The global Cancer Diagnostics market Size is valued at 164.04 billion in 2022 and is predicted to reach 300.79 billion by the year 2031 at a 7.16% CAGR during the forecast period for 2023-2031.
One of the essential factors of the Cancer Diagnostics market growth throughout the anticipated period is the rise in cancer cases worldwide. Diagnostic test technological developments are also anticipated to support industry expansion. Additionally, it is projected that supportive government measures and growing awareness will contribute to growth during the forecast period. For instance, the Biden-Harris administration has established a goal to improve the understanding of people living with and surviving cancers and reduce the cancer mortality rate by 50% over the next 25 years.
The prevalence of cancer has been rising at an alarming pace, making it one of the major causes of death worldwide. Healthcare professionals are concentrating on creating efficient screening and treatment solutions to monitor prevalence levels. The success of treatment plans is increased by early screening. As a result, healthcare organizations and industry participants are pushing regular checkups and screenings through various awareness campaigns. For instance, the HHS announced financing of USD 5 million in March 2022 to enhance equity in cancer screening at health centers.
Recent Developments:
- In November 2021, Magnetom Free was introduced by Siemens Healthineers. The Star whole-body MRI scanner was created to dramatically improve access to magnetic resonance imaging on a global scale.
Competitive Landscape:
of the major key players in the Cancer Diagnostics market are:
- Abbott Laboratories,
- Agilent Technologies Inc.,
- AMOY Diagnostics Co Ltd.,
- Astellas Pharma Inc. (Japan)
- BD
- BiocartisNV,
- bioMérieux SA (France)
- Bristol-Myers Squibb Company (U.S.)
- Cancer Diagnostics Inc.,
- Danaher Corporation,
- DiagnoCure Inc. (Canada)
- DiaSorin S.P.A.,
- Excat Science
- Hoffmann-La Roche Ltd.
- FUJIFILM Corporation,
- GE Healthcare
- Genomic Health, Inc. (U.S.)
- GSK plc. (U.K.)
- Hologic, Inc.
- Illumina, Inc.
- Koninklijke Philips N.V. (Philips)
- Lilly (U.S.)
- Merck KGaA, (Germany)
- Myriad Genetics Inc.,
- Novartis AG (Switzerland)
- Pfizer, Inc. (U.S.)
- Qiagen N.V.
- Quest Diagnostics Incorporated. (U.S.)
- Quidel Corporation,
- Roche Diagnostics,
- Siemens Healthcare GmbH
- Thermo Fisher Scientific, Inc.
Market Segmentation:
The Cancer Diagnostics market is segmented by product, technology, application, and end-user. Based on product, the market is segregated into consumables, instruments, imaging instruments, and biopsy instruments. By the technology, the market is segmented into IVD Testing, imaging, and biopsy technology. By application, the market is segmented as breast cancer, lung cancer, colorectal cancer, melanoma, and others. By end user, the market is further segmented into hospitals and diagnostics laboratories.
Based On Product, The Consumables Segment Is A Major Contributor To The Cancer Diagnostics Market
The consumables section held the largest share, and it is projected that it will remain in this position for the duration of the forecast. The segment is developing as a result of rising consumable usage, rising R&D costs, an increase in the number of elderly people, and the introduction of technologically sophisticated diagnostic kits and reagents.
IVD Testing Segment Witnessed Growth At A Rapid Rate
Due to reasons like the growing use of in-vitro diagnostics, IVD testing held the greatest proportion. The market is extending as a result of an increasing number of in vitro diagnostics products being introduced by key industry participants. For instance, Invitae introduced LiquidPlex Dx and FusionPlex Dx in Europe in February 2022. In Europe, patients will have easier access to cancer diagnostics thanks to the product launch. In addition, the completely automated Idylla GeneFusion Panel for non-small cell lung cancer was introduced by Biocartis Group NV in June 2022. Unlike more current testing procedures, which typically require days or even weeks to get findings, the panel is intended for use in clinical laboratories and delivers comprehensive test results in 180 minutes.
The North America Cancer Diagnostics Market Holds A Significant Revenue Share In The Region
The largest portion was held by North America. The market in this area is being driven by significant companies engaging in more strategic actions. For instance, Resolution Bioscience Inc. was purchased by Agilent in March 2021. The company's capabilities in NGS-based cancer diagnostics are expanded and complemented by the acquisition, which also equips the business with cutting-edge technology to meet the demands of the expanding precision medicine market.
Cancer Diagnostics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 164.04 Bn |
|
Revenue forecast in 2031 |
USD 300.79 Bn |
|
Growth rate CAGR |
CAGR of 7.16 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Product, Technology, Application, And End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
GE Healthcare, Abbott Laboratories, Hologic Inc., Agilent Technologies Inc., Roche Diagnostics, FUJIFILM Corporation, Danaher Corporation, DiaSorin S.P.A., Myriad Genetics Inc., Siemens AG, BD, Cancer Diagnostics Inc., AMOY Diagnostics Co Ltd., Quidel Corporation, BiocartisNV, Excat Science. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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