Cancer Diagnostics Market

Market Overview:

The global cancer diagnostics market size reached US$ 197.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 314.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.1% during 2024-2032. The growing awareness about early detection of disease, rising prevalence of cancer due to lifestyle changes and genetic predisposition, and advancements in diagnostics techniques to enhance patient care are some of the major factors propelling the market.

Cancer Diagnostics Market Analysis:

• Market Growth and Size: The global cancer diagnostics market is experiencing moderate growth, on account of the increasing awareness and technological advancements in diagnostic techniques.
• Major Market Drivers: Key factors include the rising prevalence of cancer globally, advancements in genomic technologies, and the growing healthcare expenditure. The demand for early and accurate diagnostic methods is rising, propelled by the urgent need for timely and targeted treatment strategies, which, in turn, enhances patient outcomes and healthcare efficiency.
• Key Market Trends: The shift towards personalized medicine and the integration of artificial intelligence (AI) in diagnostic procedures stand out as prominent trends. These trends are creating more precise, efficient, and innovative diagnostic solutions, enabling clinicians to tailor treatments to individual genetic profiles and disease characteristics.
• Geographical Trends: North America dominates the market, driven by its advanced healthcare infrastructure, high adoption of innovative technologies, and significant healthcare spending. However, Asia Pacific is emerging as a fast-growing market on account of the increasing cancer prevalence, improving healthcare facilities, and rising investments in healthcare technologies in the region.
• Competitive Landscape: The market is characterized by intense competition, with key players focusing on innovation, mergers and acquisitions (M&As) to consolidate their market presence. These companies invest heavily in research and development (R&D) to introduce more accurate and efficient diagnostic solutions, thereby enhancing their competitiveness and market share.
• Challenges and Opportunities: Challenges include the high cost of diagnostic tests and regulatory complexities. Nonetheless, opportunities for market players to innovate cost-effective solutions and navigate the regulatory landscape efficiently are projected to overcome these challenges.

Cancer Diagnostics Market Trends/Drivers:

Rising prevalence of cancer

There is a rise in the incidence of cancer due to various factors, such as lifestyle changes, environmental exposures, aging population, and genetic predisposition. People are increasingly suffering from cancer due to accumulated genetic mutations and longer exposure periods to potential carcinogens. In addition, lifestyle changes, such as poor diet and limited physical activity, is contributing to higher cancer risk. Apart from this, people are increasingly preferring early detection for effective treatment of cancer. Additionally, the rising demand for accurate and timely cancer diagnosis to avoid further complications among individuals is contributing to the growth of the market. Besides this, the increasing accessibility to healthcare services is bolstering the growth of the market.

Advancements in diagnostics techniques

Manufacturers are increasingly advancing their diagnostic technologies to offer greater sensitivity, specificity, and accessibility. In line with this, molecular and genetic testing techniques, such as next-generation sequencing and liquid biopsies, enable the detection of specific biomarkers associated with different types of cancer. These technologies provide insights into tumor characteristics and allow customized treatment approaches. Apart from this, innovations in imaging modalities, such as positron emission tomography-computed tomography (PET-CT) and magnetic resonance imaging (MRI), offer more detailed and accurate visualization of tumors that aid in diagnosis and staging. In addition, the continuous advancement in technologies enhances the precision of cancer diagnostics, which is offering a positive market outlook. The cancer diagnostics market overview encapsulates a dynamic and rapidly evolving industry, marked by technological advancements and increasing demand for early detection and personalized treatment approaches.

Growing awareness about early detection of diseases

Increasing consumer awareness about the importance of early cancer detection is bolstering the growth of the market. Individuals are seeking regular screenings and diagnostic tests to monitor their health conditions. Moreover, healthcare providers and organizations are organizing numerous campaigns to educate the public about the benefits of early intervention, thereby promoting proactive health-seeking behavior. Apart from this, early detection not only improves treatment outcomes but reduces the overall healthcare burden associated with advanced-stage cancer. Governing agencies and healthcare institutions of various countries are providing accessible screening programs and emphasizing the importance of timely cancer diagnosis. These initiatives encourage individuals to go for regular screening for cancer, which is positively influencing the market. The cancer diagnostics market demand is rising, driven by the increase in cancer prevalence, technological advancements in diagnostics, and the growing imperative for early detection and personalized treatment protocols.

Cancer Diagnostics Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global cancer diagnostics market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product, technology, application and end user.

Breakup by Product:

• Consumables
  • Antibodies
  • Kits and Reagents
  • Probes
  • Others
• Instruments
  • Pathology-based Instruments
  • Imaging Instruments
  • Biopsy Instruments
     

The report has provided a detailed breakup and analysis of the market based on the product. This includes consumables (antibodies, kits and reagents, probes, and others) and instruments (pathology-based instruments, imaging instruments, and biopsy instruments).

Consumables comprise a wide range of products used in the process of cancer diagnostics. These include reagents, test kits, stains, and antibodies that are utilized in various diagnostic procedures, such as immunohistochemistry, molecular testing, and blood-based assays. In addition, consumables play a crucial role in facilitating accurate sample processing, analysis, and interpretation. The rising adoption of consumables due to the increasing demand for diagnostic testing in cancer care is bolstering the growth of the market.

Instruments refer to the equipment and devices employed to perform diagnostic tests and procedures. This category encompasses a diverse range of technologies, such as imaging equipment, laboratory equipment, and diagnostic platforms. Apart from this, there is a rise in the innovation of diagnostic instruments to improve the accuracy, speed, and efficiency of cancer diagnostics.

