The global cancer diagnostics market is expected to post impressive growth through 2021, driven by rising cases of cancer registered worldwide. Launch of advanced technology, rising awareness regarding the importance of early diagnosis of cancer, and public and private sector initiatives undertaken for spreading the awareness about cancer are the key factors driving cancer diagnostics market.
According to the study, the market is expected to exceed the mark of US$ 47.62 Bn by 2021 due to the rising cancer cases, especially among geriatric population. The advancement in non-invasive techniques such as liquid biopsy and preference of it among cancer specialists are the chief factor for improved demand of cancer diagnostics market. Furthermore, increasing demand for technically advanced liquid biopsy products for cancers such as breast cancer, lung cancer, prostate cancer and other cancer diseases, for better precision and accuracy, is anticipated to fuel the cancer diagnostic market demand.
Oncologists across major regions such as UK, United States, China and Japan are inclined towards using liquid biopsy for cancer diagnosis and treatment aiding the growth of market. Various cancer research institutes are being provided with high funding to develop non-invasive technologies for the patients. For instance, according to National Institute of Health, FDA funded National Cancer Institute of United States with US$ 6.45 billion for cancer research and development in cancer diagnostic development.
“Rising cases of lung cancer, breast cancer, colon cancer, prostate cancer and others have necessitated development in cancer diagnostics and use of advanced technologies such as liquid biopsy for breast cancer. Recent developments are aiding the growth of the market,” remarks the FMI analyst.
Key Takeaways
- Liquid biopsies preferred over conventional biopsies
- Lung cancer screening to account for 19% of total market share
- Hospital associated labs is projected to be the leading end-users for cancer diagnostics market
- Rising cancer cases in United States to push cancer diagnostics market sales to nearly US$ 203 Bn by 2023-end
- South Africa is expected to project sluggish growth due to the lack of awareness about cancer screening
- China is spearheading the growth in East Asia backed by the rising awareness related to early detection of cancer
- Expansion of healthcare infrastructure to provide lucrative opportunities across UK and South Korea
- France and Germany to lead the European cancer diagnostics market through 2031
Prominent Drivers
- Rising prevalence of cancer and technological advancements in cancer diagnostics are likely to drive the demand
- Government initiatives and numerous health organizations initiatives to spread awareness about cancer is boosting the growth
- Collaborations between public and private sector to enhance the cancer diagnostic imaging centers is expected to improve the sales
- Support from FDA for biomarker development is bolstering the growth of cancer diagnostics market
Key Restraints
- High investments and low benefit-cost ratio of biomarkers is likely to limit the growth
- Increasing risk of radiation exposure is likely to hamper the usage of CT scan
- Lack of skilled and experienced health professional is likely to restrain the demand
- Stringent regulations and increasing adoption of refurbished imaging system is expected to hinder the sales
Competitive Landscape
Abbott Laboratories, Roche, Thermo Fisher Scientific Inc., Siemens AG, Bio Rad Laboratories, Illumina Inc., Koninklijke Philips N.V., Canon Medical Systems Corporation, and Agilent Technologies Inc. are some of the leading players operating in cancer diagnostic market. Key players are focusing on developing advanced diagnostic tests for assessment of cancer screening. Additionally, manufacturers are focusing on strategic mergers and acquisition to expand their product portfolio.
For instance, on February 23rd 2021, GRAIL and QUEST Diagnostic announced the merger to support Galleri, a first-of-kind multi-cancer early detection blood test.
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More Insights on FMI’s Cancer Diagnostics Market
Future Market Insights presents a detailed segmentation on global Cancer diagnostics market, providing forecast statistics for the period of 2021-2031 decade. In order to gain a better perspective of the global market potential, its growth, trends, and challenges, the market is segmented on the basis of test type (tumor biomarkers tests, PSA tests, CTC tests, AFP tests, CA tests, ultrasound, mammography, MRI scan, PET scan, CT scan, needle biopsy, endoscopic biopsy, bone marrow biopsy, liquid biopsy, immunohistochemistry, in situ hybridization and others), indication (breast cancer, lung cancer, colorectal cancer, melanoma, blood cancer, prostate cancer, ovarian cancer, stomach cancer, liver cancer, and others), end-user (hospital associated labs, independent diagnostic laboratories, diagnostic imaging centers, cancer research institutes, and others) and region (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
