Canada. In Canada, cancer cases are more in Canadians over 50. Increasing points of lung cancer screening are used to detect cancers using low-dose computed tomography. In Canada, the most diagnosed cancer is colorectal cancer. The Canadian Cancer Society, Statistics Canada, and the Public Health Agency of Canada estimated that 2 in 5 Canadians would be diagnosed with cancer. Canadian healthcare system is more focused on population health by increasing programs about awareness of cancer early detection and the importance of diagnosis for cancer patients. All these above factors drive the Oncology diagnostics market forward.
KEY MARKET PLAYERS
Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG (F. Hoffmann-La Roche Ltd.), Danaher Corporation (GE Healthcare), Hologic, Inc., Koninklijke Philips N.V. (Philips Healthcare), Qiagen N.V., Siemens Healthcare GmbH, and Thermo Fisher Scientific Inc. are some of the leading companies in the North American oncology diagnostics market.
Frequently Asked Questions
The key drivers for the growth of the North America Oncology Diagnostics Market include the increasing prevalence of cancer in the region, the rising demand for advanced diagnostic technologies, increasing awareness and screening programs, and the availability of favorable government initiatives and reimbursement policies.
The blood cancer segment is expected to grow the fastest in the North America Oncology Diagnostics Market during the forecast period due to the increasing prevalence of blood cancer in the region.
Abbott Laboratories, Agilent Technologies, Inc., Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., GE Healthcare, Hologic, Inc., Illumina, Inc., QIAGEN N.V., Siemens Healthineers AG, and Thermo Fisher Scientific, Inc. are some of the notable companies in the North American oncology diagnostics market.
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