Cancer Diagnostics Market Size, Share & Trends Report

Cancer Diagnostics Market Size, Share & Trends Analysis Report By Product (Consumables, Instruments), By Type (IVD, LDT), By Application (Breast Cancer, Lung Cancer), By End-use, By Test Type, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-213-6
  • Number of Report Pages: 240
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the cancer diagnostics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for cancer diagnostics market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of cancer diagnostics market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Cancer Diagnostics Market Categorization:

The cancer diagnostics market was categorized into six segments, namely product (Instruments, Consumables, Services), type (IVD, LDT, Imaging), application (Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Ovarian Cancer), end-use (Hospitals, Laboratories), test type (Biopsy), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The cancer diagnostics market was segmented into product, type, application, end-use, test type, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The cancer diagnostics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Cancer diagnostics market companies & financials:

The cancer diagnostics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • GE HealthCare - GE Healthcare operates as a subsidiary of General Electric (GE) Company. It offers medical technologies and solutions to healthcare entities worldwide. Its specialties include cardiology, orthopedics, and ambulatory surgery centers. It offers products for bone health, EP recording, clinical parameters & accessories, computed tomography, advanced visualization, diagnostic cardiology, hemodynamic recording, metabolic health, patient monitoring, healthcare IT, mammography, interventional image-guided systems, life sciences, perioperative care, radiography & fluoroscopy, magnetic resonance imaging, molecular imaging, nuclear imaging agents, perinatal care, respiratory care, surgical imaging, and ultrasound. Its FlexFactory platform is a bioprocess platform that uses single-use technology for mAbs production. The company was formerly known as GE Medical Systems and changed its name to GE Healthcare Limited in October 2003.

  • Abbott - Abbott is a healthcare company with five core business segments: pharmaceuticals, medical devices, nutrition, vascular care, and diagnostics. The company is present in more than 150 countries. In October 2011, Abbott Laboratories announced its decision to divide into two companies-one focused on research-based pharmaceuticals and the other on diversified medical products. In September 2017, Abbottacquired Alere, Inc. to expand its diagnostics business.

  • F. Hoffmann-La Roche Ltd. - F. Hoffmann-La Roche Ltd. offers a broad range of diagnostic tests. The company’s diagnostics segment consists of clinical chemistry & immunoassay, urinalysis, hematology & hemostasis, molecular diagnostics, tissue diagnostics, and point-of-care diagnostics. It also focuses on endemic diseases such as cancer, cardiology & metabolism, infectious diseases, inflammatory & autoimmune, women’s health, and critical care. The company is present in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, Roche Group has 22 R&D sites and 26 manufacturing sites worldwide.

  • QIAGEN - QIAGEN N.V. is a biotechnology-based company operating globally in over 20 countries. Key business areas of the company include assay technologies for molecular diagnostics, pharmaceutical, academic, and applied testing. The company’s product portfolio comprises a wide range of molecular testing applications. Furthermore, molecular technologies developed by the company are being utilized by forensic technicians and the company is also involved in isolation of genetic material from biological samples. Since October 2013, CLC bio works as a subsidiary of QIAGEN, as QIAGEN acquired it.

  • BD - BD is actively involved in the development, manufacture, and distribution of devices, diagnostic products, and laboratory equipmentacross the globe. The company operates through two subsidiaries-BD Life Sciences and BD Medical. BD Life Sciences provides a range of products for collecting and transporting biospecimens for diagnostic purposes and diagnostic instruments & reagents for detecting infectious & chronic diseases. BD Medical manufactures medical devices and consumables useful in hospital and clinical applications. The company also develops and commercializes clinical and research tools, such as FACS, analyzers, monoclonal antibodies, & cell culture media for biopharmaceutical companies. It is also involved in the development of NGS libraries for research purposes. The company's client base includes healthcare institutes, life sciences researchers, and public & clinical laboratories. The company is present in over 50 countries.

  • Siemens Healthcare GmbH - Siemens Healthineers is a global company that provides healthcare solutions and services. It operates as a subsidiary of Siemens Group of Companies. The company’s business is segmented into laboratory diagnostics, diagnostic imaging, POC diagnostics, ultrasound, advanced therapies, and services. Its R&D activities in healthcare are focused on developing therapies, molecular diagnostics, and genetic services. It focuses on utilizing the potential of imaging solutions in therapy to bridge the gap between diagnostics and therapy in interventional clinical disciplines, cardiology, radiation oncology, and surgery. Its products & solutions include healthcare IT, medical imaging, services, laboratory diagnostics, POC testing, and clinical specialties & diseases. The company is present across Europe, Africa, the Middle East, the Americas, Asia, and Australia.

  • Thermo Fisher Scientific, Inc. - Thermo Fisher Scientific, Inc. is a publicly held biotechnology company established after the collaboration of Thermo Electron and Fisher Scientific. In 2013, it acquired Life Technologies Corporation in competitive bidding with HoffmannLa Roche. Thermo Fisher provides products in life sciences, industrial & applied sciences, and clinical diagnostics. The company operates in over 50 countries. Thermo Fisher offers products through the following brands: Unity Lab Services, Invitrogen, Thermo Scientific, Fisher Scientific, and Applied Biosystems.

  • Hologic, Inc. - Hologic, Inc. develops, manufactures, and supplies diagnostics, women’s health surgical products, and medical imaging instruments. Hologic operates through four business segments: breast health, gynecologic surgical, diagnostics, and skeletal health. The company sells its products through direct sales and a network of independent distributors & sales representatives. The company's diagnostics business includes Aptima assays, ThinPrep system, Procleix Zika virus assay, and fetal fibronectin test. ThinPrep System is primarily used in cytology applications such as cervical cancer screening.

  • Koninklijke Philips N.V. (Philips) - Koninklijke Philips N.V. (Royal Philips) is a global health technology company. The company operates through four reportable segments- diagnosis & treatment, personal health, connectedcare, and other businesses. The company provides diagnostic imaging solutions, patient monitoring solutions, image-guided therapies, and health informatics solutions. It also focuses on home care and consumer health sectors. The company operates in more than 100 countries globally.

  • Illumina, Inc. - Illumina, Inc.’s primary business includes developing, manufacturing, and distributing integrated platforms & systems for sequencing. The company is also involved in analyzing and investigating genomic & proteomic information, determining biological function, and expressing a gene sequence. It provides NGS platforms for genotyping, sequencing, and gene expression analysis. It has a major presence in North America and Europe NGS markets. This company is involved in developing novel sequencing technologies, which aim to reduce the cost of sequencing whole genomes. It offers genomic and molecular diagnostic products and services to cater to the fields of oncology, microbial genomics, drug development, agrigenomics, forensic genomics, infectious diseases surveillance, molecular epidemiology, and translational research involving HLA sequencing & associated applications.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Cancer Diagnostics Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Cancer Diagnostics Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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