Precision Cancer Diagnostic Tests Market Size, Share, Growth, And Industry Analysis, By Type (Imaging, Molecular, Histology/Cytology, Tumor Marker Immunoassays and POC Colon Cancer Tests), By Application (Hospital, Clinic and Other), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Precision Cancer Diagnostic Tests Market Report Overview

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The global precision cancer diagnostic tests market size was USD 4148.6 million in 2021 and will touch USD 13911 million by 2031, exhibiting a CAGR of 12.5% during the forecast period.

The global Covid-19 pandemic has been unprecedented and staggering, with the precision cancer diagnostic tests market experiencing Higher than anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Precision cancer diagnostic tests, also known as molecular diagnostic tests or biomarker tests, are advanced medical tests used to identify specific genetic and molecular changes in cancer cells. These tests provide valuable information about a patient's tumour, enabling healthcare professionals to personalize and optimize their treatment strategies. A sample of the tumour tissue or sometimes a blood sample is collected from the patient. The sample contains cancer cells that carry the genetic and molecular information needed for analysis. The genetic material (DNA or RNA) is extracted from the collected sample. This genetic material contains the instructions that govern the behaviour of the cancer cells.

COVID-19 Impact: Pandemic Hamper the Demand of Precision Cancer Diagnostic Tests to Market Growth

The COVID-19 pandemic has had a significant impact on various aspects of healthcare, including precision cancer diagnostic tests. Due to the strain on healthcare systems and resources during the pandemic, many non-urgent medical procedures, including cancer screenings and diagnostic tests, were postponed, or reduced. This led to delays in the diagnosis and treatment of various cancers, including those that rely on precision diagnostic tests.     

Latest Trends

"Liquid Biopsies and Multi-Omic Approaches Will Drive Market Growth   "

 Liquid biopsies are a non-invasive alternative to traditional tissue biopsies. They involve analyzing circulating tumor DNA (ctDNA) or other biomarkers present in the blood to detect and monitor cancer. Liquid biopsies offer the potential for early cancer detection, monitoring treatment response, and identifying genetic mutations that can guide targeted therapies. Integrating multiple "omics" technologies, such as genomics, transcriptomics, proteomics, and metabolomics, is gaining momentum in precision cancer diagnostics. This holistic approach provides a comprehensive view of the molecular characteristics of tumors, enabling more precise diagnosis, prognostication, and treatment selection.  

Precision Cancer Diagnostic Tests Market Segmentation

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• By Type Analysis

According to type, the precision cancer diagnostic tests market can be segmented into imaging, molecular, histology/cytology, tumor marker immunoassays and POC colon cancer tests.

In terms of type, imaging is anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the precision cancer diagnostic tests market can be hospital, clinic and other.

In terms of application, the hospital market is projected to hold a precision cancer diagnostic tests market share through 2028.  

Driving Factors 

"Technological Advances in Specific Genetic Will Boost Market Growth "

 Rapid advancements in technologies such as next-generation sequencing, gene expression profiling, and proteomic analysis have made precision cancer diagnostics more accessible and cost-effective. These technologies enable the identification of specific genetic and molecular alterations in tumors, allowing for personalized treatment approaches.

"Precision Medicine Paradigm Will Fuel Market Growth  "

 The concept of precision medicine, which focuses on tailoring medical treatments to individual patients based on their unique genetic and molecular characteristics, has gained significant attention. Precision cancer diagnostic tests align with this paradigm by providing the necessary information to guide targeted therapies, immunotherapies, and other precision medicine interventions.

Restraining Factors

"Cost and Accessibility Will Impede Market Growth "

 Precision cancer diagnostic tests can be expensive, especially when advanced technologies such as next-generation sequencing are involved. The high cost of these tests may limit their accessibility, particularly in resource-constrained healthcare settings or for patients without adequate insurance coverage. Affordability and reimbursement challenges can hinder widespread adoption.

Precision Cancer Diagnostic Tests Market Regional Insights

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"The North America Region will Dominate Market Due to Strong Demand of Challenges Related to Cost"

North America, particularly the United States, has been at the forefront of precision medicine and precision cancer diagnostics. The region has a robust healthcare infrastructure, advanced research facilities, and significant investments in genomic research. The FDA has implemented regulatory frameworks to evaluate and approve precision diagnostic tests. However, challenges related to cost, reimbursement, and equitable access to these tests exist, particularly for underserved populations.

Several European countries have made significant progress in the adoption of precision cancer diagnostics. Countries like the United Kingdom, Germany, and France have established national genomic medicine programs and initiatives to facilitate the implementation of precision diagnostics in clinical practice. Collaboration among European countries has led to the development of common standards and protocols for precision diagnostics. However, variations in healthcare systems and reimbursement policies between European countries can impact the availability and accessibility of these tests.

Key Industry Players

"Adoption Recycling Services by Key Players Influencing Market Development"

The top key players in the precision cancer diagnostic tests market are Abbott Laboratories, Agilent Technologies, Becton Dickinson and Company, Bio-Rad Laboratories, Biocartis N.V., Biocept. Most of the top players hold the precision cancer diagnostic tests market share. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the precision cancer diagnostic tests market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the precision cancer diagnostic tests market.  

List of Market Players Profiled

• Abbott Laboratories (U.S.)
• Agilent Technologies (U.S.)
• Becton Dickinson and Company (U.S.)
• Bio-Rad Laboratories (U.S.)
• Biocartis N.V. (Belgium)
• Biocept (U.S.)
• bioMerieux SA (France)
• Canon Medical Systems Corporation (Japan)
• Cynvenio Biosystems (U.S.)
• Danaher Corporation (U.S.)
• Epigenomics AG (Germany)
• Exosome Diagnostics (U.S.)
• Foundation Medicine (U.S.)
• General Electric Company (U.S.)
• Genomic Health (U.S.)
• Hologic (U.S.) 
• Illumina (U.S.)
• Menarini Silicon Biosystems SpA (U.S.)
• Myriad Genetics (U.S.)
• NanoString Technologies (U.S.)
• Ortho Clinical Diagnostics (U.S.)
• QIAGEN N.V. (Netherlands)
• Randox Laboratories Ltd. (UK.)

Report Coverage

This report examines an understanding of the precision cancer diagnostic tests market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.