Rising global prevalence of cancer and increasing number of private diagnostic centers are some major factors driving market revenue growth
Market size - USD 5,187.83 Million in 2021, Market Growth - CAGR of 16.1%, Market Trends - Increasing number of research initiatives for developing molecular diagnostic kits for cancer
New York, September 30, 2022 - The global cancer test kits market size is expected to reach USD 19,557.13 Million in 2030 and register a revenue CAGR of 16.1%, according to the latest report by Reports and Data. Some key factors such as the rising global prevalence of cancer and increasing number of private diagnostic centers are factors driving global market revenue growth.
Cancer test kits are widely used for determining the presence of cancer through detection of specific tumor markers, cells, or mutations in the genome of the patient. The kits use biochemical, immunoassay, and molecular biology-based tests to diagnose cancer in patients. According to the American Cancer Society, around 3% of the total cancers diagnosed annually are pancreatic cancer, yet the death rate is close to 7%, due to a lack of early diagnostic platforms and facilities. The development of different tests that can provide early diagnosis in case the patient has a history of the disease is expected to increase the demand for test kits in hospitals, diagnostic labs, and other medical centers. Rising number of diagnostic centers due to rapid urbanization is another factor contributing to revenue growth of the global cancer test kits market between 2022 and 2030.
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Some Key Highlights from the Report:
- Based on test type, the FIT test segment accounted for the largest revenue share in 2021 and is expected to continue to contribute a major revenue share over the forecast period. The Fecal Immunochemical Test (FIT) is a commonly used non-invasive test used for detecting the incidence of colon and/or rectal cancer. The test is based on an immunoassay that employs antibodies to identify occult blood present in the stool sample of the patient, which indicates occurrence of the disease. Colorectal cancer is among the most common cancers in the world, with over 915,000 global deaths recorded in 2020.
- Based on application, the breast cancer segment is expected to account for a substantially large revenue share during the forecast period, owing to the rise in global prevalence of the disease in recent years. The American Cancer Society estimates that over 287,000 new incidences of breast cancer along with 43,000 deaths will be recorded in the United States in 2022. Rapid innovations have introduced molecular diagnostic test kits in the market which can detect mutations in the BRCA1 and BRCA2 genes, which result in breast cancer. This is expected to increase the demand for cancer test kits for diagnosis and research related to the disease and drive revenue growth of the segment over the forecast period.
- On the basis of end-user, the hospital segment is expected to account for a significant revenue share during the forecast period. Steady preference of patients to diagnose and receive treatment of cancer in hospitals due to the availability of necessary medications and equipment within the premises is a major factor contributing to revenue growth of the segment during the forecast period. Hospitals also enable patients in low and middle-income countries to mediate the amount of medical burden incurred upon the patient, which is expected to increase the adoption of cancer test kits in hospitals.
- North America is expected to account for the largest revenue share in the global cancer test kits market during the forecast period. The rising prevalence of breast and lung cancer in patients, along with the increasing number of research and development activities by major companies present in this region are major factors driving revenue growth of the cancer test kits market in North America. According to the Centers for Disease Control and Prevention (CDC), around 264,000 women are diagnosed with breast cancer and about 42,000 women die in the United States each year due to the disease.
- Some major companies profiled in the market report are Abbott, AB ANALITICA s.r.l., LetsGetChecked, Everly Health, Inc., Pinnacle BioLabs, Quidel Corporation, OSANG Healthcare, Eurolyser Diagnostica GmbH, Imaware, Check4Cancer Ltd. Labcorp, and Exact Sciences Corporation.
- On 19 July 2022, Labcorp announced increasing of clinical trial kit capacity in order to meet the demands of collection kits in Europe and Middle East & Africa. The increasing capacity of trial kits will enable researchers to conduct and deliver clinical trial tests more conveniently and provide flexibility in terms of ordering and turnaround time to investigators in the EMEA region. In 2021, Labcorp included clinical trial test kit production capacity in the Mechelen facility, which has produced over 1.1 million kits since then for a range of studies, including oncology, diabetes, and autoimmune disorders.
For this study, Reports and Data has segmented the global cancer test kits market based on test type, type, technology, application, distribution, end-user, and region:
Test Type Outlook (Revenue, USD Million, 2019 - 2030)
- FIT Test
- HPV Test
- PSA Test
- AFP Test
- CEA Test
Type Outlook (Revenue, USD Million, 2019 - 2030)
- Blood Test
- Urine Test
- Secretion Test
- Stool Test
Technology Outlook (Revenue, USD Million, 2019 - 2030)
- Molecular Biology
Application Outlook (Revenue, USD Million, 2019 - 2030)
- Breast Cancer
- Colorectal Cancer
- Cervical Cancer
- Lung Cancer
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
End-User Outlook (Revenue, USD Million, 2019 - 2030)
- Diagnostic Centers
- Home Care
- Research Centers
Regional Outlook (Revenue, USD Million, 2019 -2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA