Segmentation By Diagnostic Methods (Genetic Tests, Instrument Based Tests and Platform Based Tests); By Cancer (Lung Cancer, Breast Cancer, Prostate Cancer, Colorectal Cancer, Blood Cancer, Liver Cancer, Pancreatic Cancer, Skin Cancer, Cervical Cancer and Others); By End User (Hospitals, Oncology Clinics, Diagnostic Centers and Others) – Industry Demand Analysis & Opportunity Outlook 2027
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By Diagnostic Methods
On the basis of diagnostic methods, the market for cancer screening is segmented into genetic tests, instrument based tests and platform based tests. Out of these, the segment for instrument based tests is presently generating the highest demand in the market. This instrument based tests segment is anticipated to attain a market size of USD 177,978.87 million by the year 2027 and is projected to grow with a significant CAGR over the forecast period. This segment is further divided into imaging tests, endoscopy procedures and biopsy, out of which, the segment for imaging tests is predicted to hold the leading share in the market on account of rising demand for minimally invasive procedures globally.
By Cancer
Based on the type of cancer, the market is sub-segmented into lung cancer, breast cancer, prostate cancer, colorectal cancer, blood cancer, liver cancer, pancreatic cancer, skin cancer, cervical cancer and others, out of which, the lung cancer segment is estimated to capture the largest market with a market share of USD 68,591.86 million by 2027. Lung cancer begins in the lungs and may spread to lymph nodes or other organs in the body that are associated with the lungs. Lung cancers are grouped into two main types known as small cell lung cancer (SCLC) and non-small cell lung cancer (NSCLC). Globally, lung cancer is the leading cause of death in both men and women. According to American Cancer Society, the overall probability of lung cancer in men is about 1 in 15 men, on the other hand, for women the risk is about 1 in every 17 women. Moreover, for smokers the risk of developing lung cancer is much higher than for non-smokers. This can be attributed to the rising lung cancer cases.
By End User
The market for cancer screening is segmented on the basis of end user into hospitals, oncology clinics, diagnostic centers and others. The hospitals segment held the leading share in the market with a value of USD 76,272.13 million in 2019 and it is anticipated to grow further during the forecast period. This can be attributed to the high number of patients encountered by hospitals and large facilities in comparison to smaller facilities such as clinics. Furthermore, on account of the increasing number of freestanding diagnostic centers offering comprehensive diagnostic solutions that are not available at smaller healthcare facilities is anticipated to result in growth of this segment at a high CAGR of 11.32% over the forecast period.
Based on the regional analysis, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America is anticipated to hold the leading share with a 40.64% share in 2019 which is predicted to grow further. The growth in the region can be attributed to the increase in investments towards healthcare from government and private entities in order to maintain the highest quality of care offered in healthcare facilities. The market in the United States is predicted to account for the major share in North America which can be attributed to increasing adoption of innovative screening methods in the region over the forecast period. The market in Asia Pacific region is anticipated to grow with the highest CAGR of 11.12% over the forecast period. The market is primarily led by the demand for new and improved technology and treatment methods from China. With the rising availability of advanced healthcare in Asia Pacific along with growing number of manufacturers investing in countries such as China, Japan, & India to address the growing demand for advanced early stage diagnostics products and solutions, the demand for cancer screening products in this region is estimated to witness a rapid growth in the coming years. Further, the market in Europe is expected to reach a market size of USD 83,808.63 million by 2027. It has been observed that with the growing availability of innovative treatment methods, there has been a rise in demand for effective screening products in the region for time sensitive diagnosis. Primarily driven by the demand from Germany, UK, France & Italy, this region is anticipated to showcase a high demand in future.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Indicators
According to the World Health Organization, the global cancer burden is estimated to have risen to 18.1 million new cases and 9.6 million deaths in 2018. Moreover, about every one in 5 men and one in 6 women worldwide develop cancer during their lifetime, and one in 8 men and one in 11 women die from the disease. There are several factors responsible for the incidence of cancer such as growing and ageing population worldwide and an increase in exposure to cancer risk factors that are associated with social and economic development. Further, with the advancements in the technology for the treatment of cancer, the survival rate is increasing for many types of cancers. On account of such factors there is a high demand for advanced cancer screening technologies. In addition to this, the healthcare spending is increasing on account of several factors such as an aging population, changes in disease prevalence or incidence rate, and increase in the price and intensity of services. As a result of these, the market is predicted to grow in the coming years.
Barriers
The increasing number of regulations and complicated testing regimes on cancer screening are estimated to act as restraining factors for the growth of the market. The testing of these cancer screening systems includes trials and clinical tests for their approval at various levels. With lack of clarity and standardization for the approvals, health claims and manufacturing standards across developing countries, the systems are highly unregulated. Further, rapid technological advancements are predicted to bring in the need for standardized technician training which is lacking across the developing regions of the world and is further estimated to limit the market growth.
Some of the affluent industry leaders in the global cancer screening market are Siemens Healthineers AG, GE Healthcare, Abbott, F. Hoffmann-La Roche Ltd., Olympus Corporation, FUJIFILM Corporation, Agilent Technologies, Inc. and Thermo Fisher Scientific.
November, 2019: Thermo Fisher Scientific launched a new, automated next-generation sequencing platform which has the ability to perform tests and show the results from specimens in a single day
March, 2020: Agilent Technologies Inc. and Visiopharm announced to join forces to promote their histology assays which are used for testing and pathology of cancer patients.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing development of innovative technology, ageing population worldwide and increase in exposure to cancer risk factors are major growth factors for the market.
Ans: The market is anticipated to attain a CAGR of 9.67% over the forecast period, i.e. 2020-2027.
Ans: Asia Pacific will provide more business growth opportunities owing to rising availability of advanced technologies and growing number of manufacturers investing in countries such as China, Japan, & India.
Ans: The major players in the market are Siemens Healthineers AG, GE Healthcare, Abbott, F. Hoffmann-La Roche Ltd., Olympus Corporation, FUJIFILM Corporation, Agilent Technologies, Inc. and Thermo Fisher Scientific.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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