Cancer Diagnostics Market (By Product: Consumables, Instruments; By Type: IVD, LDT; By Application: Breast Cancer, Lung Cancer; By End-use; By Test Type) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global cancer diagnostics market size was estimated at around USD 107.48 billion in 2023 and it is projected to hit around USD 195.77 billion by 2033, growing at a CAGR of 6.18% from 2024 to 2033. This market is expected to grow as a result of rising cancer prevalence, improvements in diagnostic technology, and increased efforts from both public and commercial sectors.

Cancer Diagnostics Market Size 2024 to 2033

Key Pointers

  • North America dominated the market with the largest market share of 41% in 2023.
  • Asia Pacific market is anticipated to witness the fastest CAGR from 2024 to 2033.
  • By Product, the consumables segment held the largest revenue share of 60% in 2023.
  • By Type, the in vitro diagnostics (IVD) segment generated the maximum market share of 53% in 2023.
  • By Type, the Laboratory Diagnostic Tests (LDTs) are anticipated to exhibit the highest CAGR from 2024 to 2033.
  • By Application, the breast cancer segment captured the maximum market share of 17% in 2023.
  • By Application, the Lung cancer is expected to expand at the highest CAGR of 7.71% from 2024 to 2033.

Cancer Diagnostics Market Overview

The global cancer diagnostics market has witnessed significant growth in recent years, driven by advancements in technology, increasing cancer prevalence, and a growing emphasis on early detection. This overview aims to provide a comprehensive understanding of the current landscape, key players, and emerging trends within the cancer diagnostics sector.

Cancer Diagnostics Market Growth

The growth of the cancer diagnostics market is propelled by several key factors. Technological advancements in diagnostic tools, such as next-generation sequencing and molecular imaging, have significantly enhanced the accuracy and efficiency of cancer detection. With a rising global incidence of various types of cancers, there is an increasing demand for advanced diagnostic solutions to enable early detection, a crucial factor in improving patient outcomes. The trend towards personalized medicine, driven by the need for tailored treatment plans based on individual genetic profiles, further fuels the market's expansion.

Cancer Diagnostics Market Trends:

  • Rise of Liquid Biopsy Techniques: The adoption of liquid biopsy methods for cancer diagnostics is a prominent trend. These non-invasive techniques, capable of detecting circulating tumor DNA and other biomarkers in blood, offer a promising avenue for real-time monitoring and early cancer detection.
  • Integration of Artificial Intelligence (AI): The increasing integration of artificial intelligence in cancer diagnostics is transforming the landscape. AI-powered algorithms enhance the speed and accuracy of image analysis and data interpretation, contributing to early detection, precise diagnosis, and improved treatment planning.
  • Emphasis on Early Detection: There is a growing emphasis on early cancer detection, driven by the understanding that timely diagnosis significantly improves patient outcomes. This trend is encouraging the development and adoption of advanced screening and diagnostic tools to detect cancer at its earliest and most treatable stages.
  • Personalized Medicine and Molecular Profiling: The shift towards personalized medicine based on individual genetic profiles is a key trend. Diagnostic tools that enable molecular profiling play a crucial role in tailoring treatment plans to the unique characteristics of each patient, contributing to more effective and targeted therapies.
  • Advancements in Next-Generation Sequencing (NGS): Next-generation sequencing technologies are continually advancing, enabling comprehensive genomic analysis for cancer diagnostics. These advancements facilitate the identification of specific genetic alterations, guiding treatment decisions and improving the overall efficacy of cancer therapies.
  • Focus on Biomarker Discovery: Ongoing efforts in biomarker discovery are shaping the cancer diagnostics landscape. The identification and validation of novel biomarkers for different cancer types contribute to the development of more specific and sensitive diagnostic tests, enhancing the overall precision of cancer diagnostics.
  • Global Expansion of Diagnostics Market: The cancer diagnostics market is witnessing global expansion, with increased awareness and access to diagnostic services in emerging economies. This expansion is driven by efforts to address the growing burden of cancer and ensure equitable access to advanced diagnostic technologies worldwide.

Product Insights

The consumables segment dominated the market in 2023, holding the largest share at 60%, and is poised to exhibit the most rapid growth throughout the forecast period. Advancements in imaging diagnostic techniques and the development of effective monoclonal antibody-based assays for detecting antigens and small chemicals produced by malignant cells are expected to significantly enhance diagnostic capabilities. While monoclonal antibody (mAb) technology is still in its early stages, recent innovations in recombinant antigen synthesis and antibody creation techniques have substantially expanded its potential in the field of diagnosis.

The instruments segment is projected to experience noteworthy growth during the forecast period. Analytical instruments, including equipment and machines, play a vital role in automating the diagnostic process by facilitating the convergence of samples and reagents. Kits and robots utilized in pathology laboratories aid in the quantification and detection of infectious microorganisms, blood antigens, and viral load.

Type Insights

The in vitro diagnostics (IVD) segment took precedence in 2023, commanding a share of 53%, primarily driven by the escalating adoption of IVD, notably in response to the increased testing demands during the COVID-19 pandemic. The market's growth is further propelled by the development of automated IVD systems designed for hospitals and laboratories, promising accurate, efficient, and error-free diagnostics. A case in point is BD's announcement in March 2019, receiving CE-IVD certification for the automated flow cytometry system, BD FACSDuet, enhancing clinical laboratories' efficacy and throughput compared to manual processes.

Laboratory Diagnostic Tests (LDTs) are anticipated to exhibit the highest CAGR from 2024 to 2033. LDTs play a crucial role in swiftly incorporating new information to determine personalized therapy, enabling a shift from a generalized "one drug fits all" approach to a more individualized strategy based on unique genetics. Notably, LDTs are introduced to the market without independent regulatory assessment or FDA approval, as they are generated and utilized within the same facility.

Application Insights

The breast cancer segment commanded the largest revenue share at 17% in 2023, with the anticipation of continued growth driven by increased research and development in advanced screening tools for breast cancer. A noteworthy study published in Scientific Reports in September 2019 explored a novel screening test combining the expression of MMP-1 (matrix metalloproteinase-1) and miR-21 in urinary exosomes.

Lung cancer is poised to experience the fastest CAGR of 7.71% from 2024 to 2033, primarily attributed to the increasing availability of technologically advanced products for cancer diagnostics. Oncocyte's offering, DetermaDx, is a notable example, utilizing a multigene assay to measure gene expression in circulating blood cells, providing a non-invasive means to identify lung nodules and potentially avoiding the need for invasive biopsy procedures. The industry's growth is further fueled by a surge in research and development activities aimed at developing novel diagnostic tests.

End-use Insights

The laboratories segment asserted its dominance in the market in 2023, securing a substantial share of 52%. Diagnostic laboratories are poised for significant growth throughout the forecast period, fueled by the increased volume of testing and the availability of resources dedicated to conducting diagnostic tests. The heightened reliance of hospitals on diagnostic laboratories for testing and evaluation is a key driver, contributing to accelerated growth.

The others segment, encompassing home-based tests, is expected to register the fastest compound annual growth rate (CAGR) of 7.18% from 2024 to 2033. This surge is attributed to the increased adoption of home-based and technologically advanced treatments during the COVID-19 pandemic. Recognizing the need for new models in the cancer community and among payers to reduce unscheduled hospitalizations and emergency department visits, home-based tests offer a promising alternative. Key players are actively focusing on the development of home-based tests to enhance accessibility, driving the demand for this segment.

Test Type Insights

Comparing panel-based tests to BRCA1/2 genetic testing proves crucial in assessing the inherited risk of breast and ovarian cancers. While BRCA1/2 testing specifically targets these cancers, panel-based tests offer a broader clinical value and higher yield by also addressing the hereditary risk of other malignancies, including pheochromocytoma-paraganglioma and colon cancer. Individuals with genetic abnormalities associated with hereditary cancer syndromes face an increased likelihood of cancer onset earlier than the general population, emphasizing the importance of early detection, a demand that propels the popularity of panel tests.

