Market Research Report
Cancer Diagnostic- Market Insights, Competitive Landscape and Market Forecast-2026
|Cancer Diagnostic- Market Insights, Competitive Landscape and Market Forecast-2026|
DelveInsight Business Research LLP
Content info: 100 Pages
Delivery time: 2-10 business days
Cancer Diagnostic Market By Type (Product Type [Reagent & Kits And Instruments], And Services), By Technique (Molecular Diagnostic [Polymerase Chain Reaction (Pcr), Next-Generation Sequencing (Ngs), Fluorescent In-Situ Hybridization (Fish), Microarray, Immunohistochemistry], Diagnostic Imaging [Ultrasound & Radiology, Mammography, Mri Scan, Ct Scan, Nuclear Medicine Scans], Endoscopy, Biopsy [Standard Biopsy And Liquid Biopsy]), By Cancer Type (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Others), By End-User (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Others), by geography, is expected to grow at a significant CAGR forecast till 2026 owing to the growing burden cancer across the globe and rise in various product launches for efficient detection of cancer
The global cancer diagnostic market was valued at USD 114.35 billion in 2020, growing at a CAGR of 9.43% during the forecast period from 2021 to 2026, to reach USD 185.08 billion by 2026. The increase in demand for cancer diagnostic products and services is predominantly attributed to the spike in the cancer cases reported worldwide. In addition, growing manufacturers focus to develop advanced cancer diagnostic products, the establishment of various cancer diagnostic labs, and rising government initiatives to raise awareness regarding early detection and management of cancer among the patients, and others are anticipated to drive the global cancer diagnostic market during the forthcoming years.
Cancer Diagnostic Market Dynamics:
The market for cancer diagnostics is gaining momentum at present due to the surge in cancer cases across the globe. According to the data published by the GLOBOCAN in the year 2020, approximately 19,292,789 new cases of cancer were reported worldwide. Furthermore, as per the World Health Organization (WHO) 2021 data, cancer accounted for an estimated 10 million deaths across the globe in the year 2020. Thus, for proper cancer management, early detection of cancer is necessary which would lead to an increased demand for cancer diagnosis thereby propelling the market.
Additionally, as per the above-mentioned data, tobacco use, alcohol use, unhealthy diet, physical inactivity, carcinogenic infections, and air pollution are some of the risk factors for cancer. For instance, in the year 2018, about 13% of cancer diagnosed were attributed to carcinogenic infections such as Helicobacter pylori, human papillomavirus (HPV), hepatitis B virus, hepatitis C virus, and Epstein-Barr virus, as per the WHO, 2021.
Furthermore, technical innovation in the development of a variety of cancer diagnostic products would also contribute to the market in the forthcoming years. Integration of Artificial Intelligence (AI) technology in cancer care to improve the accuracy, speed and efficiency of cancer detection will also boost the cancer diagnostic market. For instance, in November 2021, FDA granted 510(k) clearance for Lunit AI solution to detect breast cancer.
Hence, all the aforementioned factors are projected to bolster the cancer diagnostic market during the forecasted period.
However, side effects associated with cancer imaging devices and the high cost of cancer diagnostic products are likely to impede the global cancer diagnostic market.
Additionally, the unprecedented COVID-19 pandemic had a negative impact on the cancer diagnostic market. This is due to the implementation of stringent regulations by most nations worldwide to curb infection transfer. Moreover, owing to the shift in focus on preserving health system capacity and also protecting high-risk patients from exposure to the virus, cancer patients have faced increased challenges in accessing care. For instance, as per the data provided by the National Cancer Institute 2021, besides the challenges associated with the lockdown restrictions due to the COVID-19 pandemic, it was observed that in March 2020 alone, COVID-19 forced the postponement of more than 800 appointments for lung cancer screening.
