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Cancer Diagnostics Market Projected to Reach USD 185.4 Billion by 2031 Owing to Rising Prevalence of Cancer

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The Cancer Diagnostics Market, valued at USD 114.6 Billion in 2023, is anticipated to reach a valuation of USD 185.4 Billion by 2031, experiencing a compound annual growth rate (CAGR) of 6.2% throughout the forecast period from 2024 to 2031.

The Cancer Diagnostics Market is experiencing significant growth due to a confluence of factors, including the rising prevalence of cancer worldwide, increasing ease of cancer diagnosis, and advancements in cancer diagnostics in the area of biomarkers and point-of-care diagnosis.

List of Cancer Diagnostics Market Companies Profiled in Report:

  • Abbott Laboratories, Inc.
  • Agilent Technologies, Inc.
  • Arquer Diagnostics Ltd
  • Becton Dickinson and Company (BD)
  • BioGenex
  • BioMark Diagnostics Inc
  • bioMérieux SA
  • BioNTech Diagnostics GmbH
  • Biotheranostics
  • Cancer Diagnostics Inc.
  • Canon Medical Systems Corporation
  • Exact Sciences Corporation
  • GE Healthcare
  • Hologic Inc.
  • Illumina, Inc.
  • NeoGenomics Laboratories, Inc.
  • PenRad Technologies Inc.
  • Philips Healthcare
  • QIAGEN N.V.
  • Bard, Inc.
  • Roche Diagnostics
  • Siemens Healthcare
  • Thermo Fisher Scientific, Inc.
  • Volpara Solutions Limited

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Cancer Diagnostics Market Driven by Rising Cancer Rates, Aging Population, and Advancements in Detection and Treatment

The cancer diagnostics market is fueled by a confluence of factors. The most prominent is the rising global burden of cancer. According to the Pan American Health Organization, an estimated 20 million new cases and 10 million deaths are expected in 2023, with annual cases projected to reach 30 million by 2040. This necessitates the development of efficient diagnostic tools for early detection and improved management. The growing geriatric population is a significant driver. Age is a major risk factor for cancer, and as this population segment expands, the demand for cancer screening tests will inevitably rise.

Technological advancements are also playing a crucial role. New diagnostic imaging tools, like the NearWave Imager for breast cancer detection, and advancements like photon-counting CT Scanners with reduced radiation dosage, are constantly being developed.

Finally, personalized medicine, which tailors treatment based on individual patient data, is revolutionizing cancer care. Investments in precision medicine and the development of molecular decision support systems are propelling market growth as these advancements improve diagnosis and treatment planning.

Early Detection Focus, Government Initiatives, and Tech Advancements Drive Cancer Diagnostics Market

The increasing focus on early detection, which improves patient outcomes, is driving the need for better diagnostic tools. Government initiatives like the US Cancer Moonshot program, which aim to reduce cancer deaths and improve patient well-being, are accelerating market growth. Finally, continuous advancements in diagnostic technologies, such as companion diagnostics and MRD testing, are creating new opportunities in cancer detection and treatment.

In February 2023, F. Hoffmann La Roche expanded its collaboration with Janssen by focusing on companion diagnostics to enhance personalized healthcare.

In April 2023, Quest Diagnostics acquired Haystack Oncology to expand its minimal residual disease (MRD) testing services.

Key Market Segments

By Product

  • Instruments
    • Pathology-based Instruments
      • Slide Staining Systems
      • Tissue Processing Systems
      • Cell Processors
      • PCR Instruments
      • NGS Instruments
      • Microarrays
      • Other Pathology-based Instruments
    • Imaging Instruments
    • Others
  • Consumables
    • Antibodies
    • Kits & reagents
    • Probes
    • Others
  • Services

