Cancer diagnosis & treatment Market - Forecast(2024 - 2030)

Report Code: HCR 1557 Report Format: PDF + Excel

Overview

The Cancer diagnosis and treatment market is estimated to grow at a CAGR of 9.06% during the forecast period 2024-2030 and reach USD 54.21 billion by 2030, from around USD 28.92 billion 2023.The prognosis for the cancer diagnostics and treatment market has been impacted by the rising cancer incidences brought on by sedentary lifestyles and the adoption of unhealthy eating habits. Several programs, funds, and public-private partnerships launched to develop cancer screening services and cancer research will pave the path for increased market growth. Further, significant private sector investment in cancer diagnosis and treatment is seen as one of the drivers of growth, particularly in developing nations.

Report Coverage

The report “Cancer Diagnosis and Treatment Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Cancer Diagnosis and Treatment market.
By Type: Radioligand Therapy, Antibody Conjugate, Cancer Biomarkers, Bispecific Antibodies.
By Application: Drug discovery and development, Diagnostics, Personalized medicine, and Others.
By Geography:  North America, South America, Europe, APAC, and RoW.

Key Takeaways
North American market accounted for the majority share of the total global cancer diagnosis and treatment market share in 2023 due to the growing prevalence of cancer in the region of North America that requires magnetic resonance imaging.
The industry is growing in the Asia Pacific region as a result of medical tourism, greater awareness, and investments in private diagnostic and treatment institutions. 
According to the National Cancer Institute's U.S. estimate, there will be 29.5 million new cases per year. Cancer mortality rates are rising, which raises public awareness and helps the industry expand. Additionally, one of the key reasons propelling the growth of the cancer diagnosis and treatment market is the high per capita healthcare spending of nations like the United States, Germany, and Japan. Another element that supports the market's expansion is technological development in the area of cancer screening. In the realm of cancer diagnosis, advanced screening that further lowers patient mortality rates is important.

By Type - Segment Analysis
Cancer biomarkers dominated Cancer Diagnosis and Treatment market in 2023, due to an increase in the prevalence of different diseases like breast, prostate, and lung cancer, the global market for cancer biomarkers is predicted to expand significantly during the forecast period. The importance of biological and targeted pharmacological therapies has increased, and technological developments as well as the precision and dependability of cancer biomarkers all support the market's expansion. Increased government and public sector spending on R&D for cancer diagnostics also favorably affects the industry. The development of the cancer biomarkers market is hampered by the high price of medication development, the risk of cancer therapy failure, and unregulated government restrictions and reimbursement policies. On the other hand, the market for cancer biomarkers is expected to benefit from advances in cancer research and a sizable unmet need for cancer diagnosis.

By Application - Segment Analysis
Diagnostics dominated the cancer diagnosis and treatment market in 2023. The cancer diagnostics market will grow during the projected period due to an increase in the incidence and prevalence of several types of cancer, including breast and lung cancer. Governments in wealthy nations and primary care physicians are advising cancer screening tests for individuals to find cancer in the early stages and reduce the mortality rate. To reduce disease occurrence and ensure early-stage treatment, the US Preventive Services Task Force (USPSTF) advises colorectal cancer screening in the U.S. starting at age 50 and continuing until age 75. The guidelines for biennial colorectal cancer screening for persons 50 to 74 years old have also been established in Canada. The federal government's increased investment in encouraging the use of these solutions has a further impact on the market. The market for cancer diagnostics is also benefited from the rise in healthcare spending, improvements in the healthcare infrastructure, and rising demand for extended care delivery.

By Geography - Segment Analysis
The North American cancer diagnosis and treatment market generated a revenue of $9,810 million in 2023 and is projected to reach a revenue of $14,949.85 million by 2031 growing at a CAGR of 7.62% during the forecast period 2024-2031. In 2023, North America held the largest share with more than 34.59%. Significant companies in this area are driving the market with more strategic initiatives. For instance, Resolution Bioscience Inc. was purchased by Agilent in March 2023. The company's capabilities in NGS-based cancer diagnostics are increased and complemented by the acquisition, which also equips the business with cutting-edge technology to meet the demands of the expanding precision medicine market.

