18 Billion-Dollar Market for Precision Cancer Diagnostics

18 Billion-Dollar Market for Precision Cancer Diagnostics

Kalorama Information's new report, The World Market for Precision Cancer Diagnostic Tests reveals that total global demand for precision cancer diagnostic products is projected to increase 5.5% annually to almost $18.8 billion in 2023. Revenues will extend into both major diagnostic product segments.  The report looks at both imaging and IVD products.   Imaging products will account for the largest share of demand, reflecting the high cost of equipment and consumables. However, IVD will generate faster revenue growth as new products and techniques expand testing capabilities.

Among all precision cancer diagnostic products, molecular reagents and instruments will lead revenue growth as advances in liquid biopsies, in situ hybridization, and mass spectrometry bring new, high value-added applications in cancer detection, staging, and therapy monitoring, Global demand for histology/cytology precision cancer diagnostics is projected to expand moderately as tissue biopsies and related techniques continue to dominate the identification and characterization of cervical, melanoma, and various other tumors. Tumor marker immunoassays will see slower growth due to competition from more sensitive and specific molecular biomarkers. Lastly, trends promoting early cancer detection will create rapid growth opportunities for point of care (POC) colon cancer tests, especially stool-based DNA assays sold in developed countries.

The global volume of precision cancer diagnostic procedures is forecast to reach 970 million in 2023, up 5.1% annually from 2018. Several trends and factors will contribute to growth. Upward trends in the number of new cancer cases and the number of individuals with a history of cancer will broaden the potential patient base for testing. The upgrading and expansion of medical delivery systems in developing countries will make precision cancer diagnostics more widely available to residents, especially persons covered by private health insurance. In developed economies, ongoing efforts by medical insurers and providers to contain the escalation of health expenditures will promote the increasing use of early cancer detection efforts and the stricter monitoring of prescribed oncological therapies. However, health insurance restrictions in many countries will continue to impose controls on the volume and frequency of covered procedures.

"Imaging products will account for the largest share of demand, reflecting the high cost of equipment and consumables. However, IVD will generate faster revenue growth as new products and techniques expand testing capabilities."

The volume of precision cancer diagnostic procedures by type will follow trends in technological advances, healthcare cost containment, and patient care approaches. Molecular tests will generate the fastest growth as medical communities, especially in the developed world, pursue improvements in diagnostic capabilities and efficiencies. By contrast, due to the high cost and limited availability of less expensive IVD tests, cancer imaging procedures will continue to account for a lower volume and slower growth than other precision cancer diagnostics.

Histology/cytology cancer testing and tumor marker immunoassay procedures will post below average volume gains globally due to competition from molecular technologies. Conversely, the number of POC colon cancer tests implemented worldwide will expand at a faster pace based on contributions to early tumor detection and overall healthcare cost containment.

Upward trends in new cancer cases are attributable to steadily aging populations in both developed and developing countries and the continuing pursuit of unhealthy lifestyles. Smoking is a leading or contributing cause of many malignancies, including lung, esophageal, and pancreatic tumors. Poor health and nutritional habits, obesity, and excessive alcohol consumption also result in various cancers.

Lung Cancer Incidence

The worldwide number of new lung cancer cases is projected to increase 4.1% annually to over 2.7 million in 2023. Caused primarily by tobacco consumption, worldwide growth in this malignancy will decelerate gradually due to the impact of publicly sponsored and private campaigns against smoking. Five-year survival rates for lung cancer detected in early stages range from 45% to 49%.

Breast Cancer Incidence

The global number of new breast cancer cases is forecast to rise 4.2% annually to over 2.7 million in 2023. Aging demographic patterns, especially among females, will underlie growth. Unlike many malignancies, vulnerability to breast cancer is attributable mostly to genetic and age factors rather than unhealthy lifestyles and habits. The five-year survival rates for breast cancer range from 22% for stage 4 conditions to near 100% for stage 1 forms.

Colorectal Cancer Incidence

Worldwide, the number of new colorectal cancer cases is predicted to expand 2.5% annually to nearly 2.2 million in 2023. Poor dietary and health habits, along with genetic factors, will account for growth. The increasing use of colonoscopy procedures that identify pre-malignant conditions and promote the adoption of healthier lifestyles will inhibit a faster rise in the incidence of colorectal cancer. If detected in early stages, the average five-year survival rate of this malignancy is 92%.

In terms of instruments and reagents, Pap smears and related techniques will continue to dominate the global testing of cervical cancer. However, increasing competition from blood-based tests will hold down the overall procedural and product demand growth generated in cancer diagnostics by the histology/cytology segment. The use of tumor marker immunoassays in precision cancer diagnostics will remain relatively limited due to competition from more specific molecular markers. Colorectal cancer screens based on stool DNA will provide the only viable precision cancer testing entry in the POC segment.

Imaging accounts for the largest global product revenues among all precision cancer testing segments worldwide. Demand for consumables and equipment used in this segment is expected to reach nearly $10 billion in 2023, up 4.8% annually from 2018. The same period will see the volume of precision cancer imaging procedures rising 2.5% per year to 58.3 million. The expansion of cancer screening programs aimed at early detection and the upgrading and modernization of medical diagnostic capabilities in many countries will promote gains. Healthcare cost controls and constraints will hold down the volume of patient testing in most countries.

The report can be found here:  https://www.kaloramainformation.com/Precision-Cancer-Diagnostic-Tests-12004743/