Cancer Diagnostics Market is Likely to Reach a Value of US$ 311.1 Bn by 2027

Transparency Market Research (TMR) has published a new report titled, 'Cancer Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2027'. According to the report, the global cancer diagnostics market was valued at US$ 146.2 Bn in 2018 and is projected to expand at a CAGR of 8.8% from 2019 to 2027.

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Overview

Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting into gene mutations affecting critical cell-regulatory proteins. Such changes trigger aberrant cell behavior leading to uncontrolled proliferation of cells (tumor formation) and subsequent destruction of surrounding normal tissues. Tumors are either benign or malignant. Benign tumors are slow growing tumors and do not invade into other tissues while the malignant tumors are characterized by rapid growth, invasiveness, and potential to colonize in distant organs. The global cancer prevalence rates are on high rise due to factors such as changing lifestyle and aging population.

North America dominated the global cancer diagnostics market in 2018 and the trend is anticipated to continue during the forecast period. Primary factors contributing to the growth of the cancer diagnostic tests market in North America are increasing adoption rate of preventive diagnostic techniques and increasing government initiatives on cancer awareness. Moreover, high prevalence and incidence rate of cancer, particularly lung, breast, and prostate cancer, among the population is driving the growth of the market.

Asia Pacific is likely to be a highly lucrative market for cancer diagnostics and it is expected to expand at a high CAGR during the forecast period due to factors such as highly untapped market, improving healthcare expenditure and increase in cancer awareness programs through government as well as private sector.

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Increase in Incidence of Cancer and Cancer Awareness Programs by Governments to Drive Market

Cancer has a major impact on society across the world. It is one of the leading causes of death across the globe and is more prevalent in developed and emerging markets.

According to American Cancer Society data, over 1.7 million new cancer cases are expected to be diagnosed in 2019 in the U.S. According to information published in the European Journal of Cancer, an estimated 3.9 million new cases of cancer and 1.9 million deaths due to the disease were reported in Europe in 2018.

In order to reduce mortality and morbidity rate, governments in developed and developing countries are conducting awareness campaigns to encourage people to opt for early diagnosis of cancer. This in turn is expected to boost growth of the cancer diagnostics market during the forecast period. For instance, Public Health England, an executive agency of the Department of Health in the U.K., started "Be Clear on Cancer" campaign aimed at improving early diagnosis of cancer by raising public awareness

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Imaging Segment to Dominate Market

Based on methods, the global cancer diagnostics market has been divided into Biopsy, Endoscopy, Imaging and Tumor Biomarker Tests. Tumor Biomarker Tests is further segmented into PSA Tests, CTC Tests, AFP Tests, CA 19-9, CA 125, EGFR, HER2, CEA, BRCA, KRAS, ALK. Imaging can be further divided into MRI scan, PET scan, CT scan, mammography, ultrasound. Endoscopy is segmented into bronchoscopy, colonoscopy, sigmoidoscopy, colposcopy and others. Biopsy is further segmented into bone marrow biopsy, needle biopsy and endoscopic biopsy.

The non-invasive characteristics of imaging diagnostics have made them popular over the other diagnostic tests. Moreover, with the advancement is technology, new modalities and combination of modalities which offer improved imaging is being increasingly used across the globe. The imaging diagnostics is expected to continue its dominance in the cancer diagnostics over the forecast period due to increased prevalence of cancer

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Breast Cancer to be Highly Lucrative Segment

In terms of application, the global cancer diagnostics market has been classified into blood cancer, breast cancer, colorectal cancer, kidney cancer, liver cancer, lung cancer, ovarian cancer, pancreatic cancer, prostate cancer.

Lung Cancer segment dominated the cancer diagnostics market, however, breast cancer segment is expected to grow with the highest CAGR in the forecast period. The rising prevalence of breast cancer among women across the world, particularly in the Asia Pacific is expected to drive the market for breast cancer diagnostics.

North America to Dominate Global Market

In terms of region, the global cancer diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global cancer diagnostics market in 2018, followed by Europe.

North America accounted for major share of the global cancer diagnostics market in 2018. This is attributed to the well-established health care infrastructure coupled with an efficient reimbursement system, and increasing prevalence of cancer in the country. According to American Cancer Society, in 2020, there will be an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. As of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030.

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Cancer diagnostics market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This is attributed to improving health care infrastructure, rising awareness about cancer diagnosis among people and growth in demand for technologically advanced products in the country. Moreover, collaboration of companies with research institutes and hospitals to develop and commercialize testes for cancer diagnosis. In May 2015, Datar Genetics Limited, in India entered into a strategic collaboration with Apollo Hospitals Educational and Research Foundation (AHERF), for detecting Glioblastomas (GBM), through exosome based diagnostics. This collaboration provides clinicians a non-invasive tool for prognosis, diagnosis, cancer recurrence and therapy monitoring for brain tumors.

Competitive Landscape

The global cancer diagnostics market is fragmented in terms of number of players. Key players in the global market include Abbott, Ambry Genetics, AstraZeneca plc, bioMeriux SA, Eli Lilly and Company, Genoptix, Inc., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Pfizer, Inc. among others.

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