Cancer Diagnostics Market

Cancer Diagnostics Market Insights

The global cancer diagnostics market size was valued at $168,600.04 million in 2020, and is projected to reach $280,590.21 million by 2028, registering a CAGR of 6.9% from 2021 to 2028. Cancer diagnostics is a method of identifying different biomarkers, proteins, and some signs that lead to the identification of the presence of a cancerous tumor. Efficient diagnostic testing is used to validate or rule out the existence of illness, monitor the progression of the disease, and schedule & review treatment outcomes. Diagnostic procedures for cancer may include imaging, tumor biopsy, laboratory tests (including tests for tumor markers), endoscopic examination, surgery, or genetic testing.

COVID-19 outbreak had considerable impact across the world. The implementation of lockdown due to COVID-19 outbreak has delayed the diagnosis of cancer for longer period. It has also impacted the logistics and supply of cancer diagnosis tests kits and other products; thereby, having a minimal negative impact on the market.

Rise in incidences and prevalence of various types of cancer, such as breast cancer and lung cancer, will help the cancer diagnostics market propel during the forecast period. In addition, surge in technological advancements aiding in better imaging of cancerous cells, improvement in equipment to identify the type of cancer, and increase in efficiency of the result will help the cancer diagnostics industry to gain traction during the forecast period. Increase in government initiatives and other private organizations to spread awareness regarding early diagnosis & prevention of cancer is anticipated to boost the growth of the market in the coming years. Furthermore, growth in the number of diagnostics laboratories in developed countries is expected to drive the market in the next few years. A steep rise in emphasis over health & safety regulations and surge in popularity of yoga and other health related practices will act as a growth opportunity during the forecast period. However, huge cost associated with diagnostic imaging system and development of different diagnostic approaches for various cancer mutations may hinder the growth of the market.

In January 30th, 2020, the World Health Organization (WHO) declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe.

Nationwide lockdown, government regulations, and continuous increase in infection rate across countries created a widespread financial impact on neurology hospitals and clinics. Several hospitals and clinics have witnessed a drop in number of patient visits amid COVID-19, ultimately reducing client contact. Furthermore, many cancer diagnostics have been delayed due to the COVID-19 crisis. There is limited availability of medical care for conditions other than COVID-19 globally, which has impacted the cancer diagnostics market in a negative manner. At the same time, limited availability of healthcare staff across the globe is another factor, which has an undesirable effect on the cancer diagnostics market.

Cancer Diagnostics Market Segmentation

The cancer diagnostics market is segmented on the basis of product, application, and end use to provide a detailed assessment of the market. By product, the market is bifurcated into consumables and instruments. Further, consumables are divided into antibodies, kits & reagents, probes, and other consumables. Instruments include pathology-based instruments, imaging instruments, and biopsy instruments. On the basis of application, the market is fragmented into breast cancer, lung cancer, blood cancer, colorectal cancer, skin cancer, ovarian cancer, prostate cancer, kidney cancer, liver cancer, pancreatic cancer, cervical cancer, and others. In Based on end use, it is classified into hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes.

Segment review

Presently, on the basis of product, the consumables segment is the major revenue contributor, and is projected to grow significantly during the forecast period. Increase in adoption of consumables repetitively for cancer diagnostics, surge in prevalence of cancer, rise in R&D investment, increase in geriatric population, introduction of technologically advanced products, and surge in launch of new & advanced kits and reagents are the key factors that boost the growth of the segment.

Depending on application, the breast cancer segment is the major shareholder in the cancer diagnostics market, owing to surge in prevalence of breast cancer across the globe and increase in population of women under the age of 50 to 74. Increase in number of initiatives taken by various organizations will help the industry gain traction in the coming years.

Depending on end use, the hospitals & clinics segment is the major shareholder in the cancer diagnostics market, owing to rise in number of patients visiting hospitals, surge in number of in-house diagnostic procedures performed in hospitals, and rise in awareness regarding early diagnosis, which are the major driving factors for this market.

The key players profiled in this report include Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG (F. Hoffmann-La Roche Ltd.), Danaher Corporation (GE Healthcare), Hologic, Inc., Koninklijke Philips N.V. (Philips Healthcare), Qiagen N.V., Siemens Healthcare GmbH, and Thermo Fisher Scientific.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the cancer diagnostics market size along with the current trends and future estimations to elucidate the imminent investment pockets.
• It offers cancer diagnostics market analysis from 2020 to 2028, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
• A comprehensive analysis of factors that drive and restrain the growth of the market is provided.
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and cancer diagnostics market growth.

Key Market Segments

By Product

• Consumables
  • Antibodies
  • Kits & Reagents
  • Probes
  • Other Consumables
• Instruments
  • Pathology-based Instruments
  • Imaging Instruments
  • Biopsy Instruments

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

By End Use

• Hospitals and Clinics
• Diagnostic Laboratories
• Diagnostic Imaging Centers
• Research Institutes

List Of Key Players Profiled In The Report

• Abbott Laboratories
• Becton, Dickinson and Company
• Bio-Rad Laboratories, Inc.
• Roche Holdings AG (F. Hoffmann-La Roche Ltd.)
• Danaher Corporation (GE Healthcare)
• Hologic, Inc.
• Koninklijke Philips N.V. (Philips Healthcare)
• Qiagen N.V.
• Siemens Healthcare GmbH
• Thermo Fisher Scientific Inc.

 Cancer Diagnostics Market Report Highlights