Market Trends of Cancer Diagnostics Industry
The Diagnostic Imaging Tests Segment is Expected to Hold a Major Share in the Cancer Diagnostics Market
The most commonly used screening test for cancer is diagnostic imaging tests. The different kinds of imaging techniques for cancer detection, like imaging (radiology) tests for cancer such as CT scans, MRI, nuclear medicine scans, ultrasound, mammograms, X-rays, and other radiographic tests, are considered the most reliable ones.
There have been several technological advancements in diagnostic imaging for cancer which are enabling segmental growth. For instance, in March 2022, a new imaging device for breast cancer detection and monitoring was developed by students at the University of Notre Dame. The device was named NearWave Imager and it can detect breast cancer in women. Such efforts being taken to develop new imaging devices for cancer diagnosis are expected to contribute to segment growth.
Besides, mammograms are the most widely used tests to diagnose cancers. Mammography is the gold standard technique used to screen breast cancer. Governments and other healthcare organizations worldwide are partnering to develop an effective diagnostic tool for the provision of access to mammography screening to women between 50 and 75 years. For instance, in October 2022, the American College of Radiology (ACR) launched the Contrast-Enhanced Mammography Imaging Screening Trial (CMIST) in collaboration with the Breast Cancer Research Foundation (BCRF) and GE Healthcare. The trial was to determine whether contrast-enhanced mammography improves breast cancer detection and reduces false-positive exams in women with dense breasts.
Furthermore, the development of new technologically advanced products for cancer diagnosis is expected to support market growth. For instance, in November 2021, Siemens Healthineers launched Naeotom Alpha, the globe's first photon-counting CT Scanner with improved resolution as well as a reduction in radiation dose by up to 45% for ultra-high resolution scans.
Thus, the segment is expected to show significant growth over the forecast period.
North America is Anticipated to Observe a Significant Growth in the Global Cancer Diagnostics Market
North America is expected to majorly contribute to the cancer diagnostics market growth. The market is majorly driven by the increasing burden of cancer across the countries such as the United States and Canada and the rising focus of medical device companies to develop new diagnostic devices that can detect cancer.
According to the American Cancer Society's (ACS) Statistics, the number of new cancer cases is likely to increase from 1,918,030 in 2022 to 1,958,310 by 2023 in the United States. Besides, breast cancer is considered to be the most prevalent type of cancer among women and the number of cancer cases is projected to reach 300,590 in 2023 from 290,560 in 2022. Similarly, the number of colon cancer is likely to reach 81, 860 in 2023 from 80,690 in 2022. This high prevalence of colorectal cancer is creating a need for more screening tests to reduce the burden of the disease. This drives the growth of the market studied.
Additionally, the initiatives taken by the government in this region are expected to accelerate market growth. For instance, in January 2022, President Biden announced a reignition of the Cancer Moonshot, highlighting new goals which are focused on reducing the cancer death rate by half within 25 years and improving the lives of people with cancer and cancer survivors. Also, the government is supporting cancer diagnosis drives which are believed to contribute to market growth.
