Cancer diagnosis & treatment Market

The Cancer diagnosis and treatment market size is forecast to reach USD 45,422.52 million by 2031, after growing at a CAGR of 8.51% during the forecast period 2024-2031. 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.

The report “Cancer Diagnosis and Treatment Market – Forecast (2024-2031)”, 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.

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.

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.

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 2021. 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.

• 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 2021 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.

• 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.

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.