Cancer Diagnostics Market - Forecast (2021 - 2026)

According to the World Health Organization (WHO), the number of incidences of cancer mortality, globally, were 9.6 million people in 2018.[1] Increasing cancer incidences exert demand on the global cancer diagnostics market owing to increasing awareness and government initiatives for R&D in oncology devices and treatments. Cancer study and diagnosis technology has advanced significantly with development of broader and more precise methods such as transcriptomics, hybridization, next-generation sequencing (NGS), amplification-refractory mutation system (ARMS), genomics, proteomics, and many others. Screening tests have been proven to reduce the spread of cancer by detecting the root cause and minimizing severity, leading to the cancer diagnostics market growing rapidly and generating a lucrative revenue. The global cancer diagnostics market was valued at $135 billion in 2018, mainly due to therapeutic development and innovative cancer detection devices.

Globally, breast cancer, which is the second leading cause of death among women, requires effective screening tests for diagnosing and detecting abnormal cell growth in the region. Procedures such as biopsy, mammogram, and ultrasounds are widely used for breast cancer diagnosis, and this segment is estimated to grow at a CAGR of 28% through to 2025.

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Cancer Diagnostics Market Outlook:

The American Cancer Society estimates that 2019 will see approximately 1,762,450 new incidences of cancer in the U.S.[2] The higher incidences of cancer, along with increasing medical tourism, advanced healthcare materials, growing population, and significant public awareness and government policies will effectively create demand and need for the cancer diagnostics market. Owing to the aforementioned factors, North America is leading the market demand for cancer diagnostics, and held a regional share of 37% in 2018. Cancer diagnosis remains an essential requirement in the modern oncology segment, as it cuts down on the additional treatment costs which would have arisen in the more advanced stages of cancer. Demand in the cancer diagnostics market is projected to increase at a CAGR of 6.2% during the forecast period 2019-2025.

Cancer Diagnostics Market Growth Drivers:

Growing urbanization and increasing instances of cancer throughout the world are creating a huge demand for effective diagnosis, causing the global cancer diagnostics market to gradually gain traction.

Rise in public welfare programs which create greater awareness among the population, and an upsurge in the medical tourism market is ballooning the scope for the cancer diagnostics market.

Additionally, technologically advanced diagnostic devices, and government funding and policies for cancer treatment are propelling the cancer diagnostics market.

Cancer Diagnostics Market Challenges:

Despite the past few decades witnessing an unprecedented rise in cancer diagnosis, negative implications caused due to incorrect diagnoses have become a key barrier in the global market. Certain issues such as false positive and false negative reports, cost-inefficient diagnosis procedures, overdiagnosis, and exposure to ionizing radiation during diagnosis and treatment, have caused distrust among patients. Effective public outreach programs by government and private research agencies, and continuous innovation by companies developing oncology solutions with proven efficacy, will be able to overcome these challenges.

Cancer Diagnostics Market Key Players:

Leading companies in the cancer diagnostics market include QIAGEN N.V., Cancer Diagnostics, Inc., Arquer Diagnostics Ltd, Inc., Becton, Illumina, Inc., GE Healthcare, BioMark Diagnostics Inc., Thermo Fisher Scientific, Inc., Biotheranostics, Inc., Dickinson and Company, Agilent Technologies, and others.

Cancer Diagnostics, Inc., manufactures diagnostic supplies and provides an array of equipment and specialized microtomes for enhancing the customer experience. These products include embedding centers, waterbaths, microscope slide printers, tissue processors, paraffin dispensers, strainers, and others.

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Cancer Diagnostics Market Trends:

Digital Molecular Breast Cancer Imaging:

Innovations in cancer diagnosis methods have considerably improved treatment procedures. Molecular imaging probes successfully detect responses from patients undergoing chemotherapy, and also enable diagnosis of early-stage cancers. Gamma Medica Inc.’s LumaGEM® is one such revolutionary breast imaging system which can help women detect initial breast cancers, which usually remain undiagnosed due to the presence of thick tissue in this region.

Avoiding Needless Surgery With Mir-THYpe:

Diagnosis of cancerous thyroid nodules is generally dealt with by surgeries to detect the malignancy of these cells, which majorly occur as benign. These unnecessary surgeries are not just an added expense, but also give rise to the lifelong need for regular hormone replacement. ONKOS Molecular Diagnostics have developed a new oncological diagnosis product - Mir-THYpe - which examines the micro-RNA molecules obtained during the prior fine needle aspiration (FNA) test, and identifies the necessity for surgical procedures.

Cancer Diagnostics Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the cancer diagnostics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cancer diagnostics in cancer diagnostics market, and their specific applications in different areas.

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