Cancer Diagnostics Market is valued at US$ 169.43 Billion in 2022 and it is expected to reach US$ 294.73 Billion by 2029 with a CAGR of 8.23% over the forecast period.
Cancer Diagnostics Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029: The market is anticipated to expand due to the increased developments of diagnostic testing techniques, growing strategic collaborations associated with cancer diagnostics.
Cancer is a multifaceted disease developing when healthy cells change into malignant cells that spread and grow, or in other words cancer is a division of abnormal cells in the body. These cells have lost the ability to regulate their growth and do not undergo the natural process of cell death (apoptosis) like healthy cells do. Cancer is a second largest cause of death in the world. For instance, according to WHO, nearly 19.3 million new diagnoses and 10 million people lost their lives due to cancer. Diagnoses of cancer are currently needed to reduce this fatality rate. The process of evaluating whether a person has cancer and, if so, identifying the kind, location, stage, and severity of the disease is known as cancer diagnosis. A medical expert, such as an oncologist or pathologist, typically makes a cancer diagnosis after reviewing the patient's medical history, performing a physical exam, and running several diagnostic tests. The history of cancer diagnosis can be traced back to the 1775, by British surgeon Percivall Pott, when he observed that cancer of the scrotum was prevalent among chimney sweeps, marking the first identified link between a specific occupation and the development of cancer.
Covid-19 had a negative impact on the functions of cancer diagnostic due to the postponing screening tests
The overall impact of the COVID-19 outbreak has been negative on the cancer diagnostic market, specifically at the initiation of the pandemic. As the lockdowns inflicted across the world limited the visits to various healthcare professionals, rapt social distancing, disorganizations in health care organizations. As a result, cancer screening was almost completely halted.
Furthermore, some cancer societies and organizations such as the American Society of Clinical Oncology, recommend postponing screening tests such as mammograms and colonoscopies. For instance, the total number of screening mammograms was reduced by 27% in 2020 compared with 2019 and a decrease in screening coverage rates was observed (38.5% in 2019 and 34.5% in 2020). Thus, the demand for cancer diagnostic is decreased, which is particularly used in hospitals, clinics, etc.
Some of the prominent players in the Cancer Diagnostics Market include -
In traditional cancer diagnostic approaches, surgical tissue biopsies were commonly performed to obtain samples for pathological examination and molecular analysis. Imaging techniques such as X-rays, CT scans, MRI, and PET scans were used to visualize tumors and assess their characteristics. However, the emergence of diagnostic techniques has revolutionized cancer diagnosis. Liquid biopsy, a non-invasive method, involves analyzing circulating tumor cells (CTCs) or cell-free DNA (cfDNA) in the blood to detect cancer-specific mutations and monitor treatment response. For instance, according to a study in Genome Medicine, nearly 30% improvement in sensitivity in detecting tumor DNA in blood using Liquid biopsy. Additionally, Molecular profiling using advanced technologies like next-generation sequencing (NGS) enables comprehensive genomic profiling of tumors, identifying specific genetic alterations and biomarkers.
Furthermore, in terms of treatment approaches, traditional cancer treatments included surgery, chemotherapy, and radiation therapy. However, with the new approaches like immunotherapy, it harnesses the immune system to fight cancer which is better that targeted therapies which use drugs to specifically target cancer cells. Along with this, the precision medicine tailors’ treatment plans based on individual patients, gene editing and cellular therapies offer potential for precise cancer treatment have good results. These advancements in cancer diagnostics and treatment have provided more precise and personalized approaches, improved patient outcomes and paving the way for the future of cancer care.
Cancer is a major concern for older people because the risk of developing cancer increases with age. For instance, according to research, ~25 per 100,000 population in the under-20 age group, approximately 350 per 100,000 population in the 45- to 49-year-old age group, and nearly 350 per 100,000 in the 60-year-old age group are suffering from cancer. Moreover, the median age at cancer diagnosis is 62 years for breast cancer, 67 years for colorectal cancer, 71 years for lung cancer, and 66 years for prostate cancer. This demographic change and advances in cancer diagnostics have increased the demand for diagnostic tests and technologies for detecting and diagnosing early cancer.