The ongoing advancements in next-generation cancer diagnostics and treatments allow early detection of cancerous cells using Al and an array of digital tools. For instance, Ibex Medical Analytics announced in December 2022 that the University of Pittsburgh Medical Center (UPMC) network will now use GalenTM Prostate, a solution for cancer diagnostics based on aluminum, as part of its cancer care program.

Drivers – Cancer diagnosis and treatment market
Growing technological advancements in cancer testing are propelling the market expansion
Technology advancements and automation have improved cancer diagnostics, making them more precise and user-friendly, supporting industry growth. The capacity of novel screening methods to boost tumor detection rates has led to their widespread use. Sensitivity advancements in breast screening technologies have led to a higher rate of non-lethal tumor detection. Therefore, improvements in breast screening technology may lead to "over-diagnosis," which is the identification of tumors that would not have been found without screening and represent little harm to life. 
Recent developments in early lung cancer diagnosis are expected to increase demand for cancer screenings internationally. The approval of novel biomarkers and higher R&D spending are projected to be the market drivers for cancer biomarkers. Proteomics and genomics are two OMICS technologies that will advance the cancer biomarkers market. 

Increase in government initiatives on healthcare expenditure has pulled immense market participation
National Cancer Institute was given $6.56 billion in the FY 2023 Consolidated Appropriations Act and the 21st Century Cures Act, an increase of $119 million above the regular and Cancer Moonshot appropriations in FY 2020. Cancer Moonshot develops cutting-edge AI-based exact diagnosis decision-making software. It detects cancer tumors by analyzing medical photographs of cancer patients. It can interpret a variety of digital image modalities, such as CT, MRI, and Mammogram, and deliver diagnosis results for breast, lung, brain, and prostate cancer diagnosis. 
The Australian government is a world leader in cancer prevention and control, and it has approved funding of around $119.3 million for programs to improve Australians' health outcomes and survival rates from a variety of life-threatening malignancies, including lung, breast, bowel, and cervical cancer. It is estimated that Australia has been spending around $4 billion on cancer screening and research. This could boost the cancer diagnosis and treatment market in Australia. An increasing number of government investments in cancer research is also one of the major factors driving the growth of the cancer diagnosis and treatment market during the forecast period.

Challenges – Cancer Diagnosis and Treatment market
Low Availability of Advanced Diagnostic Techniques in Low and Middle-Income Countries is hampering the market expansion.
The low availability of advanced diagnostic systems in developing regions is a major factor challenging the growth of the market as it hampers early detection and treatment of cancers among the population. For instance, the number of CT scanners per million people in Columbia was only 6 in 2020, compared to 31 in Norway. The primary reason for the low availability of imaging systems such as MRI and CT scanners can be attributed to their extremely high costs. for instance, a 3 Tesla MRI machine can cost medical facilities between $1.9 and $2.5 million. This is significantly hampering their adoption as hospitals and clinics in developing regions do not have the same amount of purchasing power as those in developed countries. The low purchasing power can be attributed to the fact that the cost of imaging services in developing countries is a fraction of the amount charged in developed regions. For instance, the cost of an MRI scan typically ranges between $20.1 to $294 in India. However, the cost of an MRI can reach as high as $11,000 in the U.S. The lower cost in developing regions means that hospitals require a significantly longer time for recovering the investment costs.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Cancer Diagnosis and Treatment, in 2023. major players in cancer diagnosis and treatment are AstraZeneca plc, Amgen Inc., Clovis Oncology Inc., Novartis AG, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services Inc, Roche, Abbott Laboratories, Thermo Fisher Scientific, AbbVie Inc, and Others.

Developments:

  • On 5 July 2022, AstraZeneca acquired TeneoTwo and its clinical-stage T-cell engager, strengthening the hematological cancer pipeline.
  • On June 29, 2022, Roche launched the new BenchMark ULTRA PLUS system for cancer diagnostics enabling timely, targeted patient care.
  • On June 16, 2022, Roche launched human papillomavirus (HPV) self-sampling solution, expanding cervical cancer screening options

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1. Cancer Diagnosis and Treatment Market- Market Overview
    1.1. Definitions and Scope
2. Cancer Diagnosis and Treatment Market- Executive Summary
3. Cancer Diagnosis and Treatment Market- Landscape
    3.1. Comparative analysis 
        3.1.1. Market Share Analysis- Top Companies
        3.1.2. Product Benchmarking- Top Companies
        3.1.3. Top 5 Financials Analysis
        3.1.4. Patent Analysis- Top Companies
        3.1.5. Pricing Analysis
4. Cancer Diagnosis and Treatment Market - Startup companies Scenario Premium   
    4.1. Investment
    4.2. Revenue
    4.3. Venture Capital and Funding Scenario
5. Cancer Diagnosis and Treatment Market– Industry Market Entry Scenario Premium 
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing business index
    5.3. Case studies of successful ventures
    5.4. Customer Analysis - Top companies
6. Cancer Diagnosis and Treatment Market- Market Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Porters five force model
        6.3.1. Bargaining power of suppliers
        6.3.2. Bargaining powers of customers
        6.3.3. Threat of new entrants
        6.3.4. Rivalry among existing players
        6.3.5. Threat of substitutes 
7. Cancer Diagnosis and Treatment Market -Strategic analysis
    7.1. Value chain analysis
    7.2. Opportunities analysis
    7.3. Market life cycle
    7.4. Suppliers and distributors Analysis
8. Cancer Diagnosis and Treatment Market– By Type (Market Size -$ Million)
    8.1.Radioligand Therapy
    8.2.Antibody Conjugate
    8.3.Cancer Biomarkers
    8.4.Bispecific Antibodies
9. Cancer Diagnosis and Treatment Market– By Application (Market Size -$ Million)
    9.1. Drug discovery and development
    9.2. Diagnostics
    9.3. Personalized medicine
    9.4. Others
10. Cancer Diagnosis and Treatment Market– By Geography (Market Size -$ Million)
10.1. North America
        10.1.1 U.S.
        10.1.2 Canada
        10.1.3 Mexico
    10.2 South America
        10.2.1 Brazil
        10.2.2 Argentina
        10.2.3 Chile 
        10.2.4 Colombia
        10.2.5 Rest of South America
    10.3 Europe
        10.3.1 UK
        10.3.2 Germany
        10.3.3 France
        10.3.4 Italy
        10.3.5 Netherlands
        10.3.6 Switzerland
        10.3.7 Rest of Europe
    10.4 Asia-Pacific
        10.4.1. China
        10.4.2. Japan
        10.4.3. South Korea
        10.4.4. India
        10.4.5. Australia and New Zealand
        10.4.6. Rest of APAC
    10.5 Middle East & Africa
        10.5.1 Middle East
        10.5.2 Africa
11. Cancer Diagnosis and Treatment Market- Entropy
    11.1 New Product Launches
    11.2 M&A’s, Collaborations, JVs and Partnerships
12. Cancer Diagnosis and Treatment Market Share Analysis 
    12.1 Market Share Analysis
        12.1.1 Market Share by Key Region- Major companies
        12.1.2 Market Share by Key Country- Major companies
    12.2 Company Benchmarking Matrix- Major Companies
    12.3 Best Practices for companies
13. Cancer Diagnosis and Treatment Market- List of Key Companies by Country  
14. Cancer Diagnosis and Treatment Market Company Analysis
    14.1 AstraZeneca plc
    14.2 Amgen Inc.
    14.3 Clovis Oncology Inc
    14.4 Novartis AG
    14.5 F. Hoffmann-La Roche Ltd,
    14.6 Johnson & Johnson Services Inc.
    14.7 Roche
    14.8 Abbott Laboratories
    14.9 Thermo Fisher Scientific
    14.10 AbbVie Inc

"*Financials would be provided on a best-efforts basis for private companies"