Cancer Diagnostics Market to be Worth $162.57 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 25, 2023 /PRNewswire/ -- The global cancer diagnostics market size is expected to reach USD 162.57 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.07% from 2023 to 2030. Increasing number of programs to raise awareness about cancer by several organizations is a major factor accountable for increased demand for diagnostic products worldwide. Partnerships and collaborations undertaken by the National Cervical Cancer Coalition, WHO, CDC, the U.S. Preventive Services Task Force, & others for increasing cervical cancer screening are among the major factors expected to boost market growth during the forecast period.

Key Industry Insights & Findings from the report:

• Based on product, the consumables segment dominated the market in 2022 due to high purchase rates and repeat purchases.

• Based on type, the IVD segment dominated the cancer diagnostics market in 2022 owing to increasing adoption and availability of numerous IVD-based solutions.

• The breast cancer application segment is expected to grow lucratively over the forecast period due to growth in initiatives to spread awareness across the population and increase in R&D activities.

• Based on end-use, the laboratories segment dominated the market due to efficient outpatient services. The hospitals segment is forecasted grow at a significant rate over the coming years attributed to an increase in the admittance of patients in hospitals.

• The biopsy segment is anticipated to grow at a significant growth rate due to various benefits associated with the test, including early detection of the disease.
• North America dominated the global cancer diagnostics market in 2022, owing to rise in the number of approvals of new diagnostic tests.

• The Asia Pacific is expected to grow considerably in the future owing to due to the rising prevalence and the presence of key players.

Read 240-page market research report, "Cancer Diagnostics Market Size, Share & Trends Analysis Report By Product (Consumables, Instruments), By Type (IVD, LDT, Imaging), By Application (Breast Cancer, Lung Cancer), By End-use, By Test Type, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Cancer Diagnostics Market Growth & Trends

Several countries have thus undertaken measures to increase screening for early diagnosis and help existing patients. For instance, Ayushman Bharat and the Prime Minister's National Relief Fund was initiated by the Indian government for patients who require assistance during the treatment. Similarly, the Indian government's Department of Biotechnology signed a contract with Cancer Research UK to conduct research for affordable approaches to diagnosis and treatment.

Liquid biopsy solutions are being increasingly adopted as MCED tests as they are easily accessible for clinical applications. In recent years, they have gained regulatory approval with comprehensive and multi-cancer diagnostic approaches. Breakthrough advancements in the field and ongoing studies for early detection are contributing to market growth. Moreover, technologies such as circulating tumor DNA, extracellular vesicles, and circulating tumor cells are paving the way for better cancer care. Versatile technologies can provide integrated solutions for maximizing the potential of liquid biopsy.

Advantage of using companion diagnostics is the overall reduction in time and costs incurred by pharmaceutical and diagnostic companies. The time required to develop and commercialize a novel molecule generally consists of 10 to 15 years. Co-development of diagnostics and drugs facilitates accelerated regulatory approval processes, which significantly reduces costs. . Since the FDA guidance draft for the development of an IVD companion diagnostic device with a therapeutic product was published in 2016, many manufacturers encourage the development of companion diagnostic assays in the field of oncology. This is anticipated to positively impact market growth during the forecast period.

Cancer Diagnostics Market Report Scope

Cancer Diagnostics Market Segmentation 

Grand View Research has segmented the global cancer diagnostics market based on product, type, application, end-use, test type, and region

Cancer Diagnostics Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Instruments
• Pathology-based Instruments
• Slide Staining Systems
• Tissue Processing Systems
• Cell Processors
• PCR Instruments
• NGS Instruments
• Microarrays
• Other Pathology-based Instruments
• Imaging Instruments
• Others
• Consumables
• Antibodies
• Kits & Reagents
• Probes
• Others
• Services

Cancer Diagnostics Market - Type Outlook (Revenue, USD Billion, 2018 - 2030)

• IVD
• By Type
• Diagnosis
• Early Detection
• Therapy Selection
• Monitoring
• By Technology
• Polymerase Chain Reaction (PCR)
• In Situ Hybridization (ISH)
• Immunohistochemistry (IHC)
• Next-generation Sequencing (NGS)
• Microarrays
• Flow Cytometry
• Immunoassays
• Other IVD Testing Technologies
• LDT
• Imaging
• Magnetic Resonance Imaging (MRI)
• Computed Tomography (CT)
• Positron Emission Tomography (PET)
• Mammography
• Ultrasound
• Others

Cancer Diagnostics Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Breast Cancer
• Colorectal Cancer
• Cervical Cancer
• Lung Cancer
• Prostate Cancer
• Skin Cancer
• Blood Cancer
• Kidney Cancer
• Liver Cancer
• Pancreatic Cancer
• Ovarian Cancer
• Others

Cancer Diagnostics Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Hospitals
• Laboratories
• Others

Cancer Diagnostics Market - Test Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Biopsy
• Fine-needle Aspiration
• Core Biopsy
• Surgical Biopsy
• Skin Biopsy /Punch Biopsy
• Others
• Others

Cancer Diagnostics Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Asia Pacific
• China
• Japan
• India
• Thailand
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• UAE
• Kuwait

List of Key Players in the Cancer Diagnostics Market

• GE Healthcare
• Abbott
• F. Hoffmann-La Roche Ltd
• Qiagen
• BD
• Siemens Healthcare GmbH
• Thermo Fisher Scientific, Inc.
• Hologic, Inc.
• Koninklijke Philips N.V. (Philips)
• Illumina, Inc.

Check out more market research studies published by Grand View Research:  

• Ovarian Cancer Diagnostics Market - The global ovarian cancer diagnostics market size is expected to reach USD 2 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.2%. The growth of the market can be attributed to an increase in the prevalence of ovarian cancer and emergence of novel diagnostic products. As of 2018, ovarian cancer had the highest mortality rate of all gynecologic cancers. It accounted for nearly 14,000 deaths in the U.S. in 2018. No specific symptoms render early diagnosis of the disease increasingly difficult. The exact causative factors remain unknown, creating a key unmet need for further research to obtain clarity on the underlying molecular mechanisms.
• Prostate Cancer Diagnostics Market - The global prostate cancer diagnostics market size is expected to reach USD 7.65 billion by 2027, registering a CAGR of 13.2% during the forecast period, according to a new report by Grand View Research, Inc. Major drivers include increasing government initiatives, high prevalence of prostate cancer, and technological advancements in confirmatory diagnostic tests.
• Thyroid Cancer Diagnostics Market - The global thyroid cancer diagnostics market size is expected to reach USD 3.6 billion by 2027, expanding at a CAGR of 5.5%, according to a new report by Grand View Research, Inc. The growth of the market is attributed to increasing disease prevalence and emergence of novel diagnostic products. Although the cancer is uncommon worldwide, the incidence rate is on the rise-driven by more sensitive and precise tools to diagnose the disease. It develops as a result of abnormal cell division in the thyroid gland. Since the glandular hormones regulate several functions-such as weight, body temperature, heart rate, and blood pressure, structural or functional anomalies are likely to affect several or all of the aforementioned factors.

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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