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

Report Overview

The global cancer diagnostics market size was valued at USD 102.24 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.07% from 2023 to 2030. The growth of the market can be attributed to the growing prevalence of cancer, technological advancements in diagnostics procedures, and rising initiatives undertaken by private & public organizations. Moreover, increasing initiatives to develop novel imaging solutions to diagnose cancer more accurately are expected to fuel the market growth over the forecast period. For instance, in September 2022, Radiopharm Theranostics and The University of Texas MD Anderson Cancer Center launched Radiopharm Ventures, LLC to develop novel radiopharmaceutical products for cancer.

The global rise in the prevalence of cancer is one of the major factors facilitating market growth in the recent past. For instance, according to PAHO, an estimated 20 million new cancer cases and 10 million deaths are expected in 2023, and the annual reported cases are expected to reach about 30 million by 2040. The need to develop diagnostic options that can detect the disease at an early stage, which can help improve disease management & reduce mortality, is likely to propel the overall market growth. It is also indicated that one in six women and one in five men are likely to develop the disease at some point in their lives. In addition, the 5-year prevalence was around 50.5 million in 2020.

The use of AI is significantly increasing in the cancer diagnosis industry. According to the National Cancer Institute, researchers are testing the use of AI for diagnosing prostate cancer. AI tools are used for the identification of suspicious areas seen during an MRI scan, which requires biopsies to confirm the presence of malignant cells. AI tools are also being tested for improving biopsy sample analysis facilitated to render more accurate and efficient results. Thus, the advent of such technological advancements is propelling market growth.

Personalized medicine promises a paradigm shift in diagnosis and care delivery as treatment planning is based on data obtained through a holistic approach. Major companies operating in the personalized medicine space are involved in several investment programs pertaining to precision medicine. Furthermore, companies providing molecular decision support systems are combining genomic data with clinical data to minimize the gaps in precision medicine practice.

One of the biggest advancements in the field of personalized medicine for blood cancer is the advent of Gleevec for the treatment of CML. Similarly, targeted therapy has proven to be highly successful in treating breast, colorectal, and lung cancers as well as melanoma, which is significantly improving mortality rates.

Product Insights

The consumables segment held the largest share of the cancer diagnostics market at 59.58% in 2022 and is anticipated to maintain this position throughout the forecast period. The development of diagnostic imaging techniques or effective Monoclonal Antibody (mAb)-based assays for detecting antigens and small chemicals generated by malignant cells would considerably improve cancer diagnostic medicine. Although mAb technology is still in its early stages, new developments in recombinant antigen synthesis and antibody creation techniques have greatly expanded its potential in diagnosis.

Instruments held the second-largest share in 2022. Increasing technological advancements are expected to fuel market growth over the forecast period. For instance, in March 2022, Illumina announced the launch of the TruSight Oncology Comprehensive test kit, an IVD test used for profiling various cancers, in Europe. Moreover, leading market participants are entering into partnerships to strengthen their product portfolios and offer precise diagnostic solutions.

Type Insights

The In-vitro Diagnostics (IVD) segment dominated the cancer diagnostics market in 2022 with a revenue share of 52.47%. Its growth can be attributed to the increasing adoption of IVD owing to the rise in testing amid the COVID-19 pandemic. The development of automated IVD systems for hospitals & laboratories that offer accurate, efficient, and error-free diagnosis is expected to fuel market growth. For instance, in March 2019, BD announced receiving CE-IVD certification for the automated flow cytometry system, BD FACSDuet, which allows clinical laboratories to increase their efficacy and throughput over manual processes.

Laboratory Diagnostic Tests (LDTs) were estimated to grow at the highest CAGR over the forecast period. LDT regulations are important for advancements in precision oncology because various tests are used for the selection of the therapy and to determine the risk of the disease. In recent years, large hospital systems and academic cancer centers have invested in developing in-house testing for patients.

