Cancer Diagnostics Market - Forecasts from 2022 to 2027

The Cancer Diagnostics market was valued at US$9.653 billion in 2020 and is expected to grow at a CAGR of 13.93% over the forecast period to reach a total market size of US$24.050 billion by 2027.



Biomarkers help in the detection of cancerous tumors when diagnostics are performed. In addition to validating or ruling out illness, monitoring disease progression, and analyzing treatment outcomes, diagnostic testing is essential for accurate diagnosis. The cancer diagnostics market is set to expand during the forecast period as incidences and prevalence of various types of cancer are increasing exponentially. Furthermore, the cancer diagnostics will continue to gain traction due to technological advancements that have led to the improvement in the cancerous cells imaging to identify the type of cancer, as well as improve the efficiency of analysis. In 2021, the United States saw 1.9 million new cancer cases and 608,570 deaths due to this diseases. There were about 10,500 new cancer diagnoses in 2021 among children and 5,090 in adolescents (15-19 years of age). Furthermore, the number of women diagnosed with invasive breast cancer increased to 281,550.  

In the coming years, the market growth is being driven by an increase in government initiatives to spread awareness about early cancer detection & prevention.  A new Mammogram screening awareness campaign was announced by Fujifilm Medical Systems United States in June 2019 in support of early detection of breast cancer in the country. A national campaign to promote regular colorectal cancer screening for those over 45 years of age, Screen for Life: National Colorectal Cancer Action Campaign informs adults about the benefits of getting screened for colorectal cancer.

Growth Factors:

The increasing number of cancer cases

Cancer diagnostics market growth is primarily driven by the growing number of cancer cases worldwide. Globally, 19.3 million new cases of cancer were reported in 2020, and it is predicted that this number will grow to 30.2 million by 2040. According to the World Health Organization's factsheet, cancer is the cause of about one death out of six worldwide. 70% of cancer deaths occur in countries with low or middle incomes. The market is also expected to expand due to the emergence of new technologically advanced cancer diagnostics products. As a result of the above factors, Allengers have launched the ACUTOM-32 CT scanner in India in  January 2020 under a collaboration with Canon Medical Systems Corporation (CMSC). Additionally, Mumbai-based Epigeneres Biotechnology and Singapore-based Tzar Labs, which are both run by nanotechnologist  Vinay Kumar Tripathi and members of his family, published a peer-reviewed article asserting 100 percent of the claimed efficacy. If cleared by regulators by the end of 2021, a new Indian biotechnology initiative could play a dramatic role in advancing the detection of cancer and saving millions of lives.

Government awareness programs:

Globally, governments have launched campaigns to spread awareness of early cancer diagnosis. In the United States, the Inside Knowledge campaign informs the public of about five kinds of gynecological cancer: cervical, ovarian, uterine, vaginal, and vulvar. By paying attention to their bodies and seeking medical attention when warning signs appear, it encourages women to recognize danger signs. Another national campaign to promote regular colorectal cancer screening for those over 45 years of age, Screen for Life: National Colorectal Cancer Action Campaign informs adults about the benefits of getting screened for colorectal cancer.

Restraint:

Lack of universal health coverage:

There are however a few factors that are limiting the global cancer diagnostics market growth, including strict regulatory frameworks and the lack of universal health coverage. Biomarkers with a low benefit-cost ratio, helium shortage, and radiation risk are some of the factors restraining the market growth.

COVID-19 Impact Cancer Diagnostics Market:

There has been a marked impact on hospital resources around the world as a result of the COVID-19 outbreak. As a result, outpatient and inpatient services for other diseases have been dramatically reduced and infection prevention and control programs implemented. The pandemic caused a precipitous drop in cancer screenings and diagnosis, with countries around the world scrambling to contain the spread. The market experienced a significant setback as a result of the outbreak of COVID-19. Consequently, the healthcare system focused its attention on stopping COVID-19 cases, delaying treatment of other chronic conditions, such as cancer. Hence, the cancer diagnostics market was affected negatively in the short run. however, that diagnostic procedures for cancer will increase significantly with the large scale vaccinations and opening of economies and hospitals.

Segmentation

By Diagnostic Procedures

• Laboratory Tests
• Imaging Procedures
• Biopsy

By Application

• Lung Cancer
• Breast Cancer
• Colorectal Cancer
• Skin Cancer
• Stomach Cancer
• Other Cancers

By End Users

• Hospitals and Clinics
• Diagnostic Centres

By Geography

• North America
• United States
• Canada
• Others
• South America
• Brazil
• Argentina
• Others 
• Europe
• United Kingdom
• Germany
• France
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Japan
• Others