Oncology Diagnostics Market

Oncology Diagnostics Market Size & Growth (2023 to 2028)

The global oncology diagnostics market size is valued at USD 99.16 Billion in 2023 and is predicted to reach USD 140.38 Billion, growing at a CAGR of 7.2 % during the forecast period 2023 to 2028.

The discovery of biomarkers, proteins, and other signs that can lead to the diagnosis of a malignant tumour is the process of cancer diagnostics. Diagnostic testing is used to confirm or rule out illness, follow disease development, and schedule and analyse treatment outcomes, among other things. Diagnostic procedures for cancer include imaging, tumour biopsy, laboratory tests (including tumour marker tests), endoscopic examination, surgery, and genetic testing.

COVID-19 Analysis of the Global Oncology Diagnostics Market:

The COVID-19 pandemic had a large worldwide impact. The implementation of the lockdown due to the COVID-19 outbreak has resulted in a significant delay in cancer detection. It also impacted the logistics and supply of cancer detection test kits and other commodities, causing a temporary market slowdown.

A nationwide lockdown, government regulations, and increasing rates across countries imposed a financial burden on neurology hospitals and clinics. As a result of COVID-19, several hospitals and clinics have observed a decrease in patient visits, resulting in fewer client encounters. In addition, the COVID-19 situation has caused numerous cancer diagnostics to be delayed. Medical care for illnesses other than COVID-19 is scarce in many parts of the world, which has detrimentally influenced the oncology diagnostics business.

MARKET DRIVERS:

The number of private diagnostic centers is growing worldwide as the demand for diagnostic imaging treatments rises and public hospitals struggle to keep up with the restricted number of imaging modalities at their disposal. FUJIFILM Corporation opened NURA, a medical screening centre specializing in cancer screening, in Bangalore, India, in January 2021. FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare run this medical screening centre (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture between FUJIFILM and Dr. Kutty's Healthcare (DKH), which owns and operates hospitals and screening centres in India and the Middle East.

Governments and primary care physicians in developed nations are recommending a cancer screening test to help diagnose cancer at an early stage and cut mortality rates. The U.S.For example, Preventive Services Task Force advises colorectal cancer screening beginning at 50 years old and continuing until 75 years old as a means of avoiding disease and assuring early-stage treatment. Colorectal cancer screening guidelines for persons aged 50 to 74 have also been established in Canada.

MARKET RESTRAINTS:

Another issue that has an unfavorable on the Oncology diagnostics market is the scarcity of healthcare professionals worldwide. Hospitals in developing nations cannot invest in diagnostic imaging technology due to high costs, low reimbursement rates, and fiscal constraints. However, because of the high demand for diagnostic imaging services in these nations, hospitals that cannot afford to buy new imaging equipment opt for old imaging systems. Refurbished systems are roughly 40% to 60% cheaper than new systems.

REPORT COVERAGE:

This research report on the global oncology diagnostics market has been segmented and sub-segmented into the following categories.

Oncology Diagnostics Market – By Product:

• Consumables

  • Antibodies

  • Kits & Reagents

  • Probes

  • Other Consumables

• Instruments

  • Pathology-based Instruments

  • Imaging Instruments

  • Biopsy Instruments

Based on the product, the Consumables are now the most significant revenue contributor by product and are estimated to increase significantly because of the rise in the prevalence of cancer, the increase in R&D investment, the rise in the elderly population, the introduction of technologically enhanced goods, and the spike in the launch of new & advanced kits and reagents are the primary drivers driving the segment's growth.

Oncology Diagnostics Market - 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

Based on the Application, the breast cancer category is the largest shareholder in the Oncology diagnostics market, depending on the application. This is due to the rise in the prevalence of breast cancer worldwide and the expansion of the population of women aged 50 to 74. The industry will gain traction in the following years as the number of projects undertaken by various parties grows.

Oncology Diagnostics Market - By End-User:

• Hospitals and Clinics

• Diagnostic Laboratories

• Diagnostic Imaging Centers

• Research Institutes

Based on the end-user, Hospitals & clinics dominate the oncology diagnostics market thanks to increased patients visiting hospitals, the number of diagnostic procedures performed in hospitals, and increased awareness about early diagnosis.

Oncology Diagnostics Market – By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa

Geographically, the North American oncology diagnostics market dominated the market globally, and the United States has controlled a large portion of the market in North America due to the presence of several market players engaged in producing and extending the portfolio of diagnostic testing devices and reagents is one of the primary factors contributes to market growth.

The Europe oncology diagnostics market is estimated to grow significantly because several well-established healthcare diagnostic facilities can also be found. In addition, according to an American Cancer Society report from 2020, several professional organizations have developed biomarker testing and treatment guidelines, including the National Comprehensive Cancer Network (NCCN), the American Association of Clinical Oncology (ASCO), & the College of American Pathologists (CAP).

The Asia Pacific oncology diagnostics market is predicted to reach a decent CAGR due to the rising cancer occurrence in the country boosts the region's oncology molecular diagnostics market. According to the National Cancer Institute's (NCI) 2020 Statistics, there were 1,806,590 cancer cases identified in the U.S. in 2020, with 2.2 million cancer survivors expected by 2030.

The Latin America oncology diagnostics market is projected to increase. As Per the National Cancer Institute breast cancer will be the most common cancer form in 2021, according to the National Cancer Institute, with 284,200 cases. As a result of these circumstances, oncology testing is becoming more popular. As a result of the factors above, the market in the region is likely to increase significantly over the next few years.

The MEA oncology diagnostics market is expected to grow significantly over the forecast period.

KEY MARKET PLAYERS

Key Players holding the global oncology diagnostics market profiled in the report are Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG (F. Hoffmann-La Roche Ltd.), Danaher Corporation (G.E. Healthcare), Hologic, Inc., Koninklijke Philips N.V. (Philips Healthcare), Qiagen N.V., Siemens Healthcare GmbH, Thermo Fisher Scientific Inc.

RECENT DEVELOPMENTS:

• Veracyte Inc. and Bayer AG teamed together in December 2020 to enhance the Precision Oncology Patient Identification Program in thyroid cancer. The advancement will allow testing with Veracyte's Afirma Xpression Atlas (X.A.) to discover underlying genetic drivers in tumor cells, focusing on patients with advanced thyroid cancer who could benefit from biomarker-driven therapy.

• Danaher (Cepheid) collaborated with Sherlock Biosciences in February 2020 to investigate the creation of revolutionary, ground-breaking molecular diagnostic tools for oncology and infectious illnesses using CRISPR technology.

• In 2020, G.E. Healthcare and GenesisCare will collaborate to improve patient outcomes for the world's two most serious health problems: cancer and heart disease. GenesisCare's 440+ cancer and cardiovascular disease treatment centers spanning Australia, the United States, the United Kingdom, and Spain will get C.T., MRI, PET/CT, SPECT, digital mammography, and ultrasound technology from G.E. Healthcare.

• Roche Diagnostics and Illumina announced cooperation in 2020 to give widespread access to clinical oncology next-generation sequencing.