Cancer is a complex and potentially fatal disease that is primarily caused through environmental factors resulting in gene mutations affecting critical cell-regulatory proteins. These factors may act together or in a sequence to trigger tumor formation. Rising incidences of cancer and increasing healthcare expenditure are expected to aid the global cancer diagnostics market. The global market for cancer diagnostics is expected to grow at an exponential rate pertaining to advances in technology, favorable government initiatives and funding. Moreover, the development in companion diagnostics and advent of breakthrough detection techniques such as proteomics, metabolomics, genomics and transcriptomics are further expected to boost the demand for cancer diagnostic devices. Cancer screening is critical in improving early detection and treatment of any cancer type. Awareness and screening for cancer have increased over the last couple of decades resulting in early diagnosis of cancer and subsequent reduction of mortality. However, the ultimate goal of reducing mortality in late-stage cancer has not been satisfactorily achieved.
The global cancer diagnostics market was valued at USD 100,994.5 million in 2013, and is expected to grow at a CAGR of 7.6% to reach an estimated value of USD 168,649.3 million by 2020. Imaging, endoscopy, biopsy and tumor biomarker tests altogether comprise the global cancer diagnostics market. Imaging for cancer detection remains the largest segment in the cancer diagnostics market owing to its utilization in detection of almost every cancer type. MRI, PET, CT, mammography and ultrasound are the major imaging modalities, of which, CT scan and ultrasound imaging account for more than two-third of the total cancer imaging market. A tumor biomarker test is a segment in the cancer diagnostics market with highest research activity. Cancer biomarkers are increasingly being applied in cancer diagnostics; a highly sensitive and specific biomarker essentially helps in better diagnosis, monitoring and prognosis of cancer. Protein-based biomarkers such as alpha-fetoprotein (AFP), cancer embryonic antigen (CEA), prostate-specific antigen (PSA) are among the prominently used tumor biomarkers.
The market for cancer diagnostics is majorly driven by demand from the patients affected with cancers of lung, breast, and colorectal cancer. Lung cancer is the most common cancer of all types and approximately 1.8 billion new cases of lung cancer were diagnosed in 2012. The increasing use of tobacco products in developing nations, particularly in BRICS countries, is contributing to the growing prevalence of lung cancer in the world. In 2013, the global lung cancer diagnostics market accounted for one-fourth of the global cancer diagnostics market revenue. In addition, the rising prevalence of breast cancer among women across the world, particularly in the Asia Pacific, is expected to drive the market for breast cancer diagnostics at the highest CAGR of 8.2% during the forecast period 2014 to 2020.
On the basis of geography, the global cancer diagnostics market is segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the World. In 2013, North America was the largest market for cancer diagnostics followed by Europe. North America is expected to register growth at a CAGR close to 7.0% during the forecast period 2014 to 2020 owing to the rising adoption rate of preventive diagnostic techniques and increasing government initiatives for creating cancer awareness. Moreover, high prevalence and incidence rate of cancer, particularly lung, breast, and prostate cancer, among the population is the driving the growth of the market. In the Asia-Pacific region, developed nations such as Japan and Australia, along with developing nations such as China, India, Singapore, Thailand, etc., are the potential markets that offer enormous opportunities for uptake of cancer diagnostics.
The global cancer diagnostics market is led by players such as Abbott Laboratories, Ambry Genetics, AstraZeneca, bioMerieux, Eli Lilly and Co., Roche, GlaxoSmithKline plc, Novartis, and Pfizer.
The global cancer diagnostics market has been witnessing a surge in its valuation, thanks to the rising demand for technically advanced cancer detection methods. The increasing prevalence of cancer around the world is driving this demand significantly. Apart from this, the introduction of non-invasive and advanced techniques for cancer detection is also expected to boost the worldwide cancer diagnostics market in the coming years.
The global cancer diagnostics market is broadly analyzed on the basis of the method of diagnosis and its regional distribution. Based on the method of diagnosis, the market is classified into endoscopy, biopsy, imaging, and tumor biomarker tests. Regionally, it is divided into North America, Europe, Asia Pacific, and the Rest of the World.
This market study has been prepared after extensive research of the worldwide cancer diagnostics market by analysts at TMR. It provides a comprehensive overview of this market on the basis of its historical as well as current performance. Prevailing trends, driving forces, challenges, opportunities, and future prospects of the global cancer diagnostics market have also been discussed at length in this report.
Overview of the Global Cancer Diagnostics Market
In 2013, the global cancer diagnostics market stood at US$101 bn. Expanding at an estimated CAGR of 7.60% between 2014 and 2020, the market is anticipated to reach a value of US$168.6 bn by the end of the forecast period.
The demand for the imaging technique for cancer detection has been constantly rising, enabling it to maintain its leadership among market segments based on detection method. MRI, mammography, CT, PET, and ultrasound are the prime imaging techniques used for the detection of cancer. Among these, the markets for ultrasound imaging and CT scan hold the leading positions at present.
North America leads the global cancer diagnostics market at present. In 2013, it held a share of 40.7% in the overall market. Europe is the second-largest regional market for cancer diagnostics, which accounted for a share of 29.1% in the global market in 2013.
Analysts expect Asia Pacific to report the fastest CAGR of 8.20% during forecast period. On the other hand, North America is likely to register a CAGR of 7.0% between 2014 and 2020. The increasing incidence of breast cancer in Asia Pacific is the key factor driving the growth of the cancer diagnostics market in this region.
The market for cancer diagnostics in the Rest of World is also expected to post healthy growth in the forthcoming years on account of the increasing prevalence of lung cancer.
On the whole, the global cancer diagnostics market looks will expand impressively over the forecast period. However, the lack of appropriate reimbursement policies is projected to restrict the growth of this market significantly in the near future.
Companies mentioned in the research report
The global cancer diagnostics market is moderately fragmented in nature. GE Healthcare, Siemens, and Philips Healthcare are the key manufacturers of imaging equipment for cancer diagnosis. Abbott Diagnostics, F. Hoffmann-La Roche Ltd., Ambry Genetics, Myriad Genetics, AstraZeneca, Pfizer, and Eli Lily Co. are the major suppliers of oncology diagnostics tests related products in the global arena.
Key Segments of Global Cancer Diagnostics Market
- Tumor Biomarker Tests
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments