Global Cancer Diagnostic Market is segmented By Product Type (Consumables, Antibodies, Kits & Reagents, Probes, Others, Instruments, Pathology-based, Tissue Processing Systems, Cell Processors, PCR Instruments, Microarrays, Others, Imaging, CT Systems, Ultrasound Systems, MRI Systems, Mammography Systems, Others) By Technology (IVD Testing, In Situ Hybridization (ISH), Next-generation Sequencing (NGS), Imaging, Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Others) By Cancer Type (Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Others) By End User (Hospitals and Clinics, Diagnostic Laboratories, Cancer Care and Research Institutes, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Cancer Diagnostic Market Size
The Global Cancer Diagnostic Market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031 growing at a high CAGR during the forecast period 2024-2031.
Molecular diagnostic techniques are rapidly used for cancer detection. It involves procedures for confirming specific types of cancer along with the tumor location, extent, and staging. Tissue biopsies are presently the gold standard for cancer diagnosis, but repeated biopsies pose a challenge due to their invasive nature.
Imaging tests like CT and MRI allow the doctor to examine the bones and internal organs in a noninvasive way. There is no single procedure to detect cancer; usually, after multiple diagnostic procedures, a specific cancer type is seen by the doctor. There is a lack of clinical effectiveness and cost-effectiveness of various cancer diagnostic modalities. Hence, new diagnostic procedures emerge every other day.
Cancer Diagnostic Market Summary
| Metrics | Details |
| CAGR | High |
| Market Size | 2022-2031 |
| Market Estimation Forecast Period | 2024-2031 |
| Revenue Units | Value (US$ Mn) |
| Segments Covered | Product Type, Technology, Cancer Type, End User |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Largest Region | North America |
| Fastest Growing Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Cancer Diagnostic Market Trends
Strategic developments by key companies
Strategic developments by key companies like Thermo Fisher Scientific Inc., Agilent Technologies Inc., and Roche Diagnostics will strengthen access to better cancer diagnostics. The research and development are increasing in the oncology sector; hence, the developments boost the research and development activities to increase the efficacy of cancer diagnostics.
For instance, in May 2023, Pfizer Inc. collaborated with Thermo Fisher Scientific Inc. to expand access to next-generation sequencing (NGS)-based testing for breast and lung cancer diagnosis.
Additionally, in January 2023, Agilent Technologies Inc. collaborated with Quest Diagnostics, which enables patients throughout the United States to access the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test.
In March 2023, Roche Diagnostics India signed a Memorandum of Understanding (MoU) with the Cancer Awareness Prevention and Early Detection Trust (CAPED) to launch a cancer screening program.
False positive or negative results
False positive results occur in cancer diagnosis, which might lead to wrong treatment or no treatment at all. According to JAMA Internal Medicine, 2023, test results can sometimes show false positives or negatives, which can lead to more testing without improving health. It leads to overdiagnosis that impacts the health of the individual. For instance, radiation from computed tomographic scans leads to an increase in the lung cancer risk. A colonoscopy can lead to bleeding and other complications.
Cancer Diagnostic Market Segment Analysis
The global cancer diagnostics market are segmented based on product type, technology, cancer type, end user and region.
The Consumables segment accounted for approximately 37.4% of the market share
Consumables are expected to hold the largest share in the segment. Consumables for diagnosis must be produced in stable, repeatable batches. Researchers can use various new findings to create novel products and treatments for different cancers. The primary reasons propelling the segment's expansion include the rising usage of consumables for cancer diagnosis, rising R&D expenditures, rising cancer prevalence, rising senior population, and the release of technologically sophisticated devices.
For instance, in October 2023, Delfi Diagnostics launched a blood-based lung cancer screening test that aims to provide a more convenient detection method and one that's capable of reaching a more significant number of people than the current standard.
In July 2023, Quest Diagnostics launched a novel prostate cancer test in collaboration with Envision Sciences.
Cancer Diagnostic Market Geographical Share
North America accounted for approximately 39.2% of the market share in 2022
North America is expected to hold the largest market share due to the rising cancer cases in the U.S. For instance, according to the National Center for Health Statistics, in 2023, 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States.
Furthermore, according to the National Cancer Institute, the most common type of cancer on the list is breast cancer, with 300,590 new cases expected in the United States in 2023.
In 2022, over about 43,250 women in the U.S. died from breast cancer. In addition, increasing development by manufacturers in breast cancer diagnostics is driving the market growth in this region.
COVID-19 Impact Analysis
The demand for diagnosing and therapeutic devices has increased dramatically in hospitals. For instance, the need for ventilators, respirators, and in vitro diagnostic (IVD) tests has risen drastically in hospitals across the countries in the region.
Many healthcare facilities postponed non-urgent procedures and screenings for cancer, which affected the number of people getting regular tests. Additionally, fear of contracting the virus in healthcare settings and mobility restrictions further reduced screening rates. Due to these above factors, the market has seen a decline rate during the pandemic period.
Cancer Diagnostic Companies
The major global players in the cancer diagnostic market Thermo Fisher Scientific Inc, Agilent Technologies, Inc, Abbott Laboratories, F. Hoffmann-La Roche Ltd , BioMérieux SA, Illumina, Inc, Biocare Medical, LLC, GE Healthcare, Biocept Inc, Qiagen among others.
Key Developments
- In April 2023, Agilent Technologies Inc. signed a Memorandum of Understanding (MOU) with Theragen Bio in South Korea to strengthen in precision oncology specifically in cancer genomic profiling (CGP) design.
- In June, 2023, an NGS-based assay called the "PreCheck Comprehensive Cancer Panel" has been released by a molecular Biopsy Technique company.
- In October 2022, Thermo Fisher Scientific Inc. acquired cancer diagnostic maker The Binding Site for $2.6 billion. It aims for further innovations in the field of cancer diagnosis.
Why Purchase the Report?
- To visualize the global cancer diagnostic market segmentation based on product type, technology, cancer type, end user and region as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of cancer diagnostic market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global cancer diagnostic market report would provide approximately 69 tables, 72 figures, and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
