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

Cancer Diagnostics Market was valued at USD 112.3 Billion in 2022 and is expected to rise from USD 120.04 Billion in 2023 to reach a value of USD 204.55 Billion by 2031, at a CAGR of 6.89% during the forecast period (2024–2031). 

Cancer diagnostics is a method of identifying various cell lines, proteins, and indications that lead to the presence of a cancerous tumour. This increase is mostly due to rising cancer prevalence around the world, improved awareness of early detection, more financing for cancer research and development, technological breakthroughs in diagnostic testing, and an increase in the number of private diagnostics centres. Based on SkyQuest’s in-depth analysis, it was found that there will be approximately 2,001,140 new cancer cases in 2024, which will directly impact the cancer diagnostic market. Additionally, increased healthcare expenditure and supportive government initiatives are fuelling market expansion. However, large capital expenditures, the possibility of high radiation exposure, and a scarcity of competent and experienced professionals also drive the cancer diagnostics market. Emerging markets like Asia-Pacific are booming at an exceptional rate as there is an improvement in health care infrastructure and government plans that promote cancer screening. In addition, the adoption of digital health technologies such as telemedicine and mobile health applications is also transforming the situation through remote monitoring and personalized care. However, high costs, regulatory complexities, and data privacy are major issues that must be resolved to make full use of the market.

US Cancer Diagnostics Market  is poised to grow at a sustainable CAGR for the next forecast year.