Biopsy is projected to experience the fastest CAGR from 2024 to 2033, owing to its various benefits, notably the early detection of cancer. Additionally, a biopsy provides critical insights into the cancer's aggressiveness and its likelihood of spreading to other organs. This diagnostic tool plays a pivotal role in tailoring specific treatment plans based on the cancer's spread. Noteworthy product launches contribute significantly to the growth of this market, exemplified by OverC's FDA approval and breakthrough device designation in January 2023. OverC is intended for the detection of liver, esophageal, pancreatic, ovarian, and lung cancers.

Regional Insights

North America asserted its dominance in the market with a substantial revenue share of 41% in 2023. The growing burden of cancer in the United States and Canada, coupled with the increasing focus of medical device companies on innovating novel diagnostic devices for cancer detection, has significantly contributed to market growth. Noteworthy product launches also play a pivotal role in influencing the positive trajectory of the market.

The Asia Pacific market is anticipated to witness the fastest CAGR from 2024 to 2033, driven by factors such as increasing healthcare reforms and a rising prevalence of cancer in the region. According to a report published by PubMed Central in March 2022, China, in particular, faces a high incidence of cancer, with an estimated 4.8 million new cases predicted by 2022, with lung cancer being the most prevalent. The elevated cancer prevalence in the country is expected to be a significant driver of market growth.

Cancer Diagnostics Market Key Companies

  • Abbott
  • F. Hoffmann-La Roche Ltd.
  • GE Healthcare
  • QIAGEN
  • BD
  • Koninklijke Philips N.V. (Philips)
  • Siemens Healthcare GmbH
  • Hologic, Inc.
  • Thermo Fisher Scientific, Inc.
  • Illumina, Inc.

Cancer Diagnostics Market Segmentations:

By Product

  • Instruments
    • Pathology-based Instruments
      • Slide Staining Systems
      • Tissue Processing Systems
      • Cell Processors
      • PCR Instruments
      • NGS Instruments
      • Microarrays
      • Other Pathology-based Instruments
    • Imaging Instruments
    • Others
  • Consumables
    • Antibodies
    • Kits & reagents
    • Probes
    • Others
  • Services

By Type

  • IVD
    • By Type
      • Diagnosis
      • Early Detection
      • Therapy Selection
      • Monitoring
    • By Technology
      • Polymerase Chain Reaction (PCR)
      • In Situ Hybridization (ISH)
      • Immunohistochemistry (IHC)
      • Next-generation Sequencing (NGS)
      • Microarrays
      • Flow Cytometry
      • Immunoassays
      • Other IVD Testing Technologies
  • LDT
  • Imaging
    • Magnetic Resonance Imaging (MRI)
    • Computed Tomography (CT)
    • Positron Emission Tomography (PET)
    • Mammography
    • Ultrasound
    • Others

By Application

  • Breast Cancer
  • Colorectal Cancer
  • Cervical Cancer
  • Lung Cancer
  • Prostate Cancer
  • Skin Cancer
  • Blood Cancer
  • Kidney Cancer
  • Liver Cancer
  • Pancreatic Cancer
  • Ovarian Cancer
  • Others

By End-use

  • Hospitals
  • Laboratories
  • Others

By Test Type

  • Biopsy
    • Fine-needle Aspiration
    • Core Biopsy
    • Surgical Biopsy
    • Skin Biopsy /Punch Biopsy
    • Others
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

Frequently Asked Questions

The global cancer diagnostics market size was reached at USD 107.48 billion in 2023 and it is projected to hit around USD 195.77 billion by 2033.

The global cancer diagnostics market is growing at a compound annual growth rate (CAGR) of 6.18% from 2024 to 2033.

The North America region has accounted for the largest cancer diagnostics market share in 2023.

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