global Cancer Diagnostics Market was pegged at $168.60 billion in 2020, and is estimated to reach $280.59 billion by 2028, growing at a CAGR of 6.9% from 2020 to 2028.
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Increase in incidences and prevalence of various cancer types, initiatives by government and other organizations to spread awareness about cancer, and surge in number of diagnostics laboratories in developed countries drive the growth of the global cancer diagnostics market. However, risk of high radiation exposure by the use of CT scanners and high cost associated with diagnostics imaging systems hinder the market growth. On the contrary, development of diagnostic approaches for various cancer mutations is expected to create lucrative opportunities for the market players in the future.
Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown delayed the diagnosis of cancer for a long period as it affected the logistics and supply of cancer diagnosis tests kits and other products.
- Moreover, the limited availability of medical care and healthcare professionals for conditions other than Covid-19 negatively affected the market.
- Several hospitals and clinics witnessed a drop in patient visits during the pandemic. The global cancer diagnostics market is segmented on the basis of product, application, end use, and region. Based on product, the consumables segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the instruments segment is estimated to portray the highest CAGR of 7.5% during the forecast period.
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On the basis of end use, the hospitals and clinics segment dominated the market in 2020, contributing to more than two-fifths of the market. However, the diagnostic laboratories segment is projected to register the highest CAGR of 7.8% from 2020 to 2028.
The global cancer diagnostics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 8.5% during the forecast period.
The global cancer diagnostics market includes an in-depth analysis of the prime market players such as Becton, Dickinson and Company, Abbott Laboratories, Roche Holdings AG (F. Hoffmann-La Roche Ltd.), Bio-Rad Laboratories, Inc., Hologic, Inc., Danaher Corporation (GE Healthcare), Qiagen N.V., Koninklijke Philips N.V. (Philips Healthcare), Thermo Fisher Scientific., and Siemens Healthcare GmbH.