by The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Cancer diagnostics involves various technologies used in detecting and monitoring cancer through blood, urine and tissue samples. Cancer diagnostics help in accurate diagnosis and treatment of cancer at an early stage which improves survival rates.
Market key trends
An increase in cancer incidence and government support for early detection are the primary factors fueling the growth of the cancer diagnostics market. According to WHO, the cancer burden is predicted to rise by about 70% over the next 2 decades. Further, various governments are undertaking initiatives to spread awareness about the benefits of early cancer diagnosis through screening programs which is driving the demand for diagnostics tests. Additionally, technological advancements in molecular diagnostics such as the development of non-invasive liquid biopsy tests for early detection of tumor cells in blood are improving diagnostics accuracy. These liquid biopsy tests also help in monitoring treatment response without repeated surgical biopsies.
SWOT Analysis
Strength: Early and accurate cancer diagnosis can significantly improve treatment effectiveness and survival rates. Advances in genomic and proteomic technologies enable more precise detection and diagnosis of cancer.
Weakness: High cost of diagnostic tests limits widespread adoption. Shortage of pathologists and oncologists for cancer diagnosis and treatment.
Opportunity: Growing geriatric population and increasing risk of cancer propels the demand for improved diagnostics. The development of novel non-invasive liquid biopsy tests provides new opportunities.
Threats: Stringent regulatory process delays market approvals. Reimbursement issues pose challenges, especially in developing nations.
Key Takeaways
The global Cancer Diagnostics Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing adoption of personalized medicine. Genetic and proteomic testing are increasingly complementing clinical factors for accurate diagnosis.
Regional analysis: North America dominates the global cancer diagnostics market due to high healthcare expenditure and favorable reimbursements. Asia Pacific is expected to be the fastest-growing market owing to rising medical tourism, increasing penetration of healthcare insurance, and growing awareness.
Key players operating in Cancer Diagnostics are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., BPS Bioscience, Inc. Antibodies Inc., Networks LLC, 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 (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