Application Insights

The breast cancer segment led the application segment with a revenue share of 15.91% in 2022. The segment's strong market share can be attributed to the increasing research for the development of advanced screening tools. The UK Research and Innovation, in February 2020, received over USD 1300 million from the Engineering and Physical Sciences Research Council to develop a novel Raman spectroscopy platform for noninvasive and in vivo diagnostics of breast cancer.

The lung cancer segment is expected to expand at the fastest CAGR over the coming years attributed to an increase in the availability of various technologically advanced products for diagnosis, new product launches, and mergers and acquisitions. In March 2023, Roche Diagnostics Korea announced the launch of uPath PD-L1, which is an automated AI tool used for the detection of PD-L1 biomarkers in Non-Small Cell Lung Cancer (NSCLC) patients.

End-use Insights

The laboratories segment dominated the cancer diagnostics market in 2022 with a share of 52.06%. There has been an improved reliance of hospitals on diagnostic laboratories for testing and evaluation, which further leads to accelerated growth of the segment. Furthermore, regulatory authorities are undertaking initiatives to improve clinical laboratory diagnostic services and ease the process of diagnosis. On the basis of end-use, the market is categorized into hospitals, laboratories, and others.

The others segment, which includes home-based tests is anticipated to expand at the fastest CAGR over the forecast period due to increased adoption of home-based & technologically advanced treatments during the COVID-19 pandemic, as well as the acknowledged need for new models in the cancer community and among payers to reduce unscheduled hospitalizations & emergency department visits.

Test Type Insights

The others segment includes revenue for imaging and IVD tests and held the highest market share of 72.63% in 2022. Patients with genetic abnormalities linked to a hereditary cancer syndrome are more likely than the general population to experience the beginning of certain cancers earlier than is typical. Therefore, a need to provide early detection further propels the demand for panel tests. For instance, Laboratory Corporation of America Holdings offers VistaSeq, a hereditary cancer panel developed to detect genetic mutations associated with more than 50 hereditary cancer syndromes.

Biopsy is estimated to expand at a significant CAGR over the forecast period owing to various benefits associated with the test, including early detection of the disease. Liquid biopsy technologies have made considerable headway in recent years, showing significant growth in adoption in clinical applications. This technique is a rapidly evolving tool of precision oncology, enabling longitudinal monitoring and minimally invasive molecular diagnosis for treatment purposes.

Regional Insights

North America dominated the cancer diagnostics market with a revenue share of 40.52% in 2022. Product launches are key factors influencing the market growth. For instance, in July 2022, Nanostics Inc. announced the launch of a clinical investigation for bladder cancer, aimed at identifying the most effective indicators of the disease for early detection. The study aims to identify a minimally invasive liquid biopsy test for the diagnosis of bladder cancer using Nanostics ClarityDX diagnostic platform.

The Asia Pacific market is expected to grow at a lucrative rate due to various factors, such as increasing healthcare reforms. Various established players are expanding into the Asia Pacific, which is expected to positively impact the growth of the cancer diagnostics market. Taiwan and Singapore governments offer favorable regulatory and funding support.

Key Companies & Market Share Insights

Some of the key market players are adopting strategies such as acquisitions and collaborations to strengthen their presence in other regional markets. This can lead to improved product development, operational efficiencies, or expanded market reach. For instance, in February 2023, Roche announced expanding its collaboration with Janssen to advance personalized healthcare by focusing on companion diagnostics. Some of the prominent players in the global cancer diagnostics market include:

• 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.

Cancer Diagnostics Market Report Scope

Global Cancer Diagnostics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this report, Grand View Research has segmented the global cancer diagnostics market report on the basis of product, type, application, end-use, test type, and region:

• 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

• 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

• 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

• End-use Outlook (Revenue, USD Billion, 2018 - 2030)

  • Hospitals

  • Laboratories

  • Others

• Test Type Outlook (Revenue, USD Billion, 2018 - 2030)

  • Biopsy

    • Fine-needle Aspiration

    • Core Biopsy

    • Surgical Biopsy

    • Skin Biopsy /Punch Biopsy

    • Others

  • Others

• 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