Cancer diagnostics is a method of identifying different diagnostics, proteins, and some signs that lead to the identification of the presence of a cancerous tumor. Efficient diagnostic testing is used to validate or rule out the existence of illness, monitor the progression of the disease, and schedule & review treatment outcomes. Diagnostic procedures for cancer may comprise imaging, tumor biopsy, laboratory tests (comprises tests for tumor diagnostics), endoscopic examination, surgery, or genetic testing.
The number of private diagnostic centers is increasing across the world as there is a rising demand for diagnostic imaging procedures and a growing burden on public hospitals owing to the limited number of imaging modalities at their disposal. In January 2021, FUJIFILM Corporation opened NURA, a medical screening center focusing on cancer screening in Bangalore, India.
This medical screening center is run by FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty’s Healthcare (DKH). FUJIFILM DKH LLP (FUJIFILM DKH) is a joint venture of FUJIFILM and Dr. Kutty’s Healthcare (DKH), which runs hospitals and screening centers in India and the Middle East.
The consumables segment is likely to dominate the market during the forecast period
The repeated purchase coupled with high consumption, and the high prevalence of diseases are the major factors boosting the growth of this segment.
The IVD testing segment is likely to dominate the market in 2021
The key factors such as increasing incidences of cancers are boosting the growth of the market.
The breast cancer segment is likely to continue its dominance during the forecast period
The key factors such as the rising prevalence of breast cancer are boosting the market growth.
Request Sample Pages of this Research Report
The hospital segment is likely to acquire a major market share during the forecast period
The increasing number of patients visiting hospitals, the rising number of in-house diagnostic procedures performed in hospitals coupled with growing awareness regarding early diagnosis are the major factors boosting the growth of the market.
Market Restraints and Challenges
The primary factor challenging the market growth is the increasing adoption of refurbished diagnostic imaging systems. Many hospitals in developing countries cannot invest in diagnostic imaging equipment due to their higher cost, poor reimbursement rates, and budgetary constraints.
However, owing to the high demand for diagnostic imaging procedures in these nations, hospitals that cannot afford to invest in new imaging systems prefer to go for refurbished ones. Refurbished systems are priced lower than new systems and are approximately in the range of 40% to 60% of the original price of the equipment.
Owing to this, many market leaders are now supporting refurbished devices through various programs. For instance, Siemens’ Medical Proven Excellence Program, GE Healthcare’s Gold Seal Program, and Philips’ Diamond Select Program are some noteworthy global refurbishing programs that promote the utilization of refurbished diagnostic imaging systems.
With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies and small startups has stepped forward to develop treatments and vaccines that target the infection caused by the COVID-19. The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing inpatient and outpatient services for other diseases and implementing infection prevention and control measures. The number of cancer screening and diagnostic procedures declined precipitously, with countries worldwide being affected by the COVID-19 pandemic.
The key players analyzed in the global cancer diagnostics market are GE Healthcare (US), Abbott Laboratories (US), Hologic Inc. (US), Agilent Technologies Inc.(US), Roche Diagnostics (Switzerland), FUJIFILM Corporation (Japan), Danaher Corporation (US), DiaSorin S.P.A. (Italy), Myriad Genetics Inc. (US), Siemens Healthineers AG (Germany), BD (US), bioMérieux SA (France), Bio-Rad Laboratories (US), Cancer Diagnostics Inc. (US), Vela Diagnostics (Singapore), Roche Diagnostics (Switzerland), AMOY Diagnostics CO. LTD. (China), Quidel Corporation (US), Bio SB (US), Biocartis NV (Belgium), Exact Science (US).
- November 2020, GE Healthcare entered into a partnership with Genesis Care to improve patient outcomes for the two biggest health burdens across the globe, cancer and heart diseases. GE Healthcare will provide CT, MRI, PET/CT, digital mammography, and ultrasound equipment to Genesis Care’s 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain.
- January 2020, Roche Diagnostics entered into a partnership with Illumina to provide broad access to clinical oncology next-generation sequencing.
Suggested reading for additional information on cancer screenings, and living with cancer:
The Importance of Oral Cancer Screenings for Good Health
5 Strategies to Improve Life Quality During Your Cancer Journey