Jersey City, NJ, April 17, 2023 (GLOBE NEWSWIRE) -- The Global Cancer Diagnostics Market is estimated to reach over USD 300.79 billion by 2031, exhibiting a CAGR of 7.16% during the forecast period.
Global healthcare systems are under unprecedented stress as a result of COVID-19. It has made it challenging to provide care while limiting virus spread, and it has increased the demand for hospital resources. Global healthcare systems have found adapting to the COVID-19 pandemic's problems difficult. So, since the epidemic started, surgeons have observed a drop in the number of elective surgeries performed. This postponement of non-urgent elective surgeries has an impact on planned oncology procedures. Tumor patients are particularly vulnerable to infection.
Moreover, patients with cancer have higher COVID-19 morbidity and mortality rates. According to the American Society of Clinical Oncology's study, there was a significant drop in biopsies, tumour screens, office visits, therapy, and surgeries from March to July 2020 compared to 2019. Cancer screenings for colon, breast, lung, and prostate were 75%, 85%, 56%, and 74% lower in April 2020, when the pandemic was at its worst. Also, the COVID-19 pandemic caused the cancellation of almost 800 appointments for the screening of lung cancer in just March 2020. The ratio of new patients screening remained low even after the screening returned to its regular frequency.
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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.
List of Prominent Players in the Cancer Diagnostics Market:
- 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
- F. 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.
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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 |
Market Dynamics:
Drivers-
Technological developments in diagnostic testing are anticipated to fuel market expansion throughout the forecast period. For instance, Hologic, Inc. declared that the Genius Digital Diagnostics System would be commercially available in Europe starting in 2021. The next-generation cervical cancer screening system uses new volumetric imaging technology and deep learning-based AI to help find women with precancerous lesions and cervical cancer cells. This should accelerate market growth.
Challenges:
Many hospitals in undeveloped and impoverished countries are unable to purchase diagnostic imaging equipment due to high costs and financial restrictions. Yet, due to the rising demand in these nations for diagnostic imaging procedures, hospitals that cannot afford to purchase brand-new, cutting-edge imaging systems favour rebuilt ones. As a result, this factor inhibits market expansion.
Regional Trends:
Due to strategic moves made by major players, a significant increase in cervical screening programmes run to improve awareness and screening, a rise in R&D, and technical advancements, Asia Pacific is predicted to have the quickest growth throughout the projection period. For instance, National Cervical Cancer Awareness Week 2019 was introduced by the Australian Cervical Cancer Foundation (ACCF) in November 2019. The ACCF wants to raise awareness among women all throughout Australia in order to eradicate cervical cancer by the year 2035. One of the companies supporting the ACCF screening programmes is Hologic Inc.
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Segmentation of Cancer Diagnostics Market-
By Product-
- Consumables
- Antibodies
- Kits & Reagents
- Probes
- Others
- Instruments
- Pathology based Instrument
- Slide Staining Systems
- Tissue Processing Systems
- Cell Processors
- PCR Instruments
- NGS Instruments
- Microarrays
- Other Pathology-based Instruments
- Imaging Instruments
- CT Systems
- Ultrasound Systems
- MRI Systems
- Mammography Systems
- Nuclear Imaging Systems
- Biopsy Instruments
By Technology-
- IVD Testing
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Next-generation Sequencing (NGS)
- Microarrays
- Flow Cytometry
- Immunoassays
- Others
- Imaging
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography (PET)
- Mammography
- Ultrasound
- Biopsy Technique
By Application-
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Others
By End User-
- Hospitals
- Diagnostics Laboratories
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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