Market Size of Cancer Diagnostics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 106.24 Billion |
| Market Size (2029) | USD 156.97 Billion |
| CAGR (2024 - 2029) | 8.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cancer Diagnostics Market Analysis
The Cancer Diagnostics Market size is estimated at USD 106.24 billion in 2024, and is expected to reach USD 156.97 billion by 2029, growing at a CAGR of 8.12% during the forecast period (2024-2029).
The COVID-19 pandemic has led to substantial reductions in new cancers being diagnosed. According to the data from PubMed published in May 2021, researchers found a 31% decrease in new referrals for colorectal cancer during the 1st wave of the pandemic, relative to the average of the previous two years. Cancer patients were particularly vulnerable to the disruption of their care as diagnosis through endoscopy was halted due to concerns about virus transmission. Therefore, it was found that COVID-19 had a significant impact on the market studied. However, with the relaxation of all restrictions related to COVID-19, the market studied has reached its pre-pandemic level growth in terms of diagnostic procedures being performed for cancer and is expected to witness healthy growth over the forecast period.
The key factors driving the market growth include the rising prevalence of cancer worldwide, increasing ease of cancer diagnosis, and the advancements in cancer diagnostics in the area of biomarkers and point-of-care diagnosis.
An increase in the number of cancer cases and the rise in the geriatric population are the major factors contributing to the growth of the cancer diagnostics market globally. According to Canadian Cancer Society data updated in November 2022, about 233,900 people were living with cancer in Canada in 2022. The Globocan estimated that globally, there will be more than 30 million people living with cancer by the year 2040. Thus the high burden of cancer worldwide is expected to propel market growth in the coming years.
Furthermore, age is a significant risk factor for developing cancer. For instance, the American Society of Clinical Oncology data updated in January 2021, reported that most colorectal cancer cases were observed in people older than 50 years of age. The average age for colon cancer diagnosis in men is 68 years and 72 years for women. For rectal cancer, the average age for colon cancer diagnosis is 63 for both men and women in the United States. The same source stated that only 11% of all patients diagnosed with colorectal cancer are under 50 years old. The data published by the Centers for Disease Control and Prevention (CDC) in February 2022 also highlighted that the risk of colorectal cancer increases with aging. Hence, the geriatric population is likely to be utilizing screening tests for colorectal cancer, which is anticipated to boost market growth over the forecast period.
However, stringent regulatory framework, lack of universal health coverage, and expensive diagnostic procedures are the few factors restraining the growth of the cancer diagnostics market globally.
