Cancer Diagnostics Global Market Report 2024

The cancer diagnostics market size has grown rapidly in recent years. It will grow from $21.38 billion in 2023 to $23.84 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. Historical growth in the cancer diagnostic device sector can be linked to a rise in cancer occurrences, the implementation of cancer screening initiatives, the advancement of personalized medicine, and increased public awareness..

The cancer diagnostics market size is expected to see rapid growth in the next few years. It will grow to $37.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. Anticipated growth in the upcoming period in the cancer diagnostic device industry can be linked to expanding markets, support from regulations, the integration of artificial intelligence (AI) and machine learning, and an increased emphasis on early detection and intervention. Notable trends predicted in this period involve liquid biopsies, comprehensive multi-omics approaches, point-of-care testing, and the execution of screening and early intervention campaigns.

The significant driver behind the cancer diagnostics market is the high prevalence of various cancer types, compelling a larger number of individuals to seek diagnosis and treatment. These escalating cancer incidents have led to cancer becoming the second most common cause of death globally, as per the World Health Organization (WHO). Projections by the National Cancer Institute (NCI) estimate new annual cancer cases to increase to 23.6 million by the year 2030.

The primary offerings within the cancer diagnostics sector include companion diagnostics and molecular diagnostics. Molecular diagnostics involve laboratory procedures to detect particular proteins, genes, or molecules indicating the presence of cancer. Diagnostic methods in cancer assessments encompass biopsies, endoscopies, tumor biomarker tests, and imaging. These diagnostic tools cater to various applications, including cervical cancer, breast cancer, liver cancer, blood cancer, kidney cancer, colorectal cancer, pancreatic cancer, ovarian cancer, melanoma, and others. They are utilized by diverse end-users like cancer research institutes, diagnostic laboratories, hospitals, and related entities.

The cancer diagnostics market research report is one of a series of new reports that provides cancer diagnostics market statistics, including cancer diagnostics industry global market size, regional shares, competitors with a cancer diagnostics market share, detailed cancer diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the cancer diagnostics industry. This cancer diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growth of the cancer diagnostic device market is anticipated to be significantly propelled by the rising incidence of lung cancer. Lung cancer, characterized by the uncontrolled growth of abnormal cells in lung tissues, is a prevalent and deadly form of cancer. Cancer diagnostic devices play a crucial role in detecting, diagnosing, and monitoring lung cancer, aiding healthcare professionals in identifying its presence, determining its type and stage, and guiding treatment strategies. For example, as of March 2023, Cancer.Net, an online resource affiliated with the American Society of Clinical Oncology (ASCO), has estimated that the United States will witness around 238,340 new cases of lung cancer in 2023, an increase from the 236,000 cases diagnosed in 2022. This escalating incidence of lung cancer is a key driver for the growth of the cancer diagnostic device market.

One of the significant limitations affecting the cancer diagnostics market is product recall. Product recall is a process implemented by companies to retrieve faulty or defective products sold or available in the market. When a product recall is initiated, the company incurs costs associated with rectifying or replacing the flawed products. In the cancer diagnostics sector, the expenses tied to the replacement of faulty devices can be notably high for manufacturers, leading to a restriction in market growth. A practical example is Siemens Healthcare Diagnostics' recall of its IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay. The recall was due to the assay not meeting the anticipated high-dose hook effect, which hampered its effectiveness in detecting prostate cancer in conjunction with digital rectal examination (DRE) in men aged 50 years or older.

The emerging trend within the cancer diagnostics market is the utilization of AI-based systems for cancer detection. AI plays a pivotal role in enhancing the precision of image detection in diagnostic procedures related to breast and lung cancer. Its capabilities aid in identifying cancers during their early stages, thereby contributing to improved detection accuracy. In lung cancer screening, AI's involvement results in a reduction in false-positive occurrences, ultimately enhancing accuracy in cancer detection. Notably, researchers at the Naval Medical Center San Diego and Google AI research division developed an AI-driven solution for autonomous evaluation of lymph node biopsies, significantly enhancing metastatic breast cancer detection accuracy to 99%.

Prominent companies within the cancer diagnostic device market are directing their efforts toward technological advancements involving artificial intelligence (AI), as seen with QAi Prostate, to establish a competitive advantage in the industry. QAi Prostate is a cutting-edge cancer diagnostic tool specifically designed for prostate cancer detection. Notably, in March 2023, Qritive, a Singapore-based enterprise specializing in AI-powered diagnostic solutions for pathologists, introduced QAi Prostate. This innovative AI-driven tool employs machine learning algorithms to precisely recognize and categorize malignant and benign regions within prostate tissue samples. It serves as a valuable resource for pathologists, aiding in the accurate detection of prostate cancer while distinguishing between malignant and benign areas in the analyzed tissue samples.

The cancer diagnostics market is overseen by the FDA, which applies stringent regulations to cancer diagnostic devices like MRI and NMR. These devices fall under the Class II category due to their moderate associated risk. This classification subjects them to specific regulatory mandates encompassing performance standards, premarket data requirements, post-market surveillance, and necessary labelling conditions. Notably, device labelling must include details like contraindications, adverse reactions, precautions, warnings, and usage instructions. Such regulatory measures serve as a checkpoint for manufacturers producing cancer diagnostic devices.

Major companies operating in the cancer diagnostics market include Abbott Laboratories, Becton Dickinson and Company, Hologic, GE Healthcare Ltd., Thermo Fisher Scientific, Siemens Healthcare GmbH, Accuray, Elekta AB, C.R. BardInc., Biogenex Laboratories, Eckert & Ziegler BEBIG, Veracyte, PathAI, Bio-Rad Laboratories, Biochain, DiagnoCure, Illumina, Myriad Genetics, CompanionDx, Epic Sciences, Eli Lilly and Co, Genomic Health, Affymetrix, Agilent Technologies, Adaptive Biotechnologies, Biocartis, Biocept, Cancer Genetics Inc., Caris Life Sciences, Cepheid, Epigenomics AG, Exact Sciences, Foundation Medicine, GenMark Diagnostics, Guardant Health, HalioDX, IBA group, Invitae Corporation, Medtronic PLC, NanoString Technologies, Natera, NeoGenomics, Oncura Inc., PerkinElmer, Personal Genome Diagnostics, Qiagen, Roche Diagnostics, Theragenics Corporation, Varian Medical SystemsInc.

North America was the largest region in the cancer diagnostics market in 2023. Asia-Pacific was the second-largest region in the global cancer diagnostics market. The regions covered in the cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the cancer diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The cancer diagnostics market consists of sales of pathology-based instruments (slide staining systems, tissue processing systems, cell processors, PCR instruments, NGS instruments, and other pathology-based instruments), imaging Instruments (CT systems, ultrasound systems, MRI systems, mammography systems, and nuclear imaging systems) and biopsy instruments that are used for the diagnosis of cancer. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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