Cancer diagnostics market to surpass USD 185B by 2026

The cancer diagnostics market size is anticipated to surge owing to the increase in demand for cancer diagnostic products and services. In addition, the establishment of various cancer diagnostic labs, and rising government initiatives to raise awareness regarding early detection and management of cancer among patients, and others are also anticipated to drive the global cancer diagnostics market in the upcoming years.

DelveInsight’s cancer diagnostics market insights report provides the current and forecast market, upcoming device innovation, individual leading companies’ market shares, challenges, market drivers, barriers, and trends, and key cancer diagnostics companies in the market.

Key takeaways from the cancer diagnostics market report

• According to DelveInsight analysis, North America is anticipated to dominate the global cancer diagnostics market during the forecast period.
• The leading cancer diagnosticscompanies such as Pillar Biosciences, Inc., Hologic Inc., CD Genomics, Natera, Inc., Agendia Inc., Biodesix Inc., INOVIQ Ltd., HTG Molecular Diagnostics Inc., Bio-Rad Laboratories, Inc., Koninklijke Philips N.V., FUJIFILM Holdings Corporation, Abbott, General Electric Company, Thermo Fisher Scientific Inc., NeoGenomics Laboratories, F. Hoffmann-La Roche Ltd, Agilent Technologies Inc, Guardant Health, Illumina, Inc., QIAGEN, and others are currently dominating the cancer diagnostics market.
• As per DelveInsight estimates, the global cancer diagnostics market size is expected to grow at a CAGR of 9.43% during the forecast period (2021-26).
• In November 2021, Hologic, Inc. commercially launched its new Genius™ Digital Diagnostics System in Europe. The Genius Digital Diagnostics System is the next generation of cervical cancer screening that combines deep learning-based artificial intelligence (AI) with advanced volumetric imaging technology to help identify pre-cancerous lesions and Cervical Cancer cells in women.
• In June 2021, NeoGenomics completed its acquisition of Inivata Ltd, a global, commercial-stage liquid biopsy platform company headquartered in Cambridge, England.
• In August 2020, HTG Molecular Diagnostics, Inc. signed a commercialization and distribution agreement (Master Agreement) with QIAGEN Manchester Limited, a wholly-owned subsidiary of QIAGEN N.V. for companion diagnostic (CDx) assays based on HTG EdgeSeq, HTG’s novel RNA platform.

Cancer diagnostics
Cancer diagnostic tests are a necessary step toward the proper management of cancer and its progression. There are no single accurate Cancer Diagnostic tests that can be used for cancer diagnosis; the complete evaluation usually requires a thorough history and physical examination along with cancer diagnostics testing. Effective cancer diagnostic testing is used to confirm or eliminate the presence of disease, monitor the disease process, and plan for and evaluate the effectiveness of treatment. Cancer Diagnostic procedures for cancer diagnosis may include a computerized tomography (CT) scan, bone scan, magnetic resonance imaging (MRI), positron emission tomography (PET) scan, ultrasound, X-ray, among others.

Cancer diagnostics market insights
Among all the other regions, North America has occupied a major share of 42% in the overall cancer diagnostics market in 2020 and will continue to dominate during the forecasted period. This domination is due to several factors such as the rise in cancer cases, the presence of key cancer diagnostics manufacturers, well-established healthcare infrastructure, and rising awareness regarding cancer and its proper management, among others.

Furthermore, the rise in smoking among adults in the country could be a potential factor for lung cancer diagnostic tests which would, in turn, increase the cancer diagnostics market. Moreover, approval of Cancer Diagnostic products to enhance the imaging technology for various cancer detection including breast cancer diagnostics, lung cancer diagnostics, and others will also contribute to the cancer diagnostics market. For instance, on November 29, 2021, FDA approved Cytalux (pafolacianine), a targeted fluorescent imaging agent intended to assist surgeons in identifying ovarian cancer lesions. Hence, the interplay of all these factors will drive the cancer diagnostics market in the country during the forecasted period.

Cancer diagnostics market Dynamics
The cancer diagnostics market is now gaining traction due to an increase in cancer incidence worldwide. Thus, early detection of cancer is required for efficient cancer care, which would lead to a surge in demand for cancer diagnosis, boosting the cancer diagnostics market. Furthermore, technological advancements in the production of a variety of cancer diagnostics tools will benefit the market in the approaching years.

However, the negative effects of cancer diagnostic imaging technologies, as well as the high cost of cancer diagnostic products, are anticipated to stymie the global cancer diagnostics market.

Furthermore, the exceptional Covid-19 epidemic harmed the cancer diagnostics market. This is owing to the introduction of severe laws by the majority of governments throughout the world to prevent infection spread. Furthermore, as the emphasis has shifted to maintaining healthcare capacity and safeguarding high-risk patients from viral infection, cancer patients have experienced additional barriers to care. DelveInsight