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Cancer Testing Screening Market - Forecast(2024 - 2030)
Cancer Testing Screening Market Overview
Cancer Testing
Screening Market size is projected
to reach $220.66 billion by 2027 and is expected to grow at a CAGR of 6.4%
during the forecast period 2022-2027. Cancer Testing and Screening are
vital procedures for aid in the early detection of cancer before symptoms
occur. It lowers the risk of malignant cells growing abnormally and lowers the
person's mortality rates. Each type of cancer has a screening test that can
help spot cancer early on. There is increasing adoption of cancer screening
tests, particularly in countries with the highest cancer rates. The improved
research and development activities coupled with the increasing public
awareness of cancer diseases are all predicted to create a new window of opportunities
in the global cancer Testing screening market. However, COVID-19 has restrained
the market growth. The lack of adequate supplies needs for more service
providers added to the crises, thereby restraining the market growth.
Cancer Testing Screening Market Report Coverage
The report: “Cancer Testing Screening
Market Forecast (2022-2027)”,
by Industry ARC, covers an in-depth analysis of the following segments of
the Cancer Testing Screening Market.
By Type: Diagnostics,
Screening.
By Cancer Type: Respiratory System Cancer, Leukemia, Myeloma
and Lymphoma, Skin Cancer, Abdominal/Digestive System Cancer, Genital Cancer,
Oral Cancer, Urinary System Cancer, Endocrine System Cancer, Breast Cancer,
Others.
By Technique: Imaging, Biopsy, Genomic and Molecular Tests
(Next Generation Sequencing, RT-PCR, Microarrays, Biomarker Testing, Others.
By Product Type: Molecular Diagnostics, Companion Diagnostics.
By Stage: Terminal, Stage 0-4, Prognosis, Other
Staging System.
By Gender: Male, Female.
By Geography: Americas (U.S, Canada, Brazil, Rest of
Americas), Europe (U.K, Germany, France, Italy, Spain and Rest of Europe),
Asia-Pacific (China, Japan, India, and South Korea), and Rest of the World
(Middle East, Africa).
Key Takeaways
- Geographically, The Americas Cancer Testing Screening market accounted for the highest revenue share in 2021, followed by Europe. This is owing to the steady rise of Lung and Prostate Cancer cases in both regions which are being driven by the adoption of unhealthy lifestyles such as excessive alcohol consumption and smoking.
- The increasing number of cancer cases around the world is unfortunate. However, it is beneficial to the cancer screening industry. The industry is also being propelled forward by Increased research and development (R&D) to develop effective cancer treatments and early detection. Innovative technologies including positron emission mammography, spectroscopy-enhanced colonoscopy, and hyperpolarization MRI, among others, are improving screening efficiency.
- Cancer Testing Screening Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Cancer Testing Screening Market report.
Cancer Testing Screening Market: Market Share (%) by Region, 2021
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Cancer Testing Screening Market Segment Analysis – By Cancer Type
The Cancer Testing Screening Market based on Cancer
Type can be segmented into Respiratory System Cancer, Leukemia, Myeloma, and
Lymphoma, Skin Cancer, Abdominal/Digestive System Cancer, Genital Cancer, Oral
Cancer, Urinary System Cancer, Endocrine System Cancer, Breast Cancer, and
Others. Abdominal/Digestive system cancer had the largest share in the cancer
testing screening market in 2021 and is expected to grow at a CAGR of 5.9% owing
to the rise in consumption of processed food and alcohol. Additionally, the
increase in the global geriatric population has generated demand for imaging
devices for early detection and treatment of Abdominal cancer, thereby driving
the segment. According
to the Organization of the United Nations, the proportion of people aged 65 and
up in the global population climbed from 6% in 1990 to 9% in 2019. By 2050,
that percentage is expected to climb to 16%, implying that one in every six
individuals on the planet is predicted to be 65 or older.
Cancer Testing Screening Market Segment Analysis – By Technique
The Cancer Testing Screening Market based on
the Technique can be segmented into Imaging, Biopsy, Genomic and Molecular
Tests (Next Generation Sequencing, RT-PCR, Microarrays, Biomarker Testing, and
Others. Biopsy
technique dominated the Cancer testing screening Market in 2021 and is expected
to grow at a CAGR of 6.2%. This is owing to its high accuracy during Cancer
Diagnosis. Other Diagnostic
advances, such as imaging techniques, have increased demand for cancer testing
and screening. Imaging has become an important aspect of cancer detection and
diagnosis, with recent advancements in tumor imaging technologies improving the
diagnosis of five common cancers, including breast, lung, prostate, and colorectal
cancers.
Cancer Testing Screening Market Segment Analysis – By Geography
The Cancer Testing Screening Market based on
Geography can be segmented into Americas, Europe, Asia-Pacific, and the Rest of
the World. Americas region dominated the cancer screening/testing market in
2021 with a market share of 41% and is growing at a CAGR of 4.5% during the
forecast period 2022-2027. This is owing to the high rate of new cancer cases
each year along with increased awareness amongst the masses.
