Imaging tests for cancer diagnosis include, ultrasound tests, mammography, MRI scans, CT scan, SPECT imaging, and fluoroscopy imaging. Biopsy procedures include, needle biopsy tests, endoscopic biopsy, and bone marrow biopsy.
The global cancer diagnostics market is estimated to account for US$ 45,106.5 Mn in terms of value and is expected to reach US$ 83,641.9 Mn by the end of 2027.
Global Cancer Diagnostics Market: Drivers
Approval and launch of new approaches is expected to propel growth of the global cancer diagnostics market over the forecast period. For instance, in December 2018, iCAD, Inc. announced U.S. FDA clearance for its deep-learning, cancer detection software solution for digital breast tomosynthesis (DBT), ProFound AI.
Global Cancer Diagnostics Market: Opportunities
Development of diagnostic approaches for various cancer mutations is expected to offer lucrative growth opportunities for players in the global cancer diagnostics market. For instance, in February 2020, QIAGEN N.V launched its FFPE and liquid biopsy PIK3CA diagnostics in Europe as an aid in identifying breast cancer patients with a phosphatidyl 3-kinase catalytic subunit alpha (PIK3CA) mutation
Global Cancer Diagnostics Market: Restraints
Lack of awareness regarding cancer imaging in emerging economies is expected to limit growth of the market. In developing countries mainly large countries such as India, Brazil, South Africa, and China, it is difficult to reach the rural population for providing healthcare facilities, as there is a lack of adequate streamlining of healthcare infrastructure and skilled medical professionals. In many countries such as Egypt, Saudi Arabia, United Arab Emirates, and others, local women face problem to talk openly about various health issues to male radiologists. Such factors are also expected to limit the market growth.
The global cancer diagnostics market was valued at US$ 41,542.4 Mn in 2019 and is forecast to reach a value of US$ 83,641.9 Mn by 2027 at a CAGR of 9.2% between 2020 and 2027. Major factor driving the growth of global cancer diagnostics market during the forecast period include high prevalence of cancer, and number of diagnostic options.
Biopsy held dominant position in the global cancer diagnostics market in 2019, accounting for 35.1% share in terms of value, followed by Imaging and Tumor Biomarkers Tests, respectively. Biopsy is a highly used cancer diagnostic technique as it involves directly assessing the tumor tissue to identify and monitor progress of the cancer.
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in May 2019, EDP Biotech Corporation entered into a non-exclusive agreement with Luminex Corporation to develop, market and sell its blood-based colorectal cancer diagnostic assay, ColoPlex, using Luminex's xMAP Technology.
Increasing investment in cancer diagnosis is expected to propel growth of the market. For instance, in September 2019, Kheiron Medical Technologies announced a US$ 22 million Series A round for early breast cancer detection for women worldwide.
Global Cancer Diagnostics Market: Competitive Landscape
Major players operating in the global cancer diagnostics market include, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Siemens AG, Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., Quest Diagnostics
Global Cancer Diagnostics Market: Key Developments
March 2019: F. Hoffmann-La Roche Ltd. received the U.S. Food and Drug Administration (FDA) approval of the VENTANA PD-L1 (SP142) Assay, as the first companion diagnostic to aid in identifying triple-negative breast cancer (TNBC) patients eligible for treatment with the Roche cancer immunotherapy Tecentriq (atezolizumab) plus chemotherapy.
October 2018: Aurora Imaging Technologies, Inc. exhibited its first breast mobile MRI for breast cancer screening in China at the 8th U.S.-China Health Forum held in Sichuan, China
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