By 2022, the market for cancer tissue diagnostics is projected to be worth US$ 5.3 billion, growing at a moderate CAGR of 6.6% from 2022 to 2032. By the end of 2032, the market for cancer tissue diagnostics is projected to be worth around US$10.04 billion.
The global cancer tissue diagnostics industry is hugely driven by sheer number of biomarkers used for early cancer detection from blood or plasma, while prevalence of lung, breast and prostate cancers has been another constant driving factor to the demand growth. Despite getting battered by the outbreak of the COVID-19, the industry players are coming back to track with the increase in investment in research & development (R&D) activities and focus on launching wider variety of products.
The latest revised edition on ‘cancer tissue diagnostics’ market study by Future Market Insights (FMI) provides a holistic overview of the global industry along with thorough analysis of the demand-supply patterns, and growth & restraining factors during the forecast period of 2021 to 2031. According to the report, the cancer tissue diagnostics industry will expand at close to 8.5% CAGR, while North America, Western Europe, Asia Pacific, and Latin America will remain hotspots for stakeholders in this industry. As per the report, North America will have the highest market share, more than 40%, through 2031.
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Key Takeaways from Study
- Rapid traction of immunohistochemistry (IHC) test to propel the demand growth
- The United States to maintain its lead in the world’s biggest cancer tissue diagnostics industry North America
- Germany to remain the major contributor to Western Europe cancer tissue diagnostics industry
- China and India remain lucrative in the APEJ (Asia Pacific Excluding Japan) cancer tissue diagnostics industry
- The United States, Japan, France, Italy, South Korea, and a few other countries to exhibit significant growth through 2031
“Growing inclination towards biomarker tests is anticipated to bolster the demand for cancer tissue diagnostic solutions substantially. As per the data revealed by the Organization for Economic Co-Operation and Development (OECD), the global biomarkers industry for companion diagnostics was worth US$ 8.4 Billion in 2016. As this value is forecast to rise further, the cancer tissue diagnostic solution providers are subject to higher revenue in the coming years,” says an FMI analyst.
How Rise in Cases of Cancer is Spearheading the Growth of Cancer Tissue Diagnostic Equipment Manufacturers?
According to the report on cancer published by the World Health Organization (WHO) on 3rd March, 2021, approximately 70% of deaths from cancer occur in low and middle-income countries, while cancer is the second leading cause of death globally and is responsible for approximately 10 million deaths per year. While this indicates the fatality and risks associated with cancer, it also signifies the importance of early diagnosis of cancer, which is resulting in growing adoption of timely diagnosis for various cancers such as lungs, breast, colon, and liver, to name a few.
The recent report by WHO states that late-stage presentation and lack of access to diagnosis and treatment are what make it more fatal for patients, while comprehensive treatment is reportedly available in more than 90% of high-income countries. Such reports are spreading awareness among people, which in turn is favoring the suppliers of cancer tissue diagnostics equipment.
Who is Winning in this Space?
With the competition getting stricter, key players in the global cancer tissue diagnostics industry are embracing strategic ways to launch more effective products to target broader application areas. For instance,
- Abbott Laboratories launched its new products such as Vysis ALK Break Apart FISH Probe Kit, and others in the last 5 years
- Bio Rad Laboratories Inc. launched its new Liquicheck™ Tumor Marker Control equipped with 3 levels and 17 cancer antigens and popular tumor markers a couple of years back
More Valuable Insights
In its latest report, FMI offers an unbiased analysis of the cancer tissue diagnostics market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of test type (immunohistochemical (IHC) test (breast cancer, stomach (gastric) cancer, colorectal cancer, prostate cancer, and others) and in situ hybridization (ISH) test (breast cancer, non-small cell lung cancer (NSCLC), bladder cancer, and others)) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Cancer Tissue Diagnostics Market – Segmentation by CategoryTest Type
- Immunohistochemical (IHC) Test
- Breast Cancer
- Stomach (Gastric) Cancer
- Colorectal Cancer
- Prostate Cancer
- Others
- In Situ Hybridization (ISH) Test
- Breast cancer
- Non-Small Cell Lung Cancer (NSCLC)
- Bladder Cancer
- Others
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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