However, Asia Pacific is set to be the fastest-growing segment with a CAGR of 11% during the forecast period 2022-2027. This is owing to the growing rate of endocrine, abdominal, leukemia, myeloma, and lymphoma cancers in the Asia Pacific region.
Cancer Testing Screening Market Drivers
Growing Number Of Cancer Screening Awareness Campaigns To Raise Awareness About The Importance Of Early Detection Of Breast Cancer Is To Drive Market Growth
Several governmental and commercial groups are
launching various campaigns to raise awareness about the importance of early
detection of breast cancer, the second most frequent cancer among women in the
United States. Breast Cancer Diagnostics Market Growth Depends on Cancer Awareness
Campaigns. Nations around the globe have initiated various Cancer Screening
Awareness Campaigns to encourage young people to make these life-saving
behaviors part of their daily routine. For example, Breast cancer campaigns,
Cervical cancer awareness campaigns, Protect Your Skin campaigns, Ovarian
cancer awareness campaigns and Colorectal cancer awareness campaigns are among
the few impacting the growth of the cancer screening and diagnostics market.
For instance, the 'Be Clear on Cancer campaign has substantially increased the
number of referrals under the 2WW rule. This has increased demands on both
resources (59% more tests) and finance. Cost per cancer detected rose by 27%
with no increase in funding to support the increased activity.
Technological Advancements And Automation In Cancer Testing And Screening Is To Fuel Service Demand
Cancer testing has become more accurate and
user-friendly as a result of technological developments and automation, which
has aided industry growth. Novel screening technologies have largely been
adopted owing to their ability to increase tumor detection rates. Additionally,
the cancer testing & screening market is likely to be driven by the
approval of novel biomarkers and increased R&D spending. The key players in
the market are increasingly investing in AI-based imaging biomarkers. For
instance, Brainomix has invested $21.2 million for the development of an AI
platform that automates validated imaging biomarkers to improve both diagnosis
and treatment decisions to build on the proven success of the company's tech
platform in stroke and enable value-generating pharmaceutical partnerships. Proteomics
and genomics are two OMICS technologies that will propel the cancer testing
& screening industry forward.
Cancer Testing Screening Market Challenges
High Cost Of Cancer Diagnosis And Increased Financial Burden To Hamper The Market Growth
Cancer has a
significant financial impact on patients and their families. Today, the
estimated 16.1 million cancer patients face annual out-of-pocket medical
expenses that are 61% higher than those who do not have cancer. Cancer
patients had higher out-of-pocket costs than non-cancer patients, with
high-deductible health plans having the greatest out-of-pocket costs. According
to a report by the National Coalition of Cancer Survivorship 47% of cancer
patients reported financial burden in cancer care.
Cancer Testing Screening Industry Outlook
Product Launch, Collaboration,
and Acquisitions key strategies adopted by players in the Cancer Testing
Screening Market. In 2020, the Cancer Testing Screening Market share is consolidated by the top
ten players present in the market. In the Cancer Testing Screening Market, the top 10 companies
are-
- DiaSorin S.p.A
- Immunodiagnostic Systems Holdings Ltd
- Epigenomics AG
- Quest Diagnostics Inc.
- F. Hoffmann-La Roche Ltd
- VolitionRX Limited
- Abbott Laboratories
- QIAGEN GmbH
- Siemens Healthineers AG
- Becton, Dickinson, and Company
Recent Developments
- In January 2022, Siemens Healthineers, through its subsidiary Varian entered into a ten-year strategic partnership with Oulu University Hospital in Finland, to build a comprehensive digital, diagnostic and therapeutic ecosystem that addresses the entire cancer treatment pathway. Siemens will supply a technology and services package to Oulu University Hospital that includes cancer imaging and radiation therapy equipment, software solutions for enhanced workflow and decision support, and related support services.
- In February 2022, Becton, Dickinson, and Company acquired Cytognos, a company specializing in flow cytometry solutions for blood cancer diagnosis, minimal residual disease (MRD) detection, and immune monitoring research for blood diseases. The acquisition enables BD to enhance chronic illness management by increasing its offering of blood cancer diagnostics, immunological assessment tests, and informatics.
- In October 2021, Roche entered into a collaboration with PathAI, a global leader in artificial intelligence (AI)-powered technology for pathology. Under the agreement, the companies are to jointly develop an embedded image analysis workflow for pathologists, which can benefit cancer patients through more precise diagnosis.
Relevant Titles:
Cancer
Biomarkers Market Forecast (2022-2027)
Report Code: HCR
0194
Cancer
Diagnostics Market - Forecast(2022 - 2027)
Report
Code: HCR 0195
Oncology
Clinical Trials Market - Forecast(2022 - 2027)
Report Code: HCR 1377
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