Cancer Diagnostics Market Expected to Reach $280.6 Billion by 2028

According to a new report published by Allied Market Research, titled, “Cancer Diagnostics Market by Product, Application, and End Use: Opportunity Analysis and Industry Forecast, 2021–2028," 

The cancer diagnostics market was valued at $168,600.04 million in 2020, and is projected to reach $280,590.21 million by 2028, registering a CAGR of 6.9% from 2021 to 2028.

Cancer diagnostics include the combination of processes that are used for identifying proteins, various biomarkers, and some signs that help in detecting the presence of a cancerous tumor. There are various methods through which diagnosis of cancer can be achieved, which include imaging, tumor biopsy, laboratory tests (including tests for tumor markers), endoscopic examination, surgery, or genetic testing.

Furthermore, efficient diagnostic testing is used to ensure the existence of illness, monitor the progression of the disease, and review the treatment outcomes.

Surge in government initiatives and other private organizations to spread awareness regarding early diagnosis and prevention of cancer is anticipated to boost the growth of the market in the coming years. In addition, rise of technological advancements aiding in better imaging of cancerous cells, improvement in equipment to identify the type of cancer, and increase in efficiency of the result will help the cancer diagnostics industry to gain traction during the forecast period. Furthermore, the growth in the number of diagnostics laboratories in developed countries is expected to drive the market in the next few years. Rise in incidences and prevalence of various types of cancer, such as breast cancer and lung cancer, will help the cancer diagnostics market propel during the forecast period. A steep rise in emphasis over health & safety regulations and surge in popularity of yoga and other health related practices will act as a growth opportunity during the forecast period. However, huge cost associated with diagnostic imaging system and development of different diagnostic approaches for various cancer mutations may hinder the growth of the market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe diseases. The overall impact of COVID-19 is projected to remain negative for cancer diagnostics companies operating in the cancer diagnostics industry. The pandemic has greatly affected revenues of cancer hospitals and clinics, owing to fall in number of patient visits amid nationwide lockdown along with changing healthcare approach for providing care to emergency cases and critically ill COVID-19 patients. Similarly, COVID-19 has resulted in a decline in the number of people visiting hospitals for cancer diagnostics. This is majorly due to low availability of healthcare professionals across the country.

By product, the cancer diagnostics market is divided into consumables and instruments. Presently, the consumables segment dominates the market, and is anticipated to continue this trend during the forecast period. Increase in adoption of consumables repetitively for cancer diagnostics, surge in prevalence of cancer, increase in R&D investment, increase in geriatric population, introduction of technologically advanced products, and rise in launch of new & advanced kits and reagents are the key factors that boost the growth of the segment.

On the basis of application, the cancer diagnostics market is fragmented into breast cancer, lung cancer, blood cancer, colorectal cancer, skin cancer, ovarian cancer, prostate cancer, kidney cancer, liver cancer, pancreatic cancer, cervical cancer, and others. The breast cancer segment occupied the largest share of the cancer diagnostics market in 2020, owing to surge in prevalence of breast cancer across the globe and increase in population of women under the age of 50 to 74. Increase in number of initiatives taken by various organizations will help the industry gain traction in the coming years.

On the basis of end use, the cancer diagnostics market is segregated into hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes. The hospitals & clinics segment occupied the largest share of the cancer diagnostics market in 2020, owing to increase in number of patients visiting hospitals, rise in number of in-house diagnostic procedures performed in hospitals, and increase in awareness regarding early diagnosis, which are the major driving factors for this market.

Key Findings Of The Study 

• By product, the consumables segment held the largest cancer diagnostics market share in 2020, and is expected to remain dominant during the forecast period.
• On the basis of application, the breast cancer segment held the largest cancer diagnostics market share in 2020, and is expected to remain dominant during the forecast period.
• On the basis of end use, the hospital & clinics segment held the largest market share in 2020, and is expected to remain dominant during the forecast period.