The demand for cancer diagnostics is projected to increase as cancer incidence rates rise. According to a Future Market Insights (FMI) report, the market for cancer diagnostics would exceed US$ 47.62 billion in 2021. Cancer will account for approximately 9.9 million deaths in 2020, according to the World Health Organization (WHO), making it the second-leading cause of death worldwide. The demand for better diagnostics has been fueled by an increase in cancer cases.
The rise in cancer prevalence, the expansion of government campaigns to raise awareness, the sharp rise in the number of elderly people, technological advancements in a variety of fields, including biopsy, imaging, biomarkers, and endoscopy, as well as rising government funding are the main factors propelling the market for cancer diagnostics.
Appropriate diagnostic techniques are needed to screen the immunosuppressed population, which has a moderate risk of developing cancer, for lung cancer, cervical cancer, breast cancer, prostate cancer, colon cancer, and melanoma, among other cancers. The development of cancer diagnostics is complemented by a rising knowledge of the early warning signs and symptoms of cancer among medical professionals, other healthcare workers, and the general public.
Another significant factor that is anticipated to increase demand for cancer diagnostics is the inclusion of cancer screening tests in National Cancer Screening Programs. Regular mammography has been incorporated into national cancer programmes by significant industrialised nations where the incidence of breast cancer is high, which is driving up the use of cancer diagnostics in developed regions.
For instance, the Nationwide Mammography Program is one of the government of the United States’ national cancer screening programmes. The Australian government is leading the way by implementing three cancer screening programmes, including the National Bowel Cancer Screening Program, BreastScreen Australia, and the National Cervical Screening Program. Similar to this, the majority of European nations are gradually including HPV DNA screening into their national cervical cancer initiatives.
Short-term Negative Impact Likely Due to COVID-19
Due to a decline in cancer diagnosis methods and adoption rates in developed and developing nations, the cancer diagnostics market is anticipated to see short-term negative growth. The world of cancer diagnostics has changed as a result of COVID-19. This has impacted demand on a number of fronts, including logistics and supplies of cancer diagnostic test kits and other important commodities as well as prevention, screening, and diagnosis, palliative care, treatment, and patient follow-up.
Nevertheless, the market is primed to rebound as economies return to normal after a period of sluggish growth. Over 19% of market sales, according to FMI, can be attributed to the increased incidence of lung cancer.
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Key Takeaways from Cancer Diagnostics Market Study
- The rising incidence of cancer will fuel the demand for cancer diagnostics, enabling the market register 8.5% CAGR between 2021 and 2022
- Increasing cases of cancer in the U.S. accounts for 84% of demand in North America
- Increasing healthcare spending will enable the U.K. market register over 5% y-o-y growth in 2021
- Favorable reimbursement policies will support growth in France and Germany
- Expansion of the healthcare sector will support growth in Japan and South Korea
Who is Winning?
Partnerships between companies that create cancer diagnostic assay kits, make instruments, and licence technologies frequently aim to expand their customer base.
For instance, Illumina, Inc. and Geneseeq Technology Inc. entered into a partnership agreement in March 2021 to create comprehensive in-vitro diagnostic (IVD) NGS testing kits for cancer utilising Illumina’s NextSeq 550Dx sequencing platform.
Thermo Fisher Scientific and Daiichi Sankyo agreed to co-launch a companion diagnostic for patients with non-small cell lung cancer that uses the Oncomine Dx target test to identify Her2 gene alterations in June 2020.
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Cancer Diagnostics Market by Category
Test Type
- Tumour Biomarkers Tests
- PSA Tests
- CTC Tests
- AFP Tests
- CA Tests
- HER2 Tests
- BRCA Tests
- ALK Tests
- CEA Tests
- EGFR Mutation Tests
- KRAS Mutation Tests
- Others
- Imaging
- Ultrasound
- Mammography
- MRI Scan
- PET Scan
- CT Scan
- SPECT & Others
- Biopsy
- Needle Biopsy
- Endoscopic Biopsy
- Bone Marrow Biopsy
- Others
- Liquid Biopsy
- Immunohistochemistry
- In Situ Hybridization
Indication
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Blood Cancer
- Prostate Cancer
- Ovarian Cancer
- Stomach Cancer
- Liver Cancer
- Others
End-user
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Diagnostic Imaging Centers
- Cancer Research Institutes
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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