By Type

  • IVD
    • By Type
      • Diagnosis
      • Early Detection
      • Therapy Selection
      • Monitoring
    • By Technology
      • Polymerase Chain Reaction (PCR)
      • In Situ Hybridization (ISH)
      • Immunohistochemistry (IHC)
      • Next-generation Sequencing (NGS)
      • Microarrays
      • Flow Cytometry
      • Immunoassays
      • Other IVD Testing Technologies
    • LDT
    • Imaging
      • Magnetic Resonance Imaging (MRI)
      • Computed Tomography (CT)
      • Positron Emission Tomography (PET)
      • Mammography
      • Ultrasound
      • Others

By Test Type

  • Biopsy
  • Fine-needle Aspiration
  • Core Biopsy
  • Surgical Biopsy
  • Skin Biopsy /Punch Biopsy
  • Others
  • Others

By Application

  • Breast Cancer
  • Colorectal Cancer
  • Cervical Cancer
  • Lung Cancer
  • Prostate Cancer
  • Skin Cancer
  • Blood Cancer
  • Kidney Cancer
  • Liver Cancer
  • Pancreatic Cancer
  • Ovarian Cancer
  • Others

By End-Use

  • Hospitals
  • Laboratories
  • Others

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The Diagnostic Imaging Tests Segment Is Expected To Hold A Major Share In The Cancer Diagnostics Market

Diagnostic imaging tests, including CT scans, MRI scans, mammograms, and X-rays, are the most commonly used screening tools for cancer detection due to their reliability. This segment dominates the market due to:

Mammography is the gold standard technique for breast cancer screening, and various imaging techniques are used for detecting different cancers. Governments and healthcare organizations are actively involved in developing effective diagnostic tools and promoting access to screening programs, particularly for women.

New imaging devices with improved resolution and reduced radiation dosage are constantly being developed, driving segmental growth.

Cancer Diagnostics Market
Cancer Diagnostics Market

Impact of Economic Slowdown on the Cancer Diagnostics Market

The economic burden of cancer is substantial for patients and healthcare systems. Disparities in healthcare systems and social support programs significantly influence the financial impact of cancer. Even in publicly funded healthcare systems, patients may incur out-of-pocket expenses for cancer treatment, leading to financial hardship.

Cancer diagnosis and treatment can lead to job loss or reduced work hours, further straining patients’ finances.

North America Is Expected To Majorly Contribute To The Cancer Diagnostics Market

The high prevalence of cancer in countries like the US and Canada creates a significant demand for advanced diagnostic tools. This, in turn, fuels innovation within the region’s medical device industry, with companies actively developing new technologies for early cancer detection. Furthermore, government initiatives play a crucial role. Programs like the Cancer Moonshot and dedicated support for cancer diagnosis drives provide a significant boost to market growth, solidifying North America’s position at the forefront of cancer diagnostics.

Key Takeaways from the Cancer Diagnostics Market Study

  • Technological advancements in diagnostic imaging, biomarkers, and personalized medicine are creating lucrative growth opportunities.
  • The diagnostic imaging tests segment holds the dominant market share due to the widespread use of reliable imaging techniques for cancer detection.
  • The Russia-Ukraine war has disrupted healthcare systems and created challenges in providing cancer care to patients in the region.
  • The economic burden of cancer diagnosis and treatment can cause financial hardship for patients and their families.
  • North America is expected to remain a major market due to the high prevalence of cancer, focus on innovation, and supportive government initiatives.

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Table of Content

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Cancer Diagnostics Market Dynamics

Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 forces model

Chapter 7 PEST Analysis

Chapter 8 Cancer Diagnostics Market Segmentation, By Product

Chapter 9 Cancer Diagnostics Market Segmentation, By Type

Chapter 10 Cancer Diagnostics Market Segmentation, By Test Type

Chapter 11 Cancer Diagnostics Market Segmentation, By Application

Chapter 12 Cancer Diagnostics Market Segmentation, By End-Use

Chapter 13 Regional Analysis

Chapter 14 Company profile

Chapter 15 Competitive Landscape

Chapter 16 Use Case and Best Practices

Chapter 17 Conclusion

Continued…

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