Cancer Diagnostics Market by 2026 - Global Trends, Share Analysis, Leading Players, Business Opportunities

The global cancer diagnostics market size was valued at USD 17.2 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2021 to 2026.

Growth in the number of private diagnostic centers;

The number of private diagnostic centers is increasing across the globe as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals due to the limited number of imaging modalities at their disposal. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India. This medical screening center is operated by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture of FUJIFILM and Dr. Kutty's Healthcare (DKH), which runs hospitals and screening centers in India and the Middle East.

Recommendations for cancer screening;

In an attempt to detect cancer in the early stages and bring down the mortality rate, governments in developed countries and primary care doctors are recommending cancer screening tests for patients. The US Preventive Services Task Force (USPSTF) recommends screening for colorectal cancer starting at 50 years of age to 75 years of age in the US as a means of preventing disease incidence and ensuring early-stage treatment. Canada has also implemented guidelines for biennial colorectal cancer screening for people aged 50 to 74 years.

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The consumables segment is expected to grow at the highest CAGR during the forecast period

Based on the product, the cancer diagnostics market is segmented into consumables and instruments. The consumables segment is projected to witness the highest growth during the forecast period. The repeated purchase and high consumption, and the high prevalence of diseases the major factors supporting the growth of this segment.

The technology segment accounted for the largest share of the cancer diagnostics market in 2020

By technology, the market is segmented IVD testing, imaging based and biopsy technique. The IVD testing segment accounted for the largest market share in 2020. The large share of this segment can be attributed to increasing incidence of cancer.

Hospitals for the largest share of the cancer diagnostics market in 2020

Based on end-users, the market is segmented into hospitals and diagnostic laboratories. The hospitals segment accounted for the largest share of the market in 2020. The increasing number of patients visiting hospitals, rising number of in-house diagnostic procedures performed in hospitals, and growing awareness regarding early diagnosis is are the major driving factor for this market.

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North America accounted for the largest share of the cancer diagnostics market in 2020

Based on the region, the cancer diagnostics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the cancer diagnostics market. The large share of North America can be attributed to factors such as increasing incidence of cancer and technological advancement.

Key Market Players;

Some of the major players operating in this market are GE Healthcare (US), Roche Diagnostics (Switzerland), and Becton, Dickinson and Company (US). In 2020, GE Healthcare held the leading position in the market. The company has a strong geographic presence across the US, Asia, Europe, Middle East and Africa, & the Americas. Moreover, the company's strong brand recognition and comprehensive product portfolio in the cancer diagnostics market is its key strength. BD held the second position in the market in 2020.

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