by The cancer diagnostics market is estimated to be valued at US$59.1 Billion in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer diagnostics involve identification of cancer in patients using various techniques such as imaging tests, biopsy, molecular testing and bio markers. Cancer diagnostics help determine the location and stage of cancer which is crucial for proper treatment of the disease. Common techniques used for cancer diagnostics include computed tomography (CT) scans, magnetic resonance imaging (MRI), positron emission tomography (PET) scans, biopsy, tumor markers and molecular testing. Imaging tests help detect abnormalities or tumors in different parts of the body while biopsy, tumor markers and molecular testing confirm if the abnormality detected is cancerous or benign. Early detection of cancer using various diagnostics techniques increases treatment effectiveness and improves clinical outcomes.
Market Dynamics:
The growth of the cancer diagnostics market is majorly driven by the rising incidence of cancer globally. According to WHO, cancer is the second leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Increasing risk factors such as tobacco use, alcohol consumption, physical inactivity and obesity are contributing to the growing cancer burden. The demand for various diagnostic techniques for early cancer detection before the onset of symptoms is witnessing rapid growth. Moreover, ongoing technological advancements in molecular testing and fluid biopsy are facilitating minimally invasive and efficient cancer detection, thereby fueling the adoption of advanced diagnostic methods. However, the high cost of diagnostic procedures such as PET/CT scans and MRI poses financial challenges for healthcare providers as well as patients in low and middle-income countries.
Segment Analysis
The cancer diagnostics market is segmented into biopsies, imaging tests, liquid biopsy, pathology, and molecular diagnostics. The molecular diagnostics segment dominated the market in 2022 due to the availability of advanced and innovative molecular diagnostic tests such as polymerase chain reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA sequencing & Next-generation sequencing (NGS), and in situ hybridization tests. These tests analyze genetic and protein biomarkers in tissue or blood samples to detect cancer in early stages.
PEST Analysis
Political: Governments across countries are focusing on cancer awareness programs and increasing funding for cancer research and diagnostics. Economic: The rising healthcare expenditure and growing disposable incomes are fueling the demand for advanced cancer diagnostic techniques. Social: Increasing prevalence of cancer owing to the adoption of sedentary lifestyle and growing health consciousness are raising the need for effective diagnostic procedures. Technological: Rapid digitalization and introduction of advanced technologies such as liquid biopsy, artificial intelligence, and cloud computing are revolutionizing cancer diagnostics.
Key Takeaways
The Global Cancer Diagnostics Market Size is expected to reach US$ 107.4 Billion by 2030, expanding at a CAGR of 9.6% during the forecast period. The growing geriatric population, which is more prone to cancer and increasing awareness regarding early cancer diagnosis are driving the market.
Regionally, North America dominates the cancer diagnostics market and is expected to maintain its leading position during the forecast period. This is attributed to the well-established healthcare system and rising government funding for cancer research in the region. Asia Pacific is anticipated to be the fastest-growing market from 2023 to 2030 owing to the improving healthcare facilities, high incidence of cancer, and increasing awareness in countries such as China, India, and Japan.
Key players operating in the cancer diagnostics market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., BPS Bioscience, Inc, Antibodies Inc., Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc. , Genway Biotech, Inc., Microdrop LLC, Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics. The top players are focusing on new product launches, collaborations and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
