Cancer Diagnostics Market is expected to reach USD 26.6 billion by 2026 with CAGR of 11.5%

October 07 01:26 2023
Cancer Diagnostics Market is expected to reach USD 26.6 billion by 2026 with CAGR of 11.5%
Browse 300 market data Tables and 48 Figures spread through 280 Pages and in-depth TOC on”Cancer Diagnostics Market by Product (Consumables (Anitibodies, Probes), Instruments (Pathology Instruments, Imaging Instruments, Biopsy), Technology (IVD Testing), Application (Breast Cancer, Lung Cancer), End User (Hospitals) – Global Forecasts to 2026
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 according to a latest report published by MarketsandMarkets™

The Global Cancer Diagnostics Market in terms of revenue was estimated to be worth $17.2 billion in 2021 and is poised to grow at a CAGR of 11.5% from 2021 to 2026. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth of the market is driven mainly by increasing incidence of cancer and growth in the number of private diagnostic laboratories.

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Cancer Diagnostics Industry 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 breast 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.

Owing to this, many market leaders are now promoting refurbished devices through various programs. For instance, Siemens’ Medical Proven Excellence Program, GE Healthcare’s Gold Seal Program, and Philips’ Diamond Select Program are some noteworthy global refurbishing programs that promote the utilization of refurbished diagnostic imaging systems.

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The consumables segment of cancer diagnostics market, is expected to grow at the highest CAGR during the forecast period

Based on the product, the 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.

By technology, the Biopsy testing segment accounted for the largest industry share in 2020

Based on the technology, the cancer diagnostics market is segmented into IVD testing, imaging based technique and biopsy technique. The IVD testing segment accounted for the largest market share in 2020. The increasing incidence of cancer and technological advancement are major driving factors for this market.

Hospitals are the largest end-users of the cancer diagnostics industry

Based on end-users, the cancer diagnostics market is segmented into hospitals and diagnostic laboratories. The hospitals segment accounted for the largest market share in 2020 due to the rising number of in-house diagnostic procedures performed in hospitals, growing awareness regarding early diagnosis, and the availability of reimbursements.

North America dominates the global lung cancer diagnostics industry

The cancer diagnostics market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. 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 the increasing incidences of cancer, growing awareness early diagnosis 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

Report Objectives

  • To define, describe, and forecast the global cancer diagnostics market based on product, technology, application, end user, and region
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the total market
  • To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of market segments with respect to four main regions—North America, Europe, Asia Pacific and the Rest of the World (RoW)2
  • To strategically profile key players and comprehensively analyze their product portfolios, market shares, and core competencies3
  • To track and analyze competitive developments such as acquisitions, new product launches, expansions, regulatory approvals, and agreements in the cancer diagnostics market

Key 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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