Cancer Diagnostics Market to Rise at 8.4% CAGR By 2030

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Precedence Research’s latest report on the global cancer diagnostics market provides an analysis for the period of 2017 to 2030, wherein, 2020 is the base year, 2017 and before is historical data, and 2021 to 2030 is the forecast period.

The global cancer diagnostics market size was valued at US$ 115.60 Billion in 2020 and is projected to reach US$ 261.34 Billion by 2030, rising at a market growth (CAGR) of 8.4% during the forecast period. Growing number of cancer patients across the world is one of the major driving factors promoting the growth of the cancer diagnostics market.

Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for cancer diagnostics market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.

The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.

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Cancer is one of the leading causes of both illness and death around the world. In controlling these deaths, diagnosis of cancer at an early stage is equally important. At present, most of the death causing types of cancers is lungs, stomach, colorectal, liver, breast, and others. It is estimated that, more than 1.5 million individuals are losing their life in a year due to various kinds of cancer. The screening of the early symptoms is equally important. Technological advancement leads to new different methods for screening individuals. As per the professional, cancer-related death size can become down or the mortality rate can be reduced if the cases can be detected early and get treated on time. A cancer diagnosis can be performed by any one of the methods that depend upon the severity. These methods include a physical exam, laboratory test, biopsy, swab test, imaging test, and others.

Growth Factors

The mortality rate of cancer is comparatively higher than chronic related death. Many key strategies are applied by the governments around the world in order to control cancer. The various awareness programs run by government for controlling tobacco, maintaining physical activity, limit the use of alcohol, vaccination against the HPV, and hepatitis B. The awareness also includes the limited exposure of carcinogen, diet and stress-free related life, effective public health activities, and others. In addition, rising number of cancer patients followed by an increasing number of private diagnostic centers is also considered as one of the major factors for promoting the growth of the market.

Since past couple of years, developing countries like India, China, and Indonesia saw a marked growth in healthcare infrastructure development. This is considered as on one of the major driving factors which promote the growth of the market. However, lacs of diagnostic centers facilities and lack of diagnosis is also considered as one of the major restraining factors which affect the growth of the market.

Regional Snapshots

In North America, cancer is the leading cause of death and at present, lung cancer is the leading cause of death in the U.S. In addition, breast cancer is frequently diagnosed in the North American region. National Cancer Institute stated that the burden of cancer increasing day by day in the U.S. Rising geriatric problem and modern lifestyle is one of the major causes for cancer related death. On the other hand, Europe is mostly affected by the geriatric population with a low birth rate. Countries like Germany, France, and UK population are highly diagnosed with cancer.

High population of China and India provide huge patient base which further promote the growth of the market in the Asia Pacific. The countries like Brazil in the Latin America holds more than the 60% market share of the cancer diagnostic market. The rise of patients in this region compared to the Asia Pacific and Latin America is due to the new screening test. Middle East is showing a substantial amount of treatment in the upcoming years. Thyroid cancer is common in females of Gulf Countries. As per the study, males are mostly suffering from lung cancer in the Gulf countries. However, lack of medical facilities in Africa affects the growth of cancer diagnostic market in this region.

Report Highlights

  • Advance infrastructure and high capita healthcare expenditure in the U.S. helps this region to grab largest market share
  • High flow of COVID patients across the world is affecting the growth rate of cancer diagnostic market
  • Major manufacturer in the global market is focusing on technological advancement in order to decrease the cost of screening per patients.
  • Imaging Segment Appeared as Largest Segment and Occupied Remarkable Market Share
  • Breast Cancer Application is Predicted to Advance at Rapid Rate During Estimate Period
  • North America holds the largest market share in the global cancer diagnostics market

Key Players of the global cancer diagnostics market are:

  • Agilent Technologies, Inc.
  • Thermo Fisher Scientific, Inc.
  • Illumina, Inc.
  • Becton, Dickinson and Company
  • GE Healthcare
  • QIAGEN N.V.
  • Abbott Laboratories, Inc.
  • Roche Diagnostics
  • Siemens Healthcare
  • Philips Healthcare
  • R. Bard, Inc.
  • Others

Segments Covered in the Report:

Market Segment

By Test Type

  • Laboratory Tests
  • Genetic Tests
  • Imaging
  • Endoscopy
  • Biopsy
  • Others (barium enema)

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

Regional Segment

  • North America (United States, Canada)
  • Europe (Germany, France, UK,  Italy, Russia, and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
  • Latin America (Brazil and the Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)

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