Cancer Diagnostics Market Size, Share, Growth Analysis, By Application(Lung Cancer, Colorectal Cancer, Breast Cancer, Melanoma), By End User(Hospitals, Diagnostic Laboratories, Others), By Product(Instruments, Consumables), By Technology(IVD Testing, Imaging Technologies, Biopsies), By Region - Industry Forecast 2024-2031

Drivers

Rising Incidence of Cancer

• Poor lifestyle choices and growing adoption of unhealthy habits have significantly increased the number of people suffering from cancer. This surge in incidence of cancer around the world is a key factor promoting cancer diagnostics demand.

Rising Awareness Regarding Cancer Diagnosis

Governments and public health organizations are continuously working on raising awareness regarding cancer symptoms and this is projected to promote the demand for cancer diagnostics in the future. As more and more people grow aware of cancer symptoms, the demand for early and better diagnostics also rises thereby promoting market growth.

Restraints

Limited Access

• Underdeveloped and developing countries around the world are still working on developing their healthcare infrastructure. Healthcare institutions in these countries operate on a limited spending potential, which is why they cannot spend on advanced diagnostic devices thereby reducing access to novel diagnostic procedures.

False Positives

• Novel diagnostic procedures which are not tested enough run the risk of generating false positives and cause anxiety among patients and medical professionals as well. This risk of false positives could slow down the adoption of advanced cancer diagnostics.