Wilmington, Delaware, United States, May 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global cancer diagnostics market was valued at US$ 163.7 Bn in 2021, and is projected to surpass the value of US$ 335.7 Bn by 2031.
Extensive utilization of noninvasive/minimally-invasive cancer diagnostics for the detection and characterization of wide range of tumors, especially of the lung, colon, lung, head and neck, and breast, favors the growth of the cancer diagnostics market. These include magnetic resonance imaging (MRI) and positron emission tomography.
Researchers are developing novel tumor markers, and their adoption in the next few years is likely to strengthen market development. An instance is rise in usage of a number of objective (specific) tumor markers in improving cancer care, especially to monitor for cancer recurrence.
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Surge in popularity of companion diagnostics for the treatment of advanced cancer patients is likely to expand the market outlook. Companies are increasing revenues due to adoption of these in precision medicine in oncology. Recent approval of companion diagnostics by the U.S. FDA is expected to bolster revenue prospects for the companies. An example is approval of FoundationOne Liquid CDx and FoundationOne CDx (both by Foundation Medicine, Inc.). Consistent usage of novel approaches based on genomic, transcriptomics, and proteomic analysis is a key trend likely to amplify market opportunities for companies in the cancer diagnostics industry.
Cancer Diagnostics Market - Key Findings of Study
- Surge in Demand for Minimally invasive and Cost-effective Cancer Diagnostic Modalities: Technological advancements in oncology diagnostics is continually improving overall treatment of cancer. Minimally invasive procedures, such as liquid biopsy, offers significant revenue opportunities for market players in the next 10 years. Noninvasive imaging modalities are rapidly gaining traction in identifying and staging of cancer. An example is usage of X‐ray computed tomography (CT) scan, positron emission tomography (PET), and needle aspirations.
Significant demand for diagnostic probes for the diagnosis and prognosis of advanced cancer is expected to create significant opportunities for companies in the cancer diagnostics market. Recent market trends indicate growing popularity of hybrid imaging modalities among the patient population. An instance is the application of hybrid PET‐CT systems (PET/CT and PET/MR) in cancer diagnosis.
- Significant Demand for Laboratory Diagnostic Tests for Effective Cancer Diagnosis and Prognosis: Based on end-user, the laboratory diagnostic segment constituted the leading market share in 2021. Extensive usage of blood and urine tests to identify biomarkers for the early detection of cancer fuels the segment. Rise in usage of laboratory diagnostics tests for accurate prognosis of cancer in its earliest stages is expected to propel the cancer diagnostics market. An instance is growing popularity of usage of liquid biopsies for analysis of Circulating Tumor Cells (CTCs). Rapid development of new tracers with improved sensitivity and specificity is expected to fuel the market in the near future.
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Cancer Diagnostics Market - Key Drivers
- Steady increase in cancer mortality rates in numerous countries is a key factor driving the demand for non-invasive early detection of cancer. For instance, lung, colorectal, prostate, and liver cancers were leading causes of cancer deaths in the U.S. in the last few years.
- Increasing need to enhance the prognosis in cancer and improve the effectiveness of cancer therapies across the globe is a key factor propelling technological advancements in cancer diagnostics.
- Rapid increase in adoption of minimally-invasive diagnostic modalities in solid malignancies is likely to drive the market at a rapid pace. Considerable R&D in molecular biology techniques, such as proteomics, microarray, and next generation sequencing, is anticipated to augment the market value of cancer diagnostics.
Cancer Diagnostics Market - Regional Growth Dynamics
North America accounted for the leading share of the global cancer diagnostics market in 2021 and is anticipated to continue to do so until the end of the forecast period. Rise in burden and prevalence of cancer in the U.S. is likely to augment the market size in the region.. A number of instrumentation advancements in magnetic resonance spectroscopy and innovation in molecular diagnostic techniques are anticipated to propel the market in North America. Demand for high-throughput sequencing techniques presents promising market opportunities for companies in the region.
Asia Pacific is a lucrative market for cancer diagnostics. Rise in prevalence of non-invasive and invasive cancer in India, China, and Japan and rapid pace of R&D supported by growing funding by organizations are expected to bolster the market in the region.
Cancer Diagnostics Market - Competition Landscape
The presence of several large-sized companies operating in the cancer diagnostics market renders the landscape highly fragmented.
Leading companies in the market are
- Abbott
- Agilent Technologies, Inc.
- Applied DNA Sciences
- Eli Lily and Company
- Exact Sciences Corporation
- Hologic Inc.
- QIAGEN
- Thermo Fisher Scientific
- Exact Sciences Corporation
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Cancer Diagnostics Market Segmentation
Test Type
- Tumor Biomarker Tests
- Prostate Specific Antigen Tests
- Circulating Tumor Cells (CTC) Tests
- Alpha-fetoprotein Tests
- CA 19-9 Tests
- CA 125 Tests
- HER2
- BRCA
- KRAS
- Others
- Imaging
- Magnetic Resonance Imaging (MRI)
- positron emission tomography (PET)
- Computed Tomography (CT) Scan
- Mammography
- Others
- Endoscopy
- Colonoscopy
- Bronchoscopy
- Others
- Biopsy
- Bone Marrow Biopsy
- Needle Biopsy
- Endoscopic Biopsy
- Others
Application
- Lung Cancer
- Prostate Cancer
- Pancreatic Cancer
- Blood Cancer
- Ovarian Cancer
- Melanoma
- Other Cancers
End-user
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Laboratories
- Others
Region
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
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