Global Cancer Diagnostics Market, By Test Type (Tumor Biomarkers Tests (PSA Tests, CTC Tests, AFP Tests, CA-19 Tests, HER2 Tests, BRCA Tests, ALK Tests, CEA Tests, EGFR Mutation Tests, KRAS Mutation Tests, Others)), Imaging (Ultrasound, Mammography, MRI Scan, PET Scan, CT Scan, SPECT & Others), Biopsy (Needle Biopsy, Endoscopic Biopsy, Bone Marrow Biopsy, Others), Liquid Biopsy Immunohistochemistry In Situ Hybridization), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Blood Cancers, Prostate Cancer, Ovarian Cancer, Stomach Cancer, Liver Cancer, Others), By End User (Hospital Associated Labs, Independent Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 59.1 Billion in 2023 and is expected to exhibit a CAGR of 9.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting growth strategies such as partnerships, which will drive the global Cancer Diagnostics market. For instance, in May 2020, Horizon Therapeutics Public Ltd. Co., a biopharmaceutical company focused on researching, developing, and commercializing medicines that address critical needs for people impacted by rare and rheumatic diseases in Dublin, in partnership with Invitae Corporation, a biotechnology company that was created as a subsidiary of Genomic Health, announced a urea cycle disorder (UCD) genetic testing program designed to speed diagnosis and enable physicians to offer genetic testing at no charge to people, including their family members. Horizon’s support of the The KRAS gene (Ki-ras2 Kirsten rat sarcoma viral oncogene homolog) is an oncogene that encodes a small GTPase transductor protein called KRAS. KRAS mutation testing Program facilitates the genetic tests and services offered and performed by Invitae.
Global Cancer Diagnostics Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of things from one place to another.
COVID-19 had a positive impact on the global cancer diagnostics market For instance, in April 2020, Siemens Healthcare GmbH, a medical device company. It is the parent company for several medical technology companies and is headquartered in Erlangen, Germany, formally unveiled the RAPIDPoint 500e Cancer Blood Biomarker, adding to the company's product lineup and supporting COVID-19 initiatives. This is assisting in raising the revenue for the line.
Global Cancer Diagnostics Market: Key Developments
In July 2021, Beckman Coulter, a clinical diagnostics company, announced that it has entered into definitive agreements with Quidel Corporation is manufacturer of diagnostic healthcare products that are sold worldwide in U.S. to obtain all rights related to the manufacture, distribution, and sale of a BNP assay for Beckman Coulter analyzers. Under the terms of the agreements, Quidel will continue to manufacture and supply certain components to Beckman Coulter related to the assay, and Beckman Coulter will exclusively manufacture and sell to customers the BNP assay currently sold as TRIAGE BNP by Quidel, under the brand name Access BNP.
In May 2020, F. Hoffmann-La Roche Ltd. a multinational healthcare company based in Switzerland, announced its acquisition of Stratos genomics is develops sequencing by expanding the single-molecule detection process that allows whole-genome sequencing. The development of diagnostic sequencing based on DNA was made possible by this acquisition. This enhanced the business's healthcare diagnosing division and raised its revenue-generating capacity.
In September 2021, Labcorp, a life sciences company based in the U.S., announced that it had entered into a definitive agreement to acquire select operating assets and intellectual property (IP) from Myriad Genetics’ autoimmune business unit, including the Vectra Cancer (RA) assay.
In June 2021, the University of Montreal Hospital Research Centre (CRCHUM) developed a two-step combination therapy for the treatment of ovarian cancer. According to the research, the combination of chemotherapy and PARP inhibitors can assist in reducing the proliferation of cancer cells and destroying them.
In November 2021, Siemens Healthineers is a medical device company in Germany, introduced Magnetom Free. Star, is a cost-effective whole-body MRI scanner, designed to enable significantly better access to magnetic resonance imaging globally.
In October 2021, Agilent Technologies Inc. provides instruments, software, services, and consumables for laboratories, announced that its PD-L1 IHC 22C3 pharmDx assay is labeled for use in Triple-Negative Breast Cancer (TNBC) in the European Union.
Browse 34 Market Data Tables and 26 Figures spread through 176 Pages and in-depth TOC on “Global Cancer Diagnostics Market”- Forecast to 2030, Global Cancer Diagnostics Market, By Test Type (Tumor Biomarkers Tests (PSA Tests, CTC Tests, AFP Tests, CA-19 Tests, HER2 Tests, BRCA Tests, ALK Tests, CEA Tests, EGFR Mutation Tests, KRAS Mutation Tests, Others)), Imaging (Ultrasound, Mammography, MRI Scan, PET Scan, CT Scan, SPECT & Others), Biopsy (Needle Biopsy, Endoscopic Biopsy, Bone Marrow Biopsy, Others), Liquid Biopsy Immunohistochemistry In Situ Hybridization), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Blood Cancers, Prostate Cancer, Ovarian Cancer, Stomach Cancer, Liver Cancer, Others), By End User (Hospital Associated Labs, Independent Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Cancer Diagnostics Market:
- The global Cancer Diagnostics market is expected to exhibit a CAGR of 9.6% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global Cancer Diagnostics market.
- Among By Cancer Type, the breast cancer segment is expected to hold a dominant position in the global cancer diagnostics market during the forecast period and this is attributed to the increasing novel treatment of breast cancer in the field of cancer diagnostics. In April 2020, according to a study published in The New England Journal of Medicine, results showed men with metastatic castration-resistant prostate cancer (mCRPC) on a novel hormone treatment experienced significant, clinical improvement from Olaparib in radiographic-progression-free survival compared to men on novel hormone treatment alone. The patient populations shared mutations in BRCA1, BRCA2, ATM and/or other HRR genes. The subjects receiving Olaparib also trended toward an average improved overall survival of 18 months compared to an average of 14.7 months in the other cohorts.
- Among region, North America is expected to be the dominant region in the global Cancer Diagnostics market, owing to the key players focusing on organic strategies to start new test launches. For instance, in November 2021, Scipher Medicine, a precision immunology company matching patients with their most effective medication therapies in North America, announced a partnership with RxParadigm, a pharmacy benefit manager company delivering transparency and restoring competitiveness to healthcare systems, to offer RxParadigm customers access to PrismRA. PrismRA is the molecular signature blood test available in the U.S. that informs personalized treatment decisions for patients with Cancer.
- Major players operating in the Global Cancer Diagnostics Market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc., Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics.