What is the global market size of Cancer Diagnostics Market?

Cancer Diagnostics Market size was valued at USD 160.5 billion in 2021 and is poised to grow from USD 171.5 billion in 2022 to USD 276.8 billion by 2030, growing at a CAGR of 6.89% in the forecast period (2023-2030).

Who are the key vendors in the Global Cancer Diagnostics Market?

The global cancer diagnostics market has become highly competitive due to the increasing awareness about cancer and the advancements in technology. This has made it easier for patients to find the right cancer treatment. There are a number of companies that are currently competing in this market. Some of the most popular companies are Cancer Care Alliance, Quest Diagnostics, and Laboratory Corporation of America. These companies offer a range of services such as laboratory testing, treatment planning, and support. 'Abbott Laboratories', 'Agilent Technologies', 'Becton, Dickinson and Company (BD)', 'bioMérieux SA', 'Danaher Corporation ', 'F. Hoffmann-La Roche Ltd.', 'GE Healthcare', 'Hologic, Inc.', 'Illumina, Inc.', 'Koninklijke Philips N.V.', 'Merck KGaA', 'Myriad Genetics, Inc.', 'QIAGEN N.V.', 'Quest Diagnostics', 'Siemens Healthineers AG', 'Sysmex Corporation', 'Thermo Fisher Scientific Inc.', 'Toshiba Corporation', 'Varian Medical Systems, Inc.', 'Zimmer Biomet Holdings, Inc.'.

What is the key driver of Global Cancer Diagnostics Market?

Increasing government initiatives to spread awareness about the benefits of early diagnosis will boost cancer diagnostics market growth in the coming future. The awareness and availability of cancer diagnostic products are lower in developing and underdeveloped regions. To improve this, private as well as government organizations are conducting awareness campaigns to educate people regarding the importance of early diagnosis.

What is the key market trend for Global Cancer Diagnostics Market?

Early detection of cancers by a simple blood test, often called a liquid biopsy, is another side of diagnostics that has been gaining traction in the global cancer diagnostics market. Some recent studies have shown that a blood test that assesses multiple potential markers, including both genes and proteins, may be sensitive enough to potentially diagnose cancer.

Which region accounted for the largest share in Global Cancer Diagnostics Market?

In 2021, the North America generated more than 37% revenue of the global cancer diagnostics market and is projected to continue leading the market. This is attributed to the growing incidences of cancers in the U.S., and Canada due to aging population, unhealthy lifestyles, and increased rate of obesity, among others. Furthermore, favorable government regulations, high insurance penetration, well-established healthcare infrastructure, and high spending on healthcare in the region are expected to support the market.

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

Report ID: SQMIG35J2078 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 149 | Figures: 78

Cancer Diagnostics Market Insights

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

Growing number of cancer patients around the world are projected to bolster the demand for cancer diagnostics over the coming years. High investments in oncology research and rising emphasis on early diagnosis of cancer to improve chances of successful treatment are slated to bolster cancer diagnostics market growth in the future. Increasing awareness regarding different types of cancers and advancements in diagnostic technologies are also forecasted to augment cancer diagnostics demand in the long run. Growing use of targeted therapies and personalized medicine in cancer treatment will also promote the use of advanced cancer diagnostics going forward. On the other hand, high costs of advanced diagnostics, false positives, and limited access are some constraints that impede cancer diagnostics market development potential across the study period and beyond.

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

Cancer Diagnostics Market Report Snapshots

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Developing cancer diagnostics that can detect cancer in early stages will be highly important for all companies operating in this market. Cancer diagnostics providers around the world are estimated to focus on research to maximize their business potential and stay competitive. Taking advantage of supportive government initiatives and awareness programs to maximize cancer diagnostics sales will also be a preferred strategy for all market players going forward. 'Abbott Laboratories (US)', 'Agilent Technologies (US)', 'Becton, Dickinson and Company (BD) (US)', 'bioMérieux SA (France)', 'Danaher Corporation (US)', 'Hoffmann-La Roche Ltd. (Switzerland)', 'GE Healthcare (US)', 'Hologic, Inc. (US)', 'Illumina, Inc. (US)', 'Koninklijke Philips N.V. (Netherlands)', 'Merck KGaA (Germany)', 'Myriad Genetics, Inc. (US)', 'QIAGEN N.V. (Netherlands)', 'Siemens Healthineers AG (Germany)', 'Sysmex Corporation (Japan)', 'Thermo Fisher Scientific Inc. (US)', 'Exact Sciences Corporation (US)', 'Guardant Health, Inc. (US)', 'Caris Life Sciences (US)', 'Foundation Medicine, Inc. (US)'

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.

Use of AI for Diagnostics: Cancer diagnostics companies can focus on integrate artificial intelligence technology in their offerings to enhance their accuracy and efficiency going forward. Especially use of AI with diagnostic imaging is an area where cancer diagnostics companies can find multiple new business opportunities in the future.

North America is predicted to spearhead the demand for cancer diagnostics in the world. The presence of a robust healthcare infrastructure and rising healthcare expenditure are driving cancer diagnostics market growth in this region. High investments in oncology R&D and favorable reimbursement policies are also estimated to help the dominance of this region. Canada and the United States are slated to be the most important markets in North America going forward.

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Cancer Diagnostics Market Insights

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What is the global market size of Cancer Diagnostics Market?

Who are the key vendors in the Cancer Diagnostics Market?

What is the key driver of Cancer Diagnostics Market?

What is the key market trend for Cancer Diagnostics Market?

Which region accounted for the largest share in Cancer Diagnostics Market?

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