Cancer Diagnostics Industry: Growth is Attributed to Rising Initiatives Undertaken by Public and Private Organizations

Cancer Diagnostics Industry Data Book Covers Breast Cancer Diagnostic, Cervical Cancer Diagnostic, Lung Cancer Diagnostic, Liver Cancer Diagnostic, Pancreatic Cancer Diagnostic, and Ovarian Cancer Diagnostic Market

The global Cancer Diagnostics Industry was estimated at USD 45.66 billion in 2022 and is anticipated to increase at a significant CAGR of 5.9% from 2023 to 2030.

Grand View Research’s cancer diagnostics industry data book is a collection of market sizing & forecasts insights, regulatory & technology framework, pricing intelligence, competitive benchmarking analyses, and macro-environmental analyses studies. Within the purview of the database, such information is systematically analyzed and provided in the form of summary presentations and detailed outlook reports on individual areas of research.

Liver Cancer Diagnostics Market Insights

The global liver cancer diagnostics market size was valued at USD 5.99 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.96% by 2030. Around the world, liver cancer is among the leading cause of cancer-related deaths. As per the American Cancer Society, since the 1980s, liver cancer occurrence rates have increased three times and death rates have doubled now. According to cancer statistics in 2022, in the U.S., around 41,260 new cases are expected to be diagnosed whereas about 30,520 deaths will account because of liver cancer. The prevalence of liver cancer worldwide and the associated continuous exposure of the population to risk factors will drive the screening & diagnosis market rapidly.

The risk factors for liver cancer include lifestyle changes such as smoking, alcohol consumption, and tobacco chewing, and diseases such as chronic viral hepatitis i.e. hepatitis B virus (HBV) or hepatitis C virus (HCV), cirrhosis, type 2 diabetes, and even obesity. The prevalence of one or more risk factors predisposes the liver and increases the probability of the occurrence of liver cancer.  Accurate early detection, diagnosis & staging is important for improving survival rates. This has led to exhaustive initiatives undertaken by many institutes & companies to develop innovative solutions for screening. For example, in October 2022, researchers using the DELFI platform, an AI liquid biopsy technology by Delfi Diagnostics, Inc. presented the findings of accuracy in the detection of patients with liver cancer from patients without cancer, in a cost-effective manner.

Moreover, the growing number of government programs to spread awareness about early detection & diagnosis of liver cancer will also boost the worldwide demand for diagnostics solutions. For instance, in August 2022, the National Cancer Institute (NCI) sponsored researchers from Baylor College of Medicine, Texas with USD 5.5 million in a 5-year grant. The research will have a goal to reduce the burden of liver cancer by analyzing the risk factors, and identification of preventative treatments. Also, collaborative efforts and partnerships by the WHO, National Cervical Cancer Coalition, the U.S. Preventive Services Task Force, the CDC, and others for routine screening programs for liver cancers are key factors anticipated to fuel the growth during the forecast years.

Multiparameter Patient Monitoring System Market size (USD Million), 2022 & 2030, & Market Attributes

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Pancreatic Cancer Diagnostic Market Insights

The global pancreatic cancer diagnostic market size was valued at USD 2.37 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.53% from 2023 to 2030. The increasing prevalence of pancreatic cancer and the rise in awareness regarding early disease diagnosis is the leading factor driving the global market. In addition, technological advancements in terms of accuracy & sensitivity of diagnostic tests, evolution in molecular diagnostics, and biomarker tests used for malignancy detection are other factors propelling the market demand forward.

Pancreatic cancer is one of the leading causes of cancer-related deaths globally and the burden of disease is escalating at a significant pace. According to the American Cancer Society, the 5-year relative survival rate of patients having localized pancreatic cancer is around 44%, whereas, in the case of regional and distant stages, the 5-year relative survival rate is 15% and 3% respectively. Therefore, medical professionals and healthcare authorities are emphasizing developing & commercializing precise screening methods to monitor the prevalence levels.

Moreover, early disease diagnosis is very crucial for positive treatment outcomes. As a result, market players and healthcare organizations are raising funds, awareness programs, and research initiatives to promote routine checkups and screenings. For instance, in August 2022, the Pancreatic Cancer Action Network (PanCAN) awarded USD 10.5 million for 16 new grants that would support R&D activities for early detection and better treatment options in cases of pancreatic cancer.

The significant rise in the number of pancreatic malignancy cases is fueling the adoption of screening tests and creating a demand for novel screening tests. According to the National Cancer Institute, in 2022, the number of estimated new cases was 62,210, with 49,830 deaths in the U.S. Currently, diagnostic tests like biomarker tests, liver function tests, biopsies, imaging tests, and others are used in disease diagnosis.

Go through the table of content of Cancer Diagnostics Industry Data Book to get a better understanding of the Coverage & Scope of the study

Cancer Diagnostics Industry Data Book Competitive Landscape

Key players in this market are implementing various strategies including partnerships, mergers and acquisitions, geographical expansion, and strategic collaborations to expand their market presence. For instance, in February 2023, F. Hoffmann-La Roche Ltd. announced extending its collaboration with Janssen to advance personalized healthcare by focusing on companion diagnostics.

Key players operating in the Cancer Diagnostics Industry are:

  • GE Healthcare
  • Abbott
  • Hoffmann-La Roche Ltd.,
  • QIAGEN
  • BD

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