Cancer Diagnostics Global Market Report 2022

Major players in the cancer diagnostics market are Abbott, Becton Dickinson and Company, Hoffmann-La Roche Ltd, GE Healthcare Ltd. , Thermo Fisher Scientific, Siemens Healthcare GmbH, Accuray, Illumina, Elekta AB, and C.

New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cancer Diagnostics Global Market Report 2022" - https://www.reportlinker.com/p06277171/?utm_source=GNW
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The global cancer diagnostics market is expected to grow from $17.2 billion in 2021 to $19.18 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The market is expected to grow to $29.64 billion in 2026 at a compound annual growth rate (CAGR) of 11.5%.

The cancer diagnostics market consists of sales of cancer diagnostic devices and equipment. Cancer diagnostic equipment is used to identify biomarkers, proteins, and symptoms to detect a cancerous tumor in the patient.

The main products in cancer diagnostics are companion diagnostics and molecular diagnostics.Molecular diagnostics is a laboratory method that is used to check for certain proteins, genes, or other molecules that may be a sign of cancer.

The methods used in cancer diagnostics are biopsy, endoscopy, tumor biomarker tests, and imaging. The applications covered in cancer diagnostics are cervical cancer, breast cancer, liver cancer, blood cancer, kidney cancer, colorectal cancer, pancreatic cancer, ovarian cancer, melanoma, and others that are used by end-users such as cancer research institutes, diagnostic laboratories, hospitals, and others.

North America was the largest region in the cancer diagnostics market in 2021.Asia Pacific was the second-largest region in the cancer diagnostics market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

A high prevalence rate of various types of cancers is a major driver of the cancer diagnostics market.This is because the increasing incidences of various types of cancers are leading to a greater number of people opting for diagnosis and treatment.

In addition, according to the World Health Organization (WHO), cancer was the second-leading cause of death worldwide. The National Cancer Institute (NCI) has estimated the number of new cancer cases per year to reach 23.6 million by 2030.

Product recall is one of the major restraints for the cancer diagnostics market.Product recall is a process of retrieving all faulty and defective products that have been sold or are available in the market.

When a company recalls a product from the market, it takes up the cost of fixing the defective product and replacing it.This cost of replacement of cancer diagnostics devices can be very high for manufacturers, which ultimately restricts the growth of the market.

For example, Siemens Healthcare Diagnostics had to recall its IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay as it was not meeting the required high-dose hook effect expectation. An IMMULITE/IMMULITE 1000 Systems Prostate-Specific Antigen (PSA) Assay can be used as an aid in the detection of prostate cancer along with digital rectal examination (DRE) in men aged 50 years or older.

The AI-based cancer detection system is an emerging trend in the cancer diagnostics market.AI helps in improving the accuracy of image detection in diagnostic processes such as breast cancer and lung cancer diagnostics, by detecting the cancers in early stages.

AI also reduces the instances of false positives in lung cancer screening, thus, improving lung cancer detection accuracy.For instance, researchers at the Naval Medical Center San Diego and Google’s AI research division Google AI developed a reliable solution comprised of cancer-detecting algorithms used for autonomous evaluation of lymph node biopsies.

This AI solution improved the accuracy of metastatic breast cancer detection to 99%.

The cancer diagnostics market is regulated by the FDA which imposes restrictions on cancer diagnostic devices such as magnetic resonance imaging (MRI) and nuclear magnetic resonance spectroscopy (NMR).The FDA categorizes these devices into the Class II category, as they have a moderate risk associated with usage.

Class II devices are bounded by device-specific regulations which include performance standards, premarket data requirements, post market surveillance, and labeling requirements associated with their usage.For instance, the labeling of such devices is required to have a list of contraindications, adverse reactions, precautions, warnings, and other instructions before being released in the market.

Hence, regulations such as these would keep a check on manufacturers of cancer diagnostics devices.

The countries covered in the cancer diagnostics market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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