Cancer Diagnostics Market Expected to Reach US$ 315 Billion by 2030 Globally

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The global cancer diagnostics market size was valued US$ 148 Bn in 2020 and expected to reach US$ 315 billion by 2030 with a CAGR of 9% from 2021 to 2030. Increasing trend for preventive diagnosis due to escalating prevalence continues, early diagnosis enables better clinical and economical outcomes for patients are projected to drive the global cancer diagnostics market during the forecast period.

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  • Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting into gene mutations affecting critical cell-regulatory proteins. Such changes trigger aberrant cell behavior leading to uncontrolled proliferation of cells (tumor formation) and subsequent destruction of surrounding normal tissues. Tumors are either benign or malignant. Benign tumors are slow growing tumors and do not invade into other tissues while the malignant tumors are characterized by rapid growth, invasiveness, and potential to colonize in distant organs. The global cancer prevalence rates are on high rise due to factors such as changing lifestyle and aging population.
  •  North America dominated the global cancer diagnostics market in 2018 and the trend is anticipated to continue during the forecast period. Primary factors contributing to the growth of the cancer diagnostic tests market in North America are increasing adoption rate of preventive diagnostic techniques and increasing government initiatives on cancer awareness. Moreover, high prevalence and incidence rate of cancer, particularly lung, breast, and prostate cancer, among the population is driving the growth of the market.
  • Asia Pacific is likely to be a highly lucrative market for cancer diagnostics and it is expected to expand at a high CAGR during the forecast period due to factors such as highly untapped market, improving healthcare expenditure and increase in cancer awareness programs through government as well as private sector.

Increase in Incidence of Cancer and Cancer Awareness Programs by Governments to Drive Market

  • Cancer has a major impact on society across the world. It is one of the leading causes of death across the globe and is more prevalent in developed and emerging markets.
  • According to American Cancer Society data, over 1.7 million new cancer cases are expected to be diagnosed in 2019 in the U.S. According to information published in the European Journal of Cancer, an estimated 3.9 million new cases of cancer and 1.9 million deaths due to the disease were reported in Europe in 2018.
  • In order to reduce mortality and morbidity rate, governments in developed and developing countries are conducting awareness campaigns to encourage people to opt for early diagnosis of cancer. This in turn is expected to boost growth of the cancer diagnostics market during the forecast period. For instance, Public Health England, an executive agency of the Department of Health in the U.K., started “Be Clear on Cancer” campaign aimed at improving early diagnosis of cancer by raising public awareness

Imaging Segment to Dominate Market

  • Based on methods, the global cancer diagnostics market has been divided into Biopsy, Endoscopy, Imaging and Tumor Biomarker Tests. Tumor Biomarker Tests is further segmented into PSA Tests, CTC Tests, AFP Tests, CA 19-9, CA 125, EGFR, HER2, CEA, BRCA, KRAS, ALK. Imaging can be further divided into MRI scan, PET scan, CT scan, mammography, ultrasound. Endoscopy is segmented into bronchoscopy, colonoscopy, sigmoidoscopy, colposcopy and others. Biopsy is further segmented into bone marrow biopsy, needle biopsy and endoscopic biopsy.
  • The non-invasive characteristics of imaging diagnostics have made them popular over the other diagnostic tests. Moreover, with the advancement is technology, new modalities and combination of modalities which offer improved imaging is being increasingly used across the globe.  The imaging diagnostics is expected to continue its dominance in the cancer diagnostics over the forecast period due to increased prevalence of cancer

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Breast Cancer to be Highly Lucrative Segment

  • In terms of application, the global cancer diagnostics market has been classified into blood cancer, breast cancer, colorectal cancer, kidney cancer, liver cancer, lung cancer, ovarian cancer, pancreatic cancer, prostate cancer.
  • Lung Cancer segment dominated the cancer diagnostics market, however, breast cancer segment is expected to grow with the highest CAGR in the forecast period. The rising prevalence of breast cancer among women across the world, particularly in the Asia Pacific is expected to drive the market for breast cancer diagnostics.

North America to Dominate Global Market

  • In terms of region, the global cancer diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global cancer diagnostics market in 2018, followed by Europe.
  • North America accounted for major share of the global cancer diagnostics market in 2018. This is attributed to the well-established health care infrastructure coupled with an efficient reimbursement system, and increasing prevalence of cancer in the country. According to American Cancer Society, in 2020, there will be an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030.
  • Cancer diagnostics market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This is attributed to improving health care infrastructure, rising awareness about cancer diagnosis among people and growth in demand for technologically advanced products in the country. Moreover, collaboration of companies with research institutes and hospitals to develop and commercialize testes for cancer diagnosis. In May 2015, Datar Genetics Limited, in India entered into a strategic collaboration with Apollo Hospitals Educational and Research Foundation (AHERF), for detecting Glioblastomas (GBM), through exosome based diagnostics. This collaboration provides clinicians a non-invasive tool for prognosis, diagnosis, cancer recurrence and therapy monitoring for brain tumors.

Competitive Landscape

  • The global cancer diagnostics market is fragmented in terms of number of players. Key players in the global market include Abbott, Ambry Genetics, AstraZeneca plc, bioMeriux SA, Eli Lilly and Company, Genoptix, Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Pfizer, Inc. among others

Market Segmentation

By Methods

  • Biopsy
    • Bone Marrow Biopsy
    • Needle Biopsy
    • Endoscopic Biopsy
  • Endoscopy
    • Bronchoscopy
    • Colonoscopy
    • Sigmoidoscopy
    • Colposcopy
    • Others
  • Imaging
    • MRI Scan
    • PET Scan
    • CT Scan
    • Mammography
    • Ultrasound
  • Tumor Biomarker Tests
    • PSA Tests
    • CTC Tests
    • AFP Tests
    • CA 19-9
    • CA 125
    • EGFR
    • HER2
    • CEA
    • BRCA
    • KRAS
    • ALK

By Application

    • Blood Cancer
    • Breast Cancer
    • Colorectal Cancer
    • Kidney Cancer
    • Liver Cancer
    • Lung Cancer
    • Ovarian Cancer
    • Pancreatic Cancer
    • Prostate Cancer

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Scope of Report

VRR’s report on the global cancer diagnostics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030. The report provides revenue of the global cancer diagnostics market for the period 2016–2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global cancer diagnostics market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global cancer diagnostics market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global cancer diagnostics market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global cancer diagnostics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global cancer diagnostics market.

The report delves into the competitive landscape of the global cancer diagnostics market. Key players operating in the global cancer diagnostics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global cancer diagnostics market that have been profiled in this report.

Key Questions Answered in Global Cancer Diagnostics Market Report

  • What is the scope of growth of product companies in the global cancer diagnostics market?
  • What will be the Y-o-Y growth of the global cancer diagnostics market between 2021 and 2030?
  • What is the influence of changing trends in technologies on the global cancer diagnostics market?
  • Will North America continue to be the most profitable market for cancer diagnostics providers?
  • Which factors are anticipated to hamper the growth of the global cancer diagnostics market during the forecast period?
  • Which are the leading companies in the global cancer diagnostics market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global cancer diagnostics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global cancer diagnostics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the cancer diagnostics market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the cancer diagnostics market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global cancer diagnostics market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global cancer diagnostics market more reliably and accurately.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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