Cancer Diagnostic Market Segment Analysis:
Cancer Diagnostic Market By Type (Product Type [Reagent & Kits And Instruments], And Services), By Technique (Molecular Diagnostic [Polymerase Chain Reaction (PCR), Next Generation Sequencing (NGS), Fluorescent In-Situ Hybridization (FISH), Microarray, Immunohistochemistry], Diagnostic Imaging [Ultrasound & Radiology, Mammography, MRI Scan, CT Scan, Nuclear Medicine Scans], Endoscopy, Biopsy [Standard Biopsy and Liquid Biopsy]), By Cancer Type (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer, Others), By End-User (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the Cancer Diagnostic product type segment, the reagents & kits type held a significant market share of 66% which is expected to continue during the forecasted period. This is owing to the wide availability of reagents & kits for detecting cell signalling, cell proliferation and viability, tumor suppressor gene, bioactive proteins, and others in cancer cells.
Furthermore, approval of novel reagents and kits, which aid in early detection and proper management of various cancer types, by the regulatory bodies is also expected to boost the market growth for this segment.
For instance, on August 05, 2021, Pillar Biosciences, an innovative next-generation sequencing (NGS) solutions in-vitro diagnostics (IVD) company, received the Premarket Approval (PMA) for its oncoReveal™ Dx Lung and Colon Cancer Assay, an NGS tissue-based companion diagnostic test for the qualitative detection of somatic mutations in DNA derived from non-small cell lung cancer (NSCLC) and colorectal (CRC) cancer tumors.
Also, rising research and development activities by the key manufacturers are another factor projected to contribute to the segmental growth of the cancer diagnostic market. For instance, in the year 2020, BD started a clinical trial to verify the clinical effectiveness of the HPV Nucleic Acid Genotyping Assay Kit for cervical cancer.
Thus, all the above-mentioned factors are expected to propel the cancer diagnostic market in the upcoming years.
North America is expected to dominate the overall Cancer Diagnostic Market:
Among all the regions, North America has occupied a major share of 42% in the overall Cancer Diagnostic market in 2020 and will continue to dominate during the forecasted period. This domination is due to significant factors such as the rise in cancer cases, the presence of key manufacturers, well-established healthcare infrastructure, and rising awareness regarding cancer and its proper management, among others.
For instance, as per the GLOBOCAN 2020 data, approximately, 2,281,658 people were diagnosed with cancer in the US in 2020.
Furthermore, the rise in smoking among adults in the country could be a potential factor for lung cancer development which would, in turn, increase the cancer diagnostic market.
For instance, as per the CDC 2020 data, an estimated 34.1 million adults in the United States smoked cigarettes in 2019.
Moreover, approval of products to enhance the imaging technology for various cancer detection would also contribute to the market. Recently, on November 29, 2021, FDA approved Cytalux (pafolacianine), a targeted fluorescent imaging agent intended to assist surgeons in identifying ovarian cancer lesions.
Hence, the interplay of all the above-mentioned factors will augment the cancer diagnostic market in the country during the forecasted period.
Further, the Asia Pacific region has the future potential for the Cancer Diagnostic market. This is predominantly due to the burgeoning cases of cancer, rising risk factors among the population that potentially lead to the development of cancer, growing government initiatives regarding cancer care and its detection, among others. For instance, New Zealand launched Cancer Action Plan 2019-2029, the plans enable the Cancer Control Agency, the Ministry of Health, the sector, and all those affected by cancer to work collaboratively to prevent cancer and improve detection, diagnosis, treatment, and care after treatment. Thus, all the factors stated above will make APAC the fastest growing cancer diagnostic market in the forthcoming years.
Cancer Diagnostic Market Key Players:
Some of the key market players operating in the Cancer Diagnostic market include Pillar Biosciences, Inc., Hologic Inc., CD Genomics, Natera, Inc., Agendia Inc., Biodesix Inc., INOVIQ Ltd., HTG Molecular Diagnostics Inc., Bio-Rad Laboratories, Inc., Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Abbott, General Electric Company, Thermo Fisher Scientific Inc., NeoGenomics Laboratories, F. Hoffmann-La Roche Ltd, Agilent Technologies Inc, Guardant Health, Illumina, Inc., QIAGEN, and others.
Recent Developmental Activities in the Cancer Diagnostic Market:
Key Takeaways from the Cancer Diagnostic Market Report Study
Target Audience who can be benefited from the Cancer Diagnostic Market Report Study
Frequently Asked Questions for the Cancer Diagnostic Market:
1.Cancer Diagnostic Market Report Introduction