CANCER DIAGNOSTICS MARKET ANALYSIS (2020-2027)

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CANCER DIAGNOSTICS MARKET ANALYSIS (2020-2027)

• Cancer Diagnostics Market, By Test Type (Tumor
  Biomarkers Tests (PSA Tests, CTC Tests, AFP
  Tests, CA-19 Tests, HER2 Tests, BRCA Tests, ALK
  Tests, CEA Tests, EGFR Mutation Tests, KRAS
  Mutation Tests, Others)), Imaging (Ultrasound,
  Mammography, MRI Scan, PET Scan, CT Scan, SPECT
  Others), Biopsy (Needle Biopsy, Endoscopic
  Biopsy, Bone Marrow Biopsy, Others), Liquid
  Biopsy Immunohistochemistry In Situ
  Hybridization), By Cancer Type (Breast Cancer,
  Lung Cancer, Colorectal Cancer, Melanoma, Blood
  Cancers, Prostate Cancer, Ovarian Cancer, Stomach
  Cancer, Liver Cancer, Others), By End User
  (Hospital Associated Labs, Independent Diagnostic
  Laboratories, Diagnostic Imaging Centers, Cancer
  Research Institutes, Others), and By Region
  (North America, Latin America, Europe, Asia
  Pacific, Middle East Africa) - Size, Share,
  Outlook, and Opportunity Analysis, 2020 - 2027

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• 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.

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• Moreover, RD 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 cellsby 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.

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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.

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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.

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• 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 bodys early-warning signs of
  cancer, using AI. In October 2018, the company
  presented early data in RD 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

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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 Medicines
  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 MA 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.

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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.

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