Rise in incidence of gastric cancer, advancements in diagnostic technologies, surge in awareness about gastric cancer drive the growth of the global gastric cancer diagnostic market.
PORTLAND, Ore., Nov. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Gastric Cancer Diagnostic Market by Product (Reagents & Consumables and Instruments), Disease Type, (Adenocarcinoma, Gastric Lymphoma, and Others), and End User (Hospitals, Diagnostic Laboratories, and Diagnostic Imaging Centers): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global gastric cancer diagnostic industry generated $2.3 billion in 2022, and is anticipated to generate $3.8 billion by 2032, witnessing a CAGR of 5.3% from 2023 to 2032.
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Prime determinants of growth
Increase in incidence of gastric cancer, advancements in diagnostic technologies, growing awareness about gastric cancer drive the growth of the global gastric cancer diagnostic market. However, the high diagnostic cost for restricts market growth. Moreover, the significant unmet need in cancer diagnosis and growth opportunities in emerging markets presents new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $2.3 billion |
Market Size in 2032 | $3.8 billion |
CAGR | 5.3 % |
No. of Pages in Report | 260 |
Segments covered | Product, Disease Type, End User, and Region. |
Drivers | Increase in incidence of gastric cancer Advancements in diagnostic technologies Growing awareness about gastric cancer |
Opportunities | Significant unmet need in cancer diagnosis Growth opportunities in emerging markets |
Restraint | High diagnostic cost |
Economic Downturn Analysis: Impact of Recession in 2023 on the Gastric Cancer Diagnostic Market
- During a recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patient ability to access and afford gastric cancer diagnostic tests, potentially leading to decreased demand for these diagnostics. In addition, economic downturns lead to reduced funding for medical research and development. This could slow down the advancement of diagnostic technologies and tools for gastric cancer, potentially limiting the availability of more effective and less invasive diagnostic methods.
- However, the rise in prevalence of gastric cancer, rise in demand for the diagnostic tests and growing awareness about early diagnosis and treatment. This could boost the need for specific types of gastric cancer diagnostic is experiencing a moderate positive impact from the global recession.
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The reagents and consumables segment to maintain its leadership status throughout the forecast period
By product, the reagents and consumables segment held the largest market share in 2022, accounting for around two-thirds of the global gastric cancer diagnostic market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the reagents and consumables are continually needed in large quantities for routine diagnostic tests which led to high adoption rate. However, the instruments segment is projected to manifest the highest CAGR of 5.6% from 2023 to 2032, owing to rise in technological advancements in gastric cancer diagnostic instruments and growing awareness about early diagnosis.
The adenocarcinoma segment to maintain its leadership status throughout the forecast period
By disease type, the adenocarcinoma segment held the largest market share in 2022, accounting for around four-fifths of the global gastric cancer diagnostic market and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032. Adenocarcinoma is the most common type of gastric cancer, accounting for the majority of gastric cancer cases. Its high prevalence naturally results in a larger market share for diagnostic tests targeting this specific cancer subtype and propels the segment growth.
The diagnostic laboratories segment to maintain its lead position during the forecast period
By end user, the diagnostic laboratories segment accounted for the largest share in 2022, contributing to nearly half of the global gastric cancer diagnostic market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to its central role in conducting accurate and comprehensive diagnostic tests for gastric cancer. Diagnostic laboratories are equipped with advanced equipment and skilled professionals, ensuring precise results, timely diagnosis, and access to a wide range of diagnostic techniques which further support the segment growth.
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North America to maintain its dominance by 2032
By region, North America held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global gastric cancer diagnostic market revenue and is likely to dominate the market during the forecast period. This is attributed to the well-established healthcare system, rise in prevalence of gastric cancer, rise in technological advancement in diagnostics, and rise in number of product approvals.
However, Asia-Pacific is expected to witness the fastest CAGR of 6.2% from 2023 to 2032. Increase in government initiatives for diagnostic services, increase in prevalence of stomach cancer, and development of medical technology industry, is expected to drive the growth of the gastric cancer diagnostic market.
Leading Market Players: -
- Bio-Rad Laboratories, Inc.
- Qiagen NV.
- Agilent Technologies, Inc.
- Mirxes Pte Ltd
- Hipro Biotechnology Co.,Ltd.
- Fulgent Genetics
- Exact Sciences Corporation
- Endofotonics Pte Ltd
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd
The report provides a detailed analysis of these key players in the global gastric cancer diagnostic market. These players have adopted strategies such as product approval, partnership, and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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