Increasing open adoption of cancer diagnostic test kits could certainly have an optimistic impact on the market value of cancer diagnostics. Diagnostic test kits play an important role in the early detection, diagnosis, and monitoring of various types of cancer. These will enable medical professionals to identify cancer cells and biomarkers to support timely intervention and treatment.
Geographically, the prevalence of malignancies and the associated mortality is rising. In terms of disability-adjusted life years, the health burden of cancer is unequally distributed across nations, with high-income countries bearing a heavier burden per population than low- and middle-income countries (LMICs). According to data from the U.S. Bureau of Labor Statistics, the nation's 119.2 million full-time wage and salary workers made an average weekly wage of $1,100 in the first quarter of 2023. A patient with a 25% coinsurance would have monthly out-of-pocket expenses of $2,500 for a cancer medicine that costs $10,000 per month, even with a normal employer-sponsored health insurance plan. Thus, High cost of diagnostic imaging may hinder the accessibility and affordability of necessary medical screenings and treatments.
The Cancer Diagnostic Market in North America is a dynamic and rapidly evolving sector within the healthcare industry. Factors such as increasing cancer prevalence, aging population, and growing awareness of the importance of early diagnosis contribute to the significant growth of the market for cancer diagnostic tools, technologies, and services. With an established medical infrastructure and advanced diagnostic capabilities, North America, including the United States and Canada, is at the forefront of cancer diagnostics. The region emphasizes early detection, improved screening programs, and access to the latest diagnostic technologies to improve patient outcomes. For example, in the United States, there were about 1,806,590 new cancer diagnoses and 606,520 cancer deaths in 2020.
What significant has happened recently in Cancer Diagnostics market
Novel liquid biopsy approach shows 30% increased sensitivity in detecting tumor DNA in blood
(May 16, 2023) Pancreatic cancer was the seventh leading cause of cancer death worldwide and despite the increasing incidence of this disease, there was no effective treatments and patients with this type of tumor prognosis remains poor, with approximately 70% of patients dying within one year of diagnosis. New insights into the evolution and intratumorally heterogeneity of pancreatic cancer were therefore crucial for identifying new therapeutic targets for this disease.
Researchers develop tool that could improve liquid biopsy
(July 3,2023) The Ensign Group, Inc., holding company of the EnsignTM group of businesses which invest in and provide skilled nursing and senior living services, physical, occupational, and speech therapies, other rehabilitative and healthcare services, and real estate, announced the acquisition of the operations of Hampden Hills Post Acute, a 218-bed skilled nursing facility in Aurora, Colorado, and Mapleton Post Acute, an 84-bed skilled nursing facility in Lakewood, Colorado.
These acquisitions went into effect on March 1, 2023, and will be subject to triple net leases. Prior to this, in 2022, The Ensign Group landed 20 facilities that are currently under the North American Health Care banner.
Report Analysis | Details |
---|---|
Historical data | 2016 - 2021 |
Forecast Period | 2022 - 2029 |
Market Size in 2022: | USD 169.43 Billion |
Base year considered | 2021 |
Forecast Period CAGR %: |
8.23% |
Market Size Expected in 2029: | USD 294.73 Billion |
Tables, Charts & Figures: | 175 |
Pages | 300 |
Companies | Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company (BD), BioMérieux SA, Bio-Rad Laboratories Inc., Danaher Corporation, GE Healthcare, Hologic Inc., Illumina Inc., PerkinElmer Inc., Qiagen N.V., Roche Diagnostics, Siemens Healthineers, Sysmex Corporation, Thermo Fisher Scientific, others |
Segments Covered | By Product Type, By Screening Type, By Technology, By Application, By End Users |
Regional Analysis | North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa |
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