Cancer Diagnostics Market Beyond Biopsies: A Look at Innovative Cancer Diagnostic Tools and Market Growth

Cancer Diagnostics Market to reach over USD 300.79 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cancer Diagnostics Market Size, Share & Trends Analysis Report By Product (Consumables (Antibodies, Probes), Instruments (Pathology Instruments, Imaging Instruments, Biopsy), Technology (IVD Testing, imaging, and biopsy technology), Application (Breast Cancer, Lung Cancer), End User (Hospitals)- Market Outlook And Industry Analysis 2031"

The global Cancer Diagnostics market is estimated to reach over USD 300.79 billion by 2031, exhibiting a CAGR of 7.16% during the forecast period.

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COVID-19's Impact on Elective Cancer Surgery
The COVID-19 pandemic has placed an unprecedented strain on the world's healthcare systems. It has significantly increased the demand for hospital resources and made it more challenging to deliver care while simultaneously preventing the spread of the virus. Global healthcare systems have struggled to adjust to these challenges.

Surgeons have reported a significant decline in the volume of elective procedures performed since the outbreak began. This delay in non-urgent elective surgeries has significantly impacted scheduled cancer procedures. Cancer patients, especially those with tumors, are particularly susceptible to infections. Additionally, studies have shown higher COVID-19 morbidity and mortality rates in cancer patients.

A study by the American Society of Clinical Oncology found a considerable decrease in biopsies, tumor screenings, office visits, therapies, and procedures between March and July 2020 compared to the same period in 2019. At the peak of the pandemic in April 2020, there were staggering declines in screenings for colon (75%), breast (85%), lung (56%), and prostate cancer (74%). Furthermore, in March 2020 alone, the pandemic resulted in the cancellation of nearly 800 lung cancer screening appointments. Even after screening frequency returned to normal levels, the number of newly screened patients remained low

List of Prominent Players in the Cancer Diagnostics Market:
• Qiagen N.V.
• Quest Diagnostics Incorporated. (U.S.)
• Quidel Corporation,
• Roche Diagnostics,
• Siemens Healthcare GmbH
• Thermo Fisher Scientific, Inc.
• Abbott Laboratories,
• Agilent Technologies Inc.,
• AMOY Diagnostics Co Ltd.,
• Astellas Pharma Inc. (Japan)
• BD
• BiocartisNV,
• bioMérieux SA (France)
• Bristol-Myers Squibb Company (U.S.)
• Cancer Diagnostics Inc.,
• Danaher Corporation,
• DiagnoCure Inc. (Canada)
• DiaSorin S.P.A.,
• Excat Science
• F. Hoffmann-La Roche Ltd.
• FUJIFILM Corporation,
• GE Healthcare
• Genomic Health, Inc. (U.S.)
• GSK plc. (U.K.)
• Hologic, Inc.
• Illumina, Inc.
• Koninklijke Philips N.V. (Philips)
• Lilly (U.S.)
• Merck KGaA, (Germany)
• Myriad Genetics Inc.,
• Novartis AG (Switzerland)
• Pfizer, Inc. (U.S.)

Market Dynamics:
Drivers-
Technological developments in diagnostic testing are anticipated to fuel market expansion throughout the forecast period. For instance, Hologic, Inc. declared that the Genius Digital Diagnostics System would be commercially available in Europe starting in 2021. The next-generation cervical cancer screening system uses new volumetric imaging technology and deep learning-based AI to help find women with precancerous lesions and cervical cancer cells. This should accelerate market growth.

Challenges:
Many hospitals in undeveloped and impoverished countries are unable to purchase diagnostic imaging equipment due to high costs and financial restrictions. Yet, due to the rising demand in these nations for diagnostic imaging procedures, hospitals that cannot afford to purchase brand-new, cutting-edge imaging systems favour rebuilt ones. As a result, this factor inhibits market expansion.

Regional Trends:
Due to strategic moves made by major players, a significant increase in cervical screening programmes run to improve awareness and screening, a rise in R&D, and technical advancements, Asia Pacific is predicted to have the quickest growth throughout the projection period.

For instance, National Cervical Cancer Awareness Week 2019 was introduced by the Australian Cervical Cancer Foundation (ACCF) in November 2019. The ACCF wants to raise awareness among women all throughout Australia in order to eradicate cervical cancer by the year 2035. One of the companies supporting the ACCF screening programmes is Hologic Inc.

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Recent Developments:
• In November 2021, Magnetom Free was introduced by Siemens Healthineers. The Star whole-body MRI scanner was created to dramatically improve access to magnetic resonance imaging on a global scale.

Segmentation of Cancer Diagnostics Market-
By Product-
• Consumables
o Antibodies
o Kits & Reagents
o Probes
o Others
• Instruments
o Pathology based Instrument
o Slide Staining Systems
o Tissue Processing Systems
o Cell Processors
o PCR Instruments
o NGS Instruments
o Microarrays
o Other Pathology-based Instruments
o Imaging Instruments
o CT Systems
o Ultrasound Systems
o MRI Systems
o Mammography Systems
o Nuclear Imaging Systems
• Biopsy Instruments
By Technology-
• IVD Testing
o Polymerase Chain Reaction (PCR)
o In Situ Hybridization (ISH)
o Immunohistochemistry (IHC)
o Next-generation Sequencing (NGS)
o Microarrays
o Flow Cytometry
o Immunoassays
o Others
• Imaging
o Magnetic Resonance Imaging (MRI)
o Computed Tomography (CT)
o Positron Emission Tomography (PET)
o Mammography
o Ultrasound
• Biopsy Technique
By Application-
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Melanoma
• Others
By End User-
• Hospitals
• Diagnostics Laboratories
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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