Rising prevalence of cancer is likely to fuel the demand forcancer diagnostics. A study by Future Market Insights (FMI) projects the cancer diagnostics market to surpass US$ 47.62 Bn in2021. According to the World Health Organization (WHO), cancer is the second
-leading cause of death globally, accounting for over 9.9 million deaths in
2020. Rising cases of cancer have been fuelling the demand for advanced
diagnostics.
Technological advancements in various fields such as biopsy,imaging, biomarkers and endoscopy, rising prevalence of cancer, increase in
government initiatives for creating awareness, rapidly increase in geriatric
population, and growing government funding are key factors driving the growth
of the cancer diagnostics market.
Timely detection of cancer requires suitable diagnostictests to screen the immunosuppressed population which is at moderate risk of
cancer, particularly for lung cancer, cervical cancer, breast cancer, prostate
cancer, colon cancer and melanoma. Growing awareness of early signs and
symptoms of cancer among physicians and other healthcare professionals as well
as among the general population supplements the growth of cancer diagnostics.
Inclusion of cancer screening tests in National CancerScreening Programs is another major factor expected to fuel the demand for
cancer diagnostics. Introduction of regular mammography into national cancer
programs by major developed countries where the incidence of breast cancer is
high that is leading towards increasing adoption of cancer diagnostics in
developed region.
For instance, the U.S. government has included the NationalMammography Program in its national cancer screening programs. The government
of Australia is taking initiative by conducting 3 cancer screening programs
such as the National Cervical Screening Program, BreastScreen Australia and the
National Bowel Cancer Screening Program. Similarly, most of the countries in
Europe are continuously adopting HPV DNA screening for cervical cancer as a
part of national cervical cancer programs.
Short-term Negative Impact Likely Due to COVID-19
The cancer diagnostics market is expected to experienceshort-term negative growth owing to a reduction in the cancer diagnosis
procedures and adoption rate in developed and emerging countries. COVID-19 has
impacted the landscape of cancer diagnostics. This has affected demand in
various fronts, from prevention to screening and diagnosis, palliative care,
treatment, and patient follow-up, to logistics and supplies of cancer
diagnostic tests kits and other essential commodities.
Nonetheless after a period of muted growth, the market ispoised to recover as economies return to normalcy. As per FMI, the rising
incidence of lung cancer is attributable for over 19% of sales in the market.
- Key Takeaways from Cancer Diagnostics Market Study
- The rising incidence of cancer will fuel the demand for cancer diagnostics,
enabling the market register 8.5% CAGR between 2021 and 2022 - Increasing cases of cancer in the U.S. accounts for 84% of demand in North America
- Increasing healthcare spending will enable the U.K. market register over 5% y-o-y
growth in 2021 - Favorable reimbursement policies will support growth in France and Germany
- Expansion of the healthcare sector will support growth in Japan and South Korea
“Advancementsin cancer diagnostics and rising prevalence of cancer are expected to aid
growth of cancer diagnostics. A majority of leading players in cancer diagnostic market are adoptingstrategic partnerships to sustain the increasing competitive pressure,” saysthe FMI Analyst
Who is Winning?
Partnerships between cancer diagnostic assay kitsdevelopers, instrument manufacturers and technology licensers are often
intended to increase the consumer base.
For instance, in March 2021, Illumina, Inc. signed apartnership agreement with Geneseeq Technology Inc. to develop comprehensive
in-vitro diagnostic (IVD) NGS testing kits by using Illumina’s NextSeq 550Dx
sequencing platform for cancer.
In June 2020, Thermo Fisher Scientific signed an agreementwith Daiichi Sankyo to Co-launch a companion diagnostic for patients with
non-small cell lung cancer for identifying Her2 gene mutations using the
Oncomine Dx target test.
Information Source: https://www.futuremarketinsights.com/reports/cancer-diagnostics-market