Cancer Diagnostics Market Growing Geriatric Population to Boost Growth 2030

Description

The global cancer diagnostics market size was USD 175.1 billion in 2021 and is projected to grow at a CAGR of 7.2% to reach USD 305.3 billion by 2030. The growing prevalence of oncologic cases, increasing demand for effective screening tests, and constant technological advancements in diagnostics are prime factors spurring the demand for screening tools worldwide. Also, rising awareness and supportive government initiatives are some additional factors that are anticipated to boost the sector's growth during the forecast period.

Cancer is a leading cause of death worldwide. Moreover, according to the data published by the WHO, the number of new cancer cases is anticipated to increase by around 70% in a couple of decades. The organization also claimed that cancer is the second common cause of death in the U.S., and accounts for nearly one in every four deaths in the country. The increasing prevalence of cancer is driving the demand for cancer diagnostics.

Early detection of cancer increases the chances of success of the treatment. Thus, a new technology capable of detecting tumorous growth early (even before the signs and symptoms are observed) is in high demand. Superior imaging techniques are in high demand for cancer screening.

Definition of Global Cancer Diagnostics Market

Cancer is a disease in which abnormal cells divide without control and invade nearby tissues. Cancer cells can also spread to other body parts through the blood and lymph systems. There are several main types of cancer.

Diagnosis is the process of identifying a condition, disease, or injury from its signs and symptoms. A health history, physical exam, and tests, such as imaging tests, blood tests, and biopsies, may be used to help make a diagnosis.

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Global Cancer Diagnostics Market Dynamics

Drivers: Initiatives taken by the government and global health organizations to create awareness regarding cancer

Cancer has the highest mortality rate across the world. The government and some global health organizations are undertaking initiatives to raise awareness through various campaigns. These programs aim to create awareness about cancer's signs, symptoms, and complications.

The American Cancer Society recommends that women aged between 45 and 55 years have mammograms at least once a year. Such programs increase the number of cancer cases being diagnosed every year since more people are voluntarily undergoing screening at the early stages of the disease.

Restraints: Lack of sensitivity and specificity

Accurate detection of cancer progression is very important for selecting an appropriate treatment regimen. Presently, available tests show false-positive results in some cases. Thus, supportive confirmatory tests must be performed, which increases the monetary burden on patients. Tests using specific biomarkers and tumor markers give comparatively more accurate results. However, specific biomarkers and tumor biomarkers are not abundantly available. As a result, the lack of highly sensitive tests inhibits the market's growth.

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Scope of the Global Cancer Diagnostics Market Research Report

The study categorizes the cancer diagnostics market based on screening type, application, and end-use at the regional and global levels.

By Screening Type Outlook (Sales, USD Million, 2017-2030)

• Laboratory Tests
• Genetic Tests
• Imaging
• Endoscopy
• Biopsy
• Other (Barium Enema)

By Application Outlook (Sales, USD Million, 2017-2030)

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

By End-Use Outlook (Sales, USD Million, 2017-2030)

• Hospitals and Clinics
• Diagnostic Laboratories
• Diagnostic Imaging Centers
• Research Institutes

By Region Outlook (Sales, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The imaging segment is accounted for the largest market share, by screening type

The global cancer diagnostics market is divided into laboratory tests, genetic tests, imaging, endoscopy, biopsy, and others based on screening type. In 2021, the imaging segment accounted for 27.5% in the global cancer diagnostics market. Imaging tests can help confirm the presence of a tumor in conjunction with laboratory and genetic tests. Computed Tomography (CT) scans, Magnetic Resonance Imaging (MRI) scans, X-rays, ultrasounds, and other radiographic tests are examples of imaging tests. One of the drawbacks of imaging modalities is that ingestion of fluorescent and radioactive materials used in image formation can result in various side effects. In addition, patients with pacemakers are not suitable candidates for imaging since metal components of implanted pacemakers cause interference in MRI scans.

Asia Pacific is the fastest-growing region during the forecast period

Based on the regions, the global cancer diagnostics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is projected to hold the highest CAGR of 7.7% in the global cancer diagnostics market during the forecast period. Economic development in countries like India and China is expected to fuel market growth. Large population and low per capita income in the Asia Pacific have led to the high demand for affordable treatment options.

International companies are looking forward to investing in developing countries like China, Japan, and India. Thus, many collaborative partnerships and strategic alliances are being formed with companies in this region to boost cancer research and to create awareness about signs, symptoms, and available diagnostic tests for cancer screening.

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Key Market Players

Every company follows its own business strategy to attain the maximum market share. Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Roche Holdings AG, Danaher Corporation, Hologic, Inc., Koninklijke Philips N.V., Qiagen N.V., Siemens Healthcare GmbH, and Thermo Fisher Scientific Inc are some of the major players in the market.

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Article source: https://article-realm.com/article/Finance/20180-Cancer-Diagnostics-Market-Growing-Geriatric-Population-to-Boost-Growth-2030.html