Advanced Cancer Diagnostics Market Size to Grow at a CAGR of 12.3% During the Forecast Period 2021-2026

(I-BusinessNews.Com, August 15, 2021 ) Advanced Cancer Diagnostics Market size was estimated at $6.8 billion in 2020, projected to grow at a CAGR of 12.3% during the forecast period 2021-2026. Advanced Cancer Diagnostics industry has witnessed huge demand owing to the rising prevalence of cancer cases globally. Cancer, also known as malignant neoplasm, is a group of disease characterized by irregular cell formation. Uncontrollable cell growth results in formation of malignant tumours that invade to adjacent body parts. Some biomarkers are used to assess an individual whether or not that person develops cancer.

Recently, next generation sequencing (NGS) is adopted by clinical oncology to advance the personalized treatment of cancer. NGS is used to detect carriers of familiar cancer mutation, novel and rare cancer mutations, and provide appropriate target therapy. Immunohistochemistry is used to help find the difference between various types of cancer. It is extensively used in diagnosis of various cancers as specific tumor antigens are up-regulated in certain types of cancer. Biomarker testing or molecular testing or genetic testing is a group of tests that look for the molecular signs of health so that the doctor plans the best care. It is used to diagnose advanced-stage lung cancer patients to identify the presence of particular mutations.

Ductal carcinoma, colorectal cancer, prostate, skin, stomach and lung cancer are some of the most common cancers according to World Health Organization (WHO). The rising number of cancer cases along with increasing patient awareness on cancer are the major factors driving the market growth. According to the WHO, Cancer is the leading cause of death globally, in 2020 it is reported that nearly 10 million deaths were caused by cancer.

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Advanced Cancer Diagnostics Market Segment Analysis – By Type

Based on Type, Advanced Cancer Diagnostics Market is segmented into Next generation sequencing, Lab-on-a-chip, Cellular analysis, Real time PCR (RT_PCR), Multiplexed arrays, and High-density microarrays. The next-generation sequencing segment is accounted for the largest revenue market share in 2020. This is attributed to the advanced technology of NGS as it has progressed to the point that several laboratories are considering it for routine diagnostic use. When compared to other sequencing modalities, its speed, sensitivity and reduced cost per sample make it very appealing platform. Furthermore, as more genetic determinants of cancer are discovered, there is a greater need for multi-gene assays that sequence complete gene from patient’s samples rapidly and accurately.

Real time PCR is anticipated to grow with the fastest CAGR of 12.7% in the forecast period 2021-2026. RT-PCR is currently the most effective method to determine the amount of specific DNA in a complex biologic sample. RT-PCR has become most favorable option for the analysis of cancer markers these days owing to its capability to identify small mutations, down to single base changes. Such techniques are becoming easier and fast and are multiplexed.

Advanced Cancer Diagnostics Market Segment Analysis – By Application

Based on Application, Advanced Cancer Diagnostics Market is segmented into ductal carcinoma, Cervical, Colorectal, Prostate, Lung, Skin, Blood, Liver, Kidney, Ovarian, Pancreatic cancer, and Others. ductal carcinoma segment is accounted for the largest revenue market share in 2020 owing to increase in prevalence of ductal carcinoma cases globally. According to WHO, 2.26 million new ductal carcinoma cases were reported globally in the year 2020.

Application of next generation sequencing to ductal carcinoma is associated with numerous advances and increases the understanding of the disease. Women aged between 50 to 75 years are said to have higher risk of developing ductal carcinoma according to the United States Preventive Services Task Force (UPSPSTF).

Advanced Cancer Diagnostics Market Segment Analysis – By Geography

Based on Geography, North America Advanced Cancer Diagnostics Market accounted for the 45% revenue share in 2020. This is majorly attributed to the rising number of accidents and presence of local key market players in this region. According to American Cancer Society, in the United States new cancer cases are 1,762,450 and deaths are 606,880 in 2019. Presence of various biotechnology and medical device manufacturing companies in this region is the major factor driving the market. Asia-Pacific is projected to grow with the fastest CAGR in the forecast period 2021-2026 owing to its growing medical tourism, presence of skilled biotechnologists, increase in geriatric population, rising health care expenditure coupled with government initiatives.

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Advanced Cancer Diagnostics Market Drivers

Rising Government Initiatives:

Enormous efforts by the government and the global health organizations like WHO and Center of Disease Control to create awareness among the people regarding cancer, and reduce the disease burden is predicted to favour the advanced cancer diagnostics market expansion. For example, WHO collaborated with the International Agency for Research on Cancer (IARC) and some other UN organizations in order to control the prevalence of non-communicable diseases.

Advanced Cancer Diagnostics Market Challenges

Lack of Awareness in Emerging Economies:

Lack of awareness on cancer among people in emerging countries is poised to hinder the growth of the advanced cancer diagnostics market. In developing countries especially larger population countries like China, India, Brazil, South Africa, it has become very difficult to reach the rural people to provide healthcare facilities, as there is a lack of proper healthcare infrastructure, skilled technicians and medical professionals.

Advanced Cancer Diagnostics Market Segment Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Advanced Cancer Diagnostics Market. Advanced Cancer Diagnostics Market top 10 companies are Biocept, Roche, Beckman Coulter Inc., Abbott Laboratories, Becton Dickinson & Co., GE Healthcare, Affymetrix Inc., Gen Probe Inc. and Biotheranostics.

Acquisitions/Product Launches:

In March 2020, Siemens Healthineers has received CE mark for its AI-Pathway Companion Prostate Cancer. This approval enabled the company to market their product in Europe as a medical device.

Key Takeaways

Geographically, North America Advanced Cancer Diagnostics Market held the largest revenue share of 45% in 2020 owing to the rising number of cancer cases in this region.

According to WHO, 2.26 million new cases of ductal carcinoma was reported in the year 2020, thus generating significant growth opportunity for service demand.

Increase in prevalence of ductal carcinoma, increasing aging population, growing medical tourism in various developing countries are the other factors boosting the market growth and provide lucrative growth opportunities for the global market expansion.

Related Reports:

A. Cancer Testing/Screening Market

B. Cancer Biomarkers Market

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