The global cancer diagnostics market is on track for a significant surge, driven by rising cancer cases, advancements in technology, and increasing demand for early and accurate diagnosis. According to a recent market analysis, the industry is expected to grow at a healthy CAGR of 8.5%, reaching a staggering US$ 126 billion by 2033, up from US$ 55.71 billion in 2023.
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This remarkable growth is fueled by several key factors:
- Rising cancer cases: An aging population, changing lifestyles, and environmental factors are contributing to a global rise in cancer incidence. This creates a critical need for efficient and accurate diagnostic tools.
- Technological advancements: The industry is witnessing rapid advancements in technologies like liquid biopsies, genetic testing, and precision oncology, enabling earlier and more precise diagnoses.
- Modernization of healthcare infrastructure: Hospitals, diagnostic centers, and healthcare institutions are increasingly investing in modernizing their technology to offer cutting-edge cancer diagnostic services.
- Growing awareness and emphasis on early detection: Public awareness campaigns and increasing emphasis on preventive healthcare are driving demand for regular screenings and early diagnosis, leading to a surge in diagnostic services.
This market expansion presents exciting opportunities for:
- Diagnostic technology developers: Companies developing innovative and efficient diagnostic tools can tap into a rapidly growing market.
- Healthcare providers: Investing in advanced diagnostic technologies can empower healthcare providers to offer improved patient care and attract new patients.
- Investors: The cancer diagnostics market presents a lucrative investment opportunity with its promising growth potential.
As the fight against cancer continues, the global cancer diagnostics industry plays a crucial role in enabling early detection and effective treatment. With the confluence of rising demand, technological advancements, and increasing awareness, the industry is poised for a bright future, offering significant benefits for patients, healthcare providers, and investors alike.
Key Takeaways from the Global Cancer Diagnostics Market Study Report by FMI:
- The net worth of the total cancer diagnostics business in the United States in the year 2022 was figured out to be 32.6% of the global market share. FMI further predicts substantial room for expansion in North America, given the increased incidence of cancer in the United States and Canada.
- Europe, with a global market share of 30.1% in 2022, is also predicted to witness equal growth in most countries. Regional market players may take advantage of these chances by forging a solid presence and adjusting their product lines to suit local demands.
- Based on FMI findings, Asia Pacific countries are poised to witness a greater growth trend during the forecast years. China, India, and Australia are the three prominent markets with anticipated CAGRs of 9.8%, 8.3%, and 13.4% between 2023 and 2033.
“Advancements in cancer diagnostics and rising prevalence of cancer are expected to aid growth of cancer diagnostics. A majority of leading players in cancer diagnostic market are adopting strategic partnerships to sustain the increasing competitive pressure,” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape for the Cancer Diagnostics Market Players:
- Abbott Laboratories
- Roche Holding AG
- Thermo Fisher Scientific Inc.
- Siemens AG
- Bio Rad Laboratories Inc.
- GE Healthcare
- Illumina, Inc.
- Bristol-Myers Squibb
- Koninklijke Philips N.V.
- Toshiba Medical Systems Corporation
- Agilent Technologies Inc.
Some top players in this market. The leading market players that provide cutting-edge, easy-to-use diagnostic equipment have somewhat consolidated the market and are ideally positioned to profit from this expanding sector.
Worldwide, governments and medical institutions have also started extensive cancer screening programs, which has increased demand for cancer diagnostic services from private market players. So, existing and new market players now have exciting new prospects due to the rising demand for cancer diagnostics, particularly in the emerging economies. New diagnostic service companies may increase their clientele and get a competitive edge in the coming days by providing accurate and rapid findings.
Cancer Diagnostics Market by Category:
Test Type
- Tumour Biomarkers Tests
- PSA Tests
- CTC Tests
- AFP Tests
- CA Tests
- HER2 Tests
- BRCA Tests
- ALK Tests
- CEA Tests
- EGFR Mutation Tests
- KRAS Mutation Tests
- Others
- Imaging
- Ultrasound
- Mammography
- MRI Scan
- PET Scan
- CT Scan
- SPECT & Others
- Biopsy
- Needle Biopsy
- Endoscopic Biopsy
- Bone Marrow Biopsy
- Others
- Liquid Biopsy
- Immunohistochemistry
- In Situ Hybridization
Indication
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Blood Cancer
- Prostate Cancer
- Ovarian Cancer
- Stomach Cancer
- Liver Cancer
- Others
End-user
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Diagnostic Imaging Centers
- Cancer Research Institutes
- Others
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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