The global Cancer Diagnostics market size was estimated at USD 17.1 billion in 2023 and is projected to reach USD 44.4 billion in 2030 at a CAGR of 11.2% during the forecast period 2023-2030.
Cancer is a leading cause of death worldwide, affecting both developed and developing countries. The prevalence of cancer has led to a focus on developing effective screening and treatment solutions to combat the disease. Technological advancements in diagnostic tests have played a significant role in accelerating industry growth by enabling healthcare professionals to detect cancer at earlier stages. The development of effective screening and treatment solutions is a collaborative effort involving different healthcare professionals, including doctors, researchers, and scientists. Healthcare agencies and market players are launching various programs promoting advanced diagnostics to improve cancer detection and treatment, which is expected to further accelerate market growth.
This system is a next-generation cervical cancer screening system that uses deep learning-based AI and innovative volumetric imaging technology to detect cervical cancer cells and pre-cancerous lesions in women. The use of AI and innovative imaging technology in cancer diagnostics is a significant technological advancement that can improve the accuracy and efficiency of cancer diagnosis. The availability of such advanced diagnostic systems is expected to increase the demand for cancer diagnostic products and services, thereby boosting the growth of the cancer diagnostics market. The example of the Genius Digital Diagnostics System is just one of many technological advancements in cancer diagnostics that are expected to drive market growth in the coming years.
The ongoing and unprecedented COVID-19 pandemic has resulted in significant and noteworthy declines in the detection and identification of fresh instances of cancer. According to a recent and highly informative study that was published in December of the year 2021, titled "Impact of the COVID-19 pandemic on the diagnosis of new cancers: A national multicenter study of the Veterans Affairs Healthcare System," spanning the time period from 2018 through 2020, an astounding 4.1 million encounters involving cancer were documented, in addition to 3.9 million relevant procedures, and a total of 251,647 recently diagnosed cases of cancer. When comparing these figures to the annual averages observed between the years 2018 and 2019, it became evident that colonoscopies witnessed a decline of 45% in the year 2020.
The proliferation of programs aimed at heightening public consciousness about malignant tumor screening across various organizations has emerged as a crucial catalyst driving the escalating demand for diagnostic products worldwide. A plethora of nations have implemented diverse measures to enhance early screening and extend support to patients. Notably, the Indian government has launched the Prime Minister's National Relief Fund and Ayushman Bharat to provide treatment assistance to patients.
This, in turn, serves as a propellant for augmenting market growth. Furthermore, there has been a remarkable upsurge in the number of testing kit launches, which have bolstered the market's expansion. A case in point is the ipsogen JAK2 DX reagent unveiled by Sysmex Corporation in 2020. This gene testing kit quantitatively measures the JAK2V617F mutation, which is extensively employed for screening blood cancers. Additionally, the product has garnered health insurance coverage, becoming the first diagnostic product in Japan to receive such coverage in 2020. Hence, this aspect contributes significantly to the market's growth trajectory.
North America to Dominate the Market