CANCER DIAGNOSTICS MARKET ANALYSIS

Cancer Diagnostics Market, By Test Type (Tumor Biomarkers Tests (PSA Tests, CTC Tests, AFP Tests, CA-19 Tests, HER2 Tests, BRCA Tests, ALK Tests, CEA Tests, EGFR Mutation Tests, KRAS Mutation Tests, Others)), Imaging (Ultrasound, Mammography, MRI Scan, PET Scan, CT Scan, SPECT & Others), Biopsy (Needle Biopsy, Endoscopic Biopsy, Bone Marrow Biopsy, Others), Liquid Biopsy Immunohistochemistry In Situ Hybridization), By Cancer Type (Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, Blood Cancers, Prostate Cancer, Ovarian Cancer, Stomach Cancer, Liver Cancer, Others), By End User (Hospital Associated Labs, Independent Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) -

Published In : Jul 2023
Code : CMI4029
Pages :176
Formats :
Excel and PDF
Industry : Clinical Diagnostic

Market Challenges And Opportunities

Global Cancer Diagnostics Market – Driver

Increased Developments of Diagnostic Testing Techniques

Increased developments of diagnostic testing techniques is expected to propel the growth of the global cancer diagnostics market over the forecast period. Technological advancements in diagnostic testing are expected to boost market growth during the forecast period. For instance, in November 2021, Hologic, Inc., a medical technology company primarily focused on women’s health; it sells medical devices for diagnostics, surgery, and medical imaging, announced the commercial access of the Genius Digital Diagnostics System in Europe. The next-generation cervical cancer screening system includes deep learning-based AI and innovative volumetric imaging technology to help detect cervical cancer cells and pre-cancerous lesions in women. Thus, this is expected to boost market growth.

Increasing expenditure for the treatment and management of Cancer

Increasing expenditure for the treatment and management of cancer is also expected to aid in the growth of the market. For instance, the article published in the Journal of Lancet Regional Health in October 2022, reported catastrophic expenditure and treatment attrition in patients seeking comprehensive colorectal cancer treatment in India. 226 patients included, 20 died within six months of being offered a treatment plan and four were lost to follow-up. The median total cost of colorectal cancer treatment was US$ 5340 (407,508 Indian Rupees ), to which the biggest contributor was the patient's PARP (median INR 330,277 / US$ 4328 ).

Global Cancer Diagnostics Market: Restraint

High Cost of Diagnostic Tests

High Cost of Diagnostic Tests is expected to hamper the growth of the global Cancer diagnostics market. For instance, in May 2020, Myriad Genetics, Inc. is genetic testing and precision medicine company in U.S. its myChoice CDx became commercially available with a list price of US$ 4,590. The U.S. FDA has approved myChoice CDx for use as a companion diagnostic to identify patients with advanced ovarian cancer with positive homologous recombination deficiency (HRD) status by detecting BRCA1 and BRCA2.

Restraints