Published by Jessica Weisman-Pitts
Posted on February 23, 2023
The market for cancer diagnostics in Europe is expected to grow rapidly over the course of the forecast period, with a CAGR of 5.2% from 2022 to 2032. A favourable environment for the adoption of contemporary cancer diagnostic technology, such as imaging, has been created in the United Kingdom as a result of favourable healthcare regulations and high average per capita healthcare costs.
NEWARK, Del: The demand for cancer diagnostics market forecast is projected to increase as cancer incidence rates rise. According to a Future Market Insights (FMI) report, the market for cancer diagnostics would exceed US$ 47.62 billion in 2021. Cancer will account for approximately 9.9 million deaths in 2020, according to the World Health Organization (WHO), making it the second-leading cause of death worldwide. The demand for better diagnostics has been fueled by an increase in cancer cases.
The global cancer diagnostics market is projected to expand steadily at a CAGR 7.1% value, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 191 Billion.
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The rise in cancer prevalence, the expansion of government campaigns to raise awareness, the sharp rise in the number of elderly people, technological advancements in a variety of fields, including biopsy, imaging, biomarkers, and endoscopy, as well as rising government funding are the main factors propelling the market for cancer diagnostics.
Appropriate diagnostic techniques are needed to screen the immunosuppressed population, which has a moderate risk of developing cancer, for lung cancer, cervical cancer, breast cancer, prostate cancer, colon cancer, and melanoma, among other cancers. The development of cancer diagnostics is complemented by a rising knowledge of the early warning signs and symptoms of cancer among medical professionals, other healthcare workers, and the general public.
Another significant factor that is anticipated to increase demand for cancer diagnostics is the inclusion of cancer screening tests in National Cancer Screening Programs. Regular mammography has been incorporated into national cancer programmes by significant industrialised nations where the incidence of breast cancer is high, which is driving up the use of cancer diagnostics in developed regions.
For instance, the Nationwide Mammography Program is one of the government of the United States’ national cancer screening programmes. The Australian government is leading the way by implementing three cancer screening programmes, including the National Bowel Cancer Screening Program, BreastScreen Australia, and the National Cervical Screening Program. Similar to this, the majority of European nations are gradually including HPV DNA screening into their national cervical cancer initiatives.
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Short-term Negative Impact Likely Due to COVID-19
Due to a decline in cancer diagnosis methods and adoption rates in developed and developing nations, the cancer diagnostics market is anticipated to see short-term negative growth. The world of cancer diagnostics has changed as a result of COVID-19. This has impacted demand on a number of fronts, including logistics and supplies of cancer diagnostic test kits and other important commodities as well as prevention, screening, and diagnosis, palliative care, treatment, and patient follow-up.
Nevertheless, the market is primed to rebound as economies return to normal after a period of sluggish growth. Over 19% of market sales, according to FMI, can be attributed to the increased incidence of lung cancer.
Key Takeaways from Cancer Diagnostics Market Study
Key Companies Profiled
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Who is Winning?
Partnerships between companies that create cancer diagnostic assay kits, make instruments, and licence technologies frequently aim to expand their customer base.
For instance, Illumina, Inc. and Geneseeq Technology Inc. entered into a partnership agreement in March 2021 to create comprehensive in-vitro diagnostic (IVD) NGS testing kits for cancer utilising Illumina’s NextSeq 550Dx sequencing platform.
Thermo Fisher Scientific and Daiichi Sankyo agreed to co-launch a companion diagnostic for patients with non-small cell lung cancer that uses the Oncomine Dx target test to identify Her2 gene alterations in June 2020.
Key Segments Profiled in the Cancer Diagnostics Market
Test Type
Indication
End-user
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Table of Content
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Market Dynamics
2.4. Inclusions and Exclusions
Explore FMI’s Extensive Coverage On Healthcare Domain:
Cystic Fibrosis Therapeutics Market Size : In 2023, the market for therapeutics for cystic fibrosis is projected to be worth US$ 12.5 billion. The entire market for Cystic Fibrosis is anticipated to increase at a CAGR of 25.0% between 2023 and 2033, reaching approximately US$ 116.42 Billion by 2033 with the deployment of novel treatment options for early detection.
Cancer Tissue Diagnostics Market Demand : From 2022 to 2032, the global market for cancer diagnostics is anticipated to grow gradually at a CAGR of 7.1%. The market is anticipated to grow and reach a global market valuation of US$ 191 billion in 2022.
Lung Cancer Surgery Market Share : According to a recent market survey by Future Market Insights (FMI), the global market for lung cancer surgery was estimated at US$ 1.23 billion in 2021 and is projected to grow to US$ 1.98 billion by 2029.
Tissue Diagnostics Market Analysis : The global tissue diagnostics market was valued at US$ 32.0 Bn in 2021 and is set to expand at a healthy CAGR of 12.8% during 2022-2032, with a market valuation of US$ 120.2 Bn by 2032.
Cancer Diagnostics Market Opportunities : From 2022 to 2032, the global market for cancer diagnostics is anticipated to grow gradually at a CAGR of 7.1%. The market is anticipated to grow and reach a global market valuation of US$ 191 billion in 2022.
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