The Global Cancer Diagnostics Market in terms of revenue was estimated to be worth $17.2 billion in 2021 and is poised to reach $26.6 billion by 2026, growing at a CAGR of 11.5% from 2021 to 2026. Growth of the market is driven mainly by increasing incidence of cancer and growth in the number of private diagnostic laboratories.
Key Market Players:
Danaher Corporation (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories, Inc. (US.), F. Hoffman-La Roche AG (Switzerland), QIAGEN N.V. (Netherlands), Fujifilm Corporation (Japan), Aglient Technologies (US) and Thermo Fisher Scientific Inc. (US) etc.
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Breast Cancer Diagnostics Market Growth Dynamics
Drivers: Growth in the number of private diagnostic centers
The number of private diagnostic centers is increasing across the globe as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals due to the limited number of imaging modalities at their disposal. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India. This medical screening center is operated by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty’s Healthcare (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture of FUJIFILM and Dr. Kutty’s Healthcare (DKH), which runs hospitals and screening centers in India and the Middle East.
Opportunities: Recommendations for lung cancer screening
In an attempt to detect cancer in the early stages and bring down the mortality rate, governments in developed countries and primary care doctors are recommending cancer screening tests for patients. The US Preventive Services Task Force (USPSTF) recommends screening for colorectal cancer starting at 50 years of age to 75 years of age in the US as a means of preventing disease incidence and ensuring early-stage treatment. Canada has also implemented guidelines for biennial colorectal cancer screening for people aged 50 to 74 years.
Challenges: Increasing adoption of refurbished diagnostic imaging systems
Many hospitals in developing countries cannot invest in diagnostic imaging equipment due to their higher cost, poor reimbursement rates, and budgetary constraints. However, due to the high demand for diagnostic imaging procedures in these nations, hospitals that cannot afford to invest in new imaging systems prefer to opt for refurbished ones. Refurbished systems are priced lower than new systems and are approximately in the range of 40% to 60% of the original price of the equipment.
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The consumables segment is expected to grow at the highest CAGR during the forecast period
Based on the product, the cancer diagnostics market is segmented into consumables and instruments. The consumables segment is projected to witness the highest growth during the forecast period. The repeated purchase and high consumption, and the high prevalence of diseases the major factors supporting the growth of this segment.
The technology segment accounted for the largest share of the cancer diagnostics industry in 2020
By technology, the market is segmented IVD testing, imaging based and biopsy technique. The IVD testing segment accounted for the largest market share in 2020. The large share of this segment can be attributed to increasing incidence of cancer.
Hospitals are the largest share of the colorectal cancer diagnostics market in 2020
Based on end-users, the market is segmented into hospitals and diagnostic laboratories. The hospitals segment accounted for the largest share of the market in 2020. The increasing number of patients visiting hospitals, rising number of in-house diagnostic procedures performed in hospitals, and growing awareness regarding early diagnosis is are the major driving factor for this market.
North America accounted for the largest share of the Melanoma diagnostics industry in 2020
Based on the region, the cancer diagnostics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the cancer diagnostics market. The large share of North America can be attributed to factors such as increasing incidence of cancer and technological advancement.
Recent Developments:
- In 2020, GE Healthcate entered into partnership with GenesisCare to improve patient outcomes for the two biggest health burdens globally, cancer and heart disease. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound equipment to GenesisCare’s 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain
- In 2020, Roche Diagnostics entered into partnership with Illumina to provide broad access to clinical oncology next-generation sequencing
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