Rising prevalence of cancer is likely to fuel the demand for cancer diagnostics. A study by Future Market Insights (FMI) projects the cancer diagnostics market to surpass US$ 47.62 Bn in 2021. According to the World Health Organization (WHO), cancer is the second -leading cause of death globally, accounting for over 9.9 million deaths in 2020. Rising cases of cancer have been fuelling the demand for advanced diagnostics.
Technological advancements in various fields such as biopsy, imaging, biomarkers and endoscopy, rising prevalence of cancer, increase in government initiatives for creating awareness, rapidly increase in geriatric population, and growing government funding are key factors driving the growth of the cancer diagnostics market.
Timely detection of cancer requires suitable diagnostic tests to screen the immunosuppressed population which is at moderate risk of cancer, particularly for lung cancer, cervical cancer, breast cancer, prostate cancer, colon cancer and melanoma. Growing awareness of early signs and symptoms of cancer among physicians and other healthcare professionals as well as among the general population supplements the growth of cancer diagnostics.
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Inclusion of cancer screening tests in National Cancer Screening Programs is another major factor expected to fuel the demand for cancer diagnostics. Introduction of regular mammography into national cancer programs by major developed countries where the incidence of breast cancer is high that is leading towards increasing adoption of cancer diagnostics in developed region.
For instance, the U.S. government has included the National Mammography Program in its national cancer screening programs. The government of Australia is taking initiative by conducting 3 cancer screening programs such as the National Cervical Screening Program, BreastScreen Australia and the National Bowel Cancer Screening Program. Similarly, most of the countries in Europe are continuously adopting HPV DNA screening for cervical cancer as a part of national cervical cancer programs.
Short-term Negative Impact Likely Due to COVID-19
The cancer diagnostics market is expected to experience short-term negative growth owing to a reduction in the cancer diagnosis procedures and adoption rate in developed and emerging countries. COVID-19 has impacted the landscape of cancer diagnostics. This has affected demand in various fronts, from prevention to screening and diagnosis, palliative care, treatment, and patient follow-up, to logistics and supplies of cancer diagnostic tests kits and other essential commodities.
Nonetheless after a period of muted growth, the market is poised to recover as economies return to normalcy. As per FMI, the rising incidence of lung cancer is attributable for over 19% of sales in the market.
Key Takeaways from Cancer Diagnostics Market Study
- The rising incidence of cancer will fuel the demand for cancer diagnostics, enabling the market register 8.5% CAGR between 2021 and 2022
- Increasing cases of cancer in the U.S. accounts for 84% of demand in North America
- Increasing healthcare spending will enable the U.K. market register over 5% y-o-y growth in 2021
- Favorable reimbursement policies will support growth in France and Germany
- Expansion of the healthcare sector will support growth in Japan and South Korea
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“Advancements in cancer diagnostics and rising prevalence of cancer are expected to aid growth of cancer diagnostics. A majority of leading players in cancer diagnostic market are adopting strategic partnerships to sustain the increasing competitive pressure,” says the FMI Analyst
Who is Winning?
Partnerships between cancer diagnostic assay kits developers, instrument manufacturers and technology licensers are often intended to increase the consumer base.
For instance, in March 2021, Illumina, Inc. signed a partnership agreement with Geneseeq Technology Inc. to develop comprehensive in-vitro diagnostic (IVD) NGS testing kits by using Illumina’s NextSeq 550Dx sequencing platform for cancer.
In June 2020, Thermo Fisher Scientific signed an agreement with Daiichi Sankyo to Co-launch a companion diagnostic for patients with non-small cell lung cancer for identifying Her2 gene mutations using the Oncomine Dx target test.
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Cancer Diagnostics Market by Category
Test Type
- Tumour Biomarkers Tests
- PSA Tests
- CTC Tests
- AFP Tests
- CA Tests
- HER2 Tests
- BRCA Tests
- ALK Tests
- CEA Tests
- EGFR Mutation Tests
- KRAS Mutation Tests
- Others
- Imaging
- Ultrasound
- Mammography
- MRI Scan
- PET Scan
- CT Scan
- SPECT & Others
- Biopsy
- Needle Biopsy
- Endoscopic Biopsy
- Bone Marrow Biopsy
- Others
- Liquid Biopsy
- Immunohistochemistry
- In Situ Hybridization
Indication
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Blood Cancer
- Prostate Cancer
- Ovarian Cancer
- Stomach Cancer
- Liver Cancer
- Others
End-user
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Diagnostic Imaging Centers
- Cancer Research Institutes
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Cancer Diagnostics Market is projected to expand at a CAGR of 7.1% and gain a revenue worth US$ 191 Bn during the forecast period | Future Market Insights, Inc. appeared first on Future Market Insights.
Published by: Future Market Insights, Inc.