Breakup by Technology:

• IVD Testing
  • Polymerase Chain Reaction (PCR)
  • In Situ Hybridization (ISH)
  • Immunohistochemistry (IHC)
  • Next-generation Sequencing (NGS)
  • Microarrays
  • Flow Cytometry
  • Immunoassays
  • Others
• Imaging
  • Magnetic Resonance Imaging (MRI)
  • Computed Tomography (CT)
  • Positron Emission Tomography (PET)
  • Mammography
  • Ultrasound
• Biopsy Technique
   

Imaging accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the technology. This includes IVD testing (polymerase chain reaction (PCR), in situ hybridization (ISH), immunohistochemistry (IHC), next-generation sequencing (NGS), microarrays, flow cytometry, immunoassays, and others), imaging (magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, and ultrasound), and biopsy technique. According to the report, imaging represented the largest segment.

Imaging technologies involve the usage of advanced medical equipment to visualize internal structures and detect abnormalities within the body. Imaging techniques, such as magnetic resonance imaging (MRI), computed tomography (CT) scans, positron emission tomography (PET) scans, and ultrasound, provide detailed images of tumors and their size, location, and potential metastases. These technologies aid in tumor detection, staging, and treatment monitoring. In line with this, they play a vital role in guiding medical decisions, enabling precise surgical interventions, and evaluating treatment responses.

Breakup by Application:

• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Melanoma
• Others
   

Breast cancer represents the largest market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes breast cancer, lung cancer, colorectal cancer, melanoma, and others. According to the report, breast cancer represented the largest segment.

Breast cancer diagnostics comprise a wide range of methods for the early detection, diagnosis, and monitoring of breast tumors. Mammography is a widely used imaging technique that aids in detecting abnormalities, such as masses or microcalcifications. Besides this, biopsy procedures, such as core needle and fine-needle biopsies, provide tissue samples for pathological analysis that determine the nature and stage of the tumor. Molecular tests assess specific biomarkers like HER2/neu and estrogen receptor status. In addition, advanced imaging methods, such as breast MRI and molecular breast imaging, offer enhanced visualization and characterization of lesions.

Breakup by End User:

• Hospitals and Clinics
• Diagnostic Laboratories
• Others
   

Hospitals and clinics hold the biggest market share

The report has provided a detailed breakup and analysis of the market based on the end user. This includes hospitals and clinics, diagnostic laboratories, and others. According to the report, hospitals and clinics represented the largest segment.

Hospitals serve as comprehensive healthcare institutions that are equipped with advanced diagnostic equipment and expert medical personnel. They offer a wide range of cancer diagnostic services and provide comprehensive treatment planning based on diagnostic findings. On the other hand, clinics involve specialized cancer centers that cater to outpatient needs and often focus exclusively on cancer care. They offer diagnostics, such as mammograms and consultations, which makes it convenient for patients to receive timely evaluations. Both hospitals and clinics play pivotal roles in delivering accurate and efficient diagnostics for cancer patients.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest cancer diagnostics market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America held the biggest market share due to the improved healthcare infrastructure. Apart from this, the rising focus on early detection of diseases among individuals is contributing to the growth of the market in the region. In line with this, the increasing awareness about cancer, along with favorable reimbursement policies, is propelling the cancer diagnostics market growth. Besides this, the presence of key diagnostic technology manufacturers, research institutions, and a strong network of healthcare facilities is bolstering the growth of the market in the North America region. The cancer diagnostics market revenue is increasing in the region, reflecting the high demand due to advancements in medical technology, increasing cancer prevalence, and the imperative for early and accurate diagnostic procedures

Competitive Landscape:

Major players are investing in research and development (R&D) activities to develop innovative diagnostic technologies. This involves exploring new biomarkers, improving imaging modalities, and enhancing the accuracy of molecular and genetic testing methods. In addition, diagnostic companies are continuously updating their existing technologies and platforms and incorporating artificial intelligence (AI) and machine learning (ML) algorithms for more accurate interpretation of diagnostic results. Apart from this, many companies are engaging in collaboration with research institutions, universities, and healthcare providers to gain expert knowledge and can access patient data for validation and improvement of diagnostic tools. Furthermore, key players are introducing new diagnostic products and services that focus on improved sensitivity, specificity, and ease of use.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Abbott Laboratories
• Agilent Technologies Inc.
• Becton Dickinson and Company
• Bio-Rad Laboratories Inc.
• F. Hoffmann-La Roche AG (Roche Holding AG)
• GE HealthCare (General Electric Company)
• Hologic Inc.
• Illumina Inc.
• Koninklijke Philips N.V.
• Pfizer Inc.
• Qiagen N.V
• Quest Diagnostics
• Siemens Healthineers AG (Siemens AG)
• Thermo Fisher Scientific Inc.

Recent Developments:

• In 2020, GE Healthcare, the leading global provider of advanced medical imaging, partnered with GenesisCare, a leading provider of integrated cancer care globally and cardiovascular care in Australia, that aimed at improving patient outcomes for the two biggest health burdens, such as cancer and heart disease.
• In November 2021, Siemens Healthineers launched NAEOTOM Alpha, the world’s first photon-counting CT Scanner with improved resolution and reduction in radiation dose by up to 45% for ultra-high resolution (UHR) scans.
• In October 2021, Agilent Technologies Inc. announced that its PD-L1 IHC 22C3 pharmDx assay can now be used as an aid in identifying triple-negative breast cancer (TNBC) in the European Union.

Cancer Diagnostics Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cancer diagnostics market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global cancer diagnostics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cancer diagnostics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.