Next-Generation Gynecological Cancer Diagnostics Market To Generate Revenue Worth $5,135 Million by 2030
- Published: April 2023
The global next-generation gynecological cancer diagnostics market is projected to generate USD 5,135 million revenue by 2030, advancing at a CAGR of 10.0% during 2022–2030. This is attributed to the rising cases of gynecological cancer among women and the increasing emphasis on early identification and treatment. For instance, women aged between 50 and 79 years are most likely to have gynecological cancers.
Furthermore, governments are taking initiatives for raising awareness about the early detection and diagnosis of cancer as well as increasing healthcare spending and infrastructure would also propel the market growth. As ovarian cancer is not easily detectable, women who are at high risk of developing this type of cancer must undergo several routine testing or diagnosis to identify the disease in the early stages.
Moreover, the number of private diagnostic centers is increasing around the world, due to the rising demand for diagnostic imaging treatment and the surging burden on public hospitals, owing to the inadequate figure of imaging modalities at their end. For instance, FUJIFILM Corporation introduced NURA, a specialized medical screening center for cancer screening, in Bangalore, India, in January 2021. This center is managed by FUJIFILM DKH LLP and Dr. Kutty’s Healthcare.
Diagnostic Laboratories Dominate the Market
The diagnostic laboratories category accounted for the largest revenue share in 2022, and it is further expected to maintain its dominance during the forecast period. This is attributed to the large volume of testing performed in the laboratories, due to the rising prevalence of gynecological malignancies coupled with favorable reimbursement policies. These tests play a key role in the control, prevention, and investigation of any cancerous disease. Also, these laboratories help reduce healthcare spending, contribute to consumer safety, and improve patient care. All these factors are advantageous in the early detection of such diseases.
On the other hand, the hospital and ambulatory center category displays the highest growth rate during the anticipated time frame. This can be ascribed to the rising number of patients in hospitals, the increasing number of in-house diagnostic procedures performed in surgical centers and hospitals, the upsurge in affordable healthcare services, the surging awareness regarding early diagnosis, and several strategic activities adopted by industry players. For instance, in December 2021, the National Cancer Institute-designated comprehensive cancer center, ‘City of Hope’ finalized its earlier announced acquisition of Cancer Treatment Centers of America, a network of outpatient care centers and oncology hospitals in the U.S., to increase access to world-class care and research to patients nationally.
Geographically, the APAC next-generation gynecological cancer diagnostics market is expected to witness the highest growth rate during the forecast period. This can be due to the technological advancements in healthcare, increasing per capita income, a large pool of patients suffering from gynecological cancers, a shift in government policy in favor of supporting basic research and development, and improving healthcare infrastructure, adopting advanced and rapid diagnosis of diseases, and surging investment by both domestic and foreign businesses in the region.
China holds a significant revenue share in the APAC market, and it is expected to maintain its dominance throughout the forecast period as well. This is attributed to the rising incidence of gynecological cancer and technological advancements in diagnostic methods in the country.
Some of the major market players are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd., QIAGEN N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Myriad Genetics Inc., Illumina Inc., OPKO HEALTH Inc., and KONICA MINOLTA Inc.