The global cancer tissue diagnostics industry is projected to reach a value of US$ 7,041 million by 2023, growing at a moderate rate of 6.5% CAGR from 2023 to 2033. The market for cancer tissue diagnostics is expected to reach a value of US$ 13,219 million by the end of 2033.
One of the most reliable methods of diagnosing cancer is cancer tissue diagnostics. An accurate cancer diagnosis aids in determining the cause and overall impact of the patient’s illness. Therefore, it is anticipated that rising cancer incidences will increase demand for cancer tissue diagnostics in order to pursue a successful course of treatment.
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Lifestyle changes, fast-paced urban life, and constantly fluctuating diets or improper daily diets contribute to exploding cancer cases. Due to this, healthcare infrastructure is being upgraded to accommodate newer innovations in the field, such as cancer tissue diagnostics. As infrastructure enlarges and upgrades to recent developments, people are expected to be inclined toward precautionary or initial steps before the disease magnifies.
In 2022, the International Atomic Energy Agency (IAEA) revealed a strategy to direct its focus on an extreme lack of cancer care services across developing countries. The authorities also stated that Africa is going to be given priority, as the African population normally dies from cancer due to inadequate access to potentially life-preserving nuclear medicine and radiotherapy.
According to cancer researchers, real-time imaging of the living body is expected to substitute histology and traditional biopsies. Fast-speed 3D microscopes can record pictures of tissue architecture to assist surgeons in navigating tumors and their outlines without touching or pulling out tissues. Using these pathology findings is a running trend. Hence, the new developments are expected to encourage healthcare professionals to suggest cancer tissue diagnostics for relevant procedures.
Top Highlights from the FMI’s Analysis of the Cancer Tissue Diagnostics Market
- North America and Europe are the highly penetrated markets for cancer tissue diagnostics. FMI has estimated that these markets are expected to surpass market values of 38.9% and 30.1%, respectively, in 2023.
- The United States and Germany are the key markets with assessed value shares of 32.6% and 4.5%, respectively, in 2022. Globally as well as regionally, these markets top the charts.
- China and India are projected to propel at a CAGR of 7.5% and 6.4%, correspondingly. Manufacturers are focusing on emerging economies to generate higher revenues as established markets reach saturation.
- Australia is expected to witness a strong CAGR over the forecast period. As per FMI intelligence, the market is projected to shoot at a CAGR of 10.3% from 2023 to 2033, implying a booming economy, robust cancer cases, and surging acceptance of cancer tissue diagnostics.
- According to FMI, Japan is anticipated to attain more than 5.2% market share in the forecast period.
- Based on test type, in situ hybridization segment acquired a market share of 62.9% in 2022.
- Under the end-user category, the hospital-associated labs segment obtained a 44.2% value share in 2022.
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News Section: Ongoing Developments in the Market
- Hoffmann La Roche revealed in June 2022 that it had introduced the next-Gen VENTANA DP 600 slide scanner. This high-proportion slide scanner develops high-quality images of stained histology slides from patient tissue samples. The new development facilitates the pathology lab’s ease of use and flexible workflow.
- In March 2021, IZI Medical Products LLC (IZI) introduced the Quick-core Auto Biopsy System for soft tissue biopsy. The Quick-core Auto is an automatic, lightweight biopsy equipment that fosters more precision, reliability, and quality of IZI’s Quick-core semi-automatic biopsy system.
- Roche unveiled three deep learning image analysis Research Use Only (RUO) algorithms that are grounded in Artificial Intelligence (AI) intended for breast cancer. Breast cancer is the second dominant disease globally, affecting 2.3 million people as of 2020. It is also a widely found cancer in women, irrespective of their geography. Surging investments in research on this disease are projected to augment market growth.
Global Cancer Tissue Diagnostics Market Key Players:
- Abbott Laboratories
- F.Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific Inc.
- Ventana Medical Systems, Inc.
- Bio Rad Laboratories Inc.
- Enzo Life Sciences, Inc.
- Abcam plc.
- BioGenex
- Cell Signalling Technology, Inc.
- Agilent Technologies, Inc.
- PerkinElmer Inc.
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Cancer Tissue Diagnostics Market by Segmentation:
By Test Type:
- Immunohistochemical (IHC) Test
- Breast Cancer
- Stomach (Gastric) Cancer
- Colorectal Cancer
- Prostate Cancer
- Others
- In Situ Hybridization (ISH) Test
- Breast Cancer
- Non-Small Cell Lung Cancer (NSCLC)
- Bladder Cancer
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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