Cancer Diagnostics Market Growth Insights | 2027 Industry Value Touches US$ 83,641.9 Million in Terms of Revenue | by Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Siemens AG, etc
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Tumor biomarkers tests use in diagnosis of cancer include, prostate specific antigen (PSA), circulating tumor cells (CTC), Alfa-fetoprotein test (AFP), CA-19 test for pancreatic cancer, HER-2 test, BRCA test, ALK test for lung cancer, carcioembryonic test (CEA), EGFR mutation test, and RAS mutation test.
The global cancer diagnostics market is estimated to account for US$ 45,106.5 Mn in terms of value and is expected to reach US$ 83,641.9 Mn by the end of 2027.
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Global Cancer Diagnostics Market: Drivers
Increasing prevalence of cancer is expected to propel growth of the global cancer diagnostics market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, R&D in cancer diagnostics is also expected to aid in growth of the market. For instance, in January 2020, researchers from Universidade do Porto, Portugal, reported assessment of the role of O-glycosylation using glycoengineered gastric cancer models in the detection of CD44v9 – a major protein splice variant isoforms expressed in human gastrointestinal cancer cells—by monoclonal antibodies.
Biopsy held dominant position in the global cancer diagnostics market in 2019, accounting for 35.1% share in terms of value, followed by Imaging and Tumor Biomarkers Tests, respectively.
Figure 1. Global Cancer Diagnostics Market Share (%), by Value, by Test Type, 2019
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Global Cancer Diagnostics Market: Restraints
Inadequate reimbursement policies are expected to hinder growth of the market. There have been various advancements in radiology with regard to imaging equipment in the recent past. However, most medical insurance companies do not offer reimbursement for procedures using Computer-aided Detection (CAD). As a result, people tend to choose conventional methods for diagnosis such as biopsy, pathological test or conventional imaging methods such as mammography, and MRI procedures.
Moreover, high price of cancer detection software is also expected to hamper growth of the market. Computer-aided Detection (CAD) software is available with a one-year license and hospitals have to renew it each year. Moreover, some insurance providers are opting out of the CAD procedure reimbursement as it is deemed extravagant and not preferred by senior radiologists.
Global Cancer Diagnostics Market: Opportunities
Development of biopsy platforms for companion animal cancers is expected to offer lucrative growth opportunities for players in the global cancer diagnostics market. For instance, in January 2020, Zomedica Pharmaceuticals Corp., a veterinary diagnostic and pharmaceutical company, announced completing the development and manufacturing of its reference lab cancer liquid biopsy platform for canine cancers.
Moreover, use of AI in early detection of cancer is also expected to aid in growth of the market. For instance, Freenome, an AI genomics company based in the U.S., is focused on developing blood tests to detect the body’s early-warning signs of cancer, using AI. In October 2018, the company presented early data in R&D for using machine learning to detect colorectal cancer at its earliest stages.
The global cancer diagnostics market was valued at US$ 41,542.4 Mn in 2019 and is forecast to reach a value of US$ 83,641.9 Mn by 2027 at a CAGR of 9.2% between 2020 and 2027.
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Figure 2. Global Cancer Diagnostics Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in February 2020, Foundation Medicine, Inc. and Chugai Pharmaceutical, Ltd. collaborated with National Cancer Center (NCC) for the use of FoundationOneLiquid, Foundation Medicine’s laboratory-developed liquid biopsy test, in the third stage of SCRUM-Japan, a cancer genomic screening consortium in Japan.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in January 2020, Quest Diagnostics acquired Blueprint Genetics to expand its product portfolio in genetic and rare diseases.
Global Cancer Diagnostics Market: Competitive Landscape
Major players operating in the global cancer diagnostics market include Abbott Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Siemens AG, Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., Quest Diagnostics
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Global Cancer Diagnostics Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in May 2020, Myriad Genetics, Inc. received the U.S. Food and Drug Administration (FDA) approval for its BRACAnalysis CDx test as a CDx for Lynparza in homologous recombination repair-mutated metastatic castration-resistant prostate cancer.
Major players in the market are also focused on adopting partnership strategies to expand their product portfolio. For instance, in October 2019, Illumina, Inc. partnered with QIAGEN N.V. to broaden the availability and use of NGS-based in-vitro diagnostic kits, including companion diagnostics, for patient management.About Us:
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