Demand for Cancer Diagnostics Market Set for Rapid Growth Report 2031

Cancer Diagnostics Market Outlook 2031

The global cancer diagnostics market was valued at US$ 163.7 Bn in 2021

The global market is projected to grow at a CAGR of 7.4% from 2022 to 2031

The global cancer diagnostics market is anticipated to reach more than US$ 335.7 Bn by the end of 2031

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Cancer Diagnostics Market Introduction

Cancer is a complex and potentially fatal disease primarily caused by environmental factors that lead to genetic mutations affecting key cellular regulatory proteins. Extrinsic factors include tobacco, sun exposure, chemicals, alcohol, and infectious organisms. Internal factors include inherited genetic mutations, immune disorders, hormones, and random mutations. These factors may act together or in a sequence to induce tumorigenesis.

Increase in incidence of cancer is expected to drive the demand for specific and effective cancer diagnostics. Early detection using state-of-the-art diagnostic techniques, such as immunoPET cancer diagnostics, immunohistochemistry, autoantibody, and intraoperative cancer diagnostics, enable rapid decision-making and consistent treatment. This prevents cancer from spreading until it becomes difficult to treat. Early antibody and cancer diagnostics, therefore, plays an important role in reducing treatment cost, shortening hospital stay, and avoiding inevitable procedures. Therefore, the growing trend of prophylactic diagnosis due to increasing prevalence leads to better clinical and economic outcomes for patients. This is expected to drive the global cancer diagnostics market size during the forecast period.

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Inclination of Patients Toward Non-invasive Diagnostic Procedures Driving Global Market

Non-invasive testing offers a relatively less expensive diagnosis, prognosis, and therapy selection. This aids oncologists in developing suitable treatment plans for cancer patients. Majority of individuals prefer non-invasive diagnostic procedures, as they are quicker and easier than invasive procedures since no tools are required to break the skin or enter the body.

Imaging tests, such as ultrasound, MRI, CT, mammography, and liquid biopsy, are non-invasive diagnostic tests for cancer detection. These tests are simpler and less expensive than blood, urine, or plasma tests. Hence, an increasing number of cancer patients are opting for painless imaging tests to diagnose and monitor cancer progression. This is likely to drive the demand for non-invasive cancer diagnostics tests during the forecast period.

Rise in Prevalence of Cancer to Propel Global Market

The World Health Organization (WHO) estimates that cancer causes 8.3 million deaths annually, with a 70% increase in new cancer cases anticipated over the next 20 years. Different treatments are needed for different cancer types. Thus, the demand for liquid biopsy tests is projected to be high during the projected period owing to the increase in incidence of cancer and the demand for individualized medications.

The liquid biopsy procedure is still in the development stage. This is anticipated to present significant opportunities for market participants. Age-related risk accumulation for particular cancers is most likely the cause of a sharp rise in cancer incidence, which is attributed to increase in the geriatric population. Moreover, aging people tend to have less efficient cellular repair systems.

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Continuous Development in Procedures Fueling Biopsy Segment

In terms of test type, the global cancer diagnostics market has been segregated into tumor biomarker test, imaging, endoscopy, and biopsy. The biopsy segment accounted for the largest market share in 2021 owing to continuous improvements in the procedure leading to the development of liquid biopsy gadgets. Additionally, rise in awareness about non-invasive strategies; increased information about specific biomarkers such as lymphoma cancer diagnostics markers; higher cognizance; and equipment availability as first line of cancer prognosis are driving the segment.

Rise in Smoking Driving Lung Cancer Segment

Based on application, the global cancer diagnostics market has been classified into breast cancer, blood cancer, pancreatic cancer, ovarian cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and others. The lung cancer segment held the largest market share in 2021, as it is the leading cause of cancer in the U.S. and across the globe. Approximately, 85% lung cancer is caused owing to smoking, and the rest 15% is due to changing lifestyle and other reasons. Smoking, a primary cause of small cell and non-small cell lung cancer, accounts for 80% and 90% lung cancer deaths in women and men, respectively. Men who smoke are 23 times more likely to develop lung cancer.

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 Rise in Preference Bolstering Diagnostic Laboratories Segment

In terms of end-user, the global cancer diagnostic market has been divided into hospitals, diagnostic laboratories, ambulatory surgical centers, and others. The diagnostic laboratories segment accounted for the largest market share in 2021, as these laboratories are specifically designed to detect only tumor or mutated cells. People in developed countries prefer diagnostic laboratories, as they often use sophisticated equipment. This is expected to augment the segment.

Regional Outlook of Cancer Diagnostics Market

North America is likely to dominate the global market during the forecast period due to changing demographics, evolving lifestyle, increasing prevalence of cancer, well-established point of care diagnostic centers, and availability of reimbursements.

Asia Pacific is expected to be a key market during the forecast period, as the prevalence of cancer is increasing in the region. Governments of countries, such as Japan, China, and India, fund and support universities and research institutes to develop new technologies for cancer diagnosis.

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The cancer diagnostics market in Latin America is growing at a steady pace, as governments of several countries in the region are undertaking initiatives to provide basic health insurance and better treatment options for diseases such as cancer as the detection rate of early stage cancers is quite low. This is ascribed to less awareness about the symptoms and the assumption that diagnostic tests could fail. Therefore, governments in Latin America are focusing on implementing early cancer detection strategies in order to obtain better treatment options.

A growing number of companies in Europe are engaging in strategic partnerships and acquisitions to strengthen their position in the cancer diagnostics market. This is expected to propel the market in the region during the forecast period.

Analysis of Key Players in Global Cancer Diagnostics Market

The global cancer diagnostics market is fragmented, with the presence of a high number of large-sized players. Key players operating in the global cancer diagnostics market are Abbott, Agilent Technologies, Inc, Applied DNA Sciences, Becton, Dickinson and Company, bioMérieux SA, Eli Lilly and Company, Exact Sciences Corporation, F. Hoffmann-La Roche Ltd., General Electric Company, Hologic, Inc., Illumina, Inc., Menarini Silicon Biosystems, QIAGEN, Siemens Healthcare GmbH, and Thermo Fisher Scientific, Inc. These players are adopting strategies such as new product development, product launches, product approvals, agreements, partnerships, and mergers.

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