The global cancer diagnostics market is poised for significant growth, with projections indicating an increase from USD 60.4 billion in 2024 to a robust USD 136.7 billion by 2034. This market is expected to grow at a compound annual growth rate (CAGR) of 8.5% during the forecast period, between 2024 and 2034, reflecting the expanding global focus on early cancer detection.
The revenue generated by the market in 2023 was USD 55.7 billion, further highlighting the accelerating adoption of advanced diagnostic technologies in the fight against cancer. Early detection, a cornerstone of modern oncology, plays a pivotal role in improving patient survival rates, reducing healthcare costs, and enhancing the overall quality of life for cancer patients.
With a critical emphasis on identifying cancer in its initial stages, the market for cancer diagnostics is becoming more integral to healthcare systems worldwide. Early-stage detection enables medical professionals to target treatment more effectively before the disease progresses, significantly improving prognosis for individuals diagnosed with cancer.
This surge in the cancer diagnostics market underscores the growing recognition of the importance of screening and innovative diagnostic solutions. As technology advances and diagnostic tools become more accurate, accessible, and affordable, the potential for saving lives and optimizing treatment outcomes continues to grow.
Key Takeaways:
- Market Growth: The global cancer diagnostics market is projected to grow significantly, from USD 60.4 billion in 2024 to USD 136.7 billion by 2034, with a compound annual growth rate (CAGR) of 8.5% during the forecast period (2024-2034).
- Geographic Insights:
- The United States is expected to see a value CAGR of 3.6% between 2024 and 2034.
- Germany will experience a 3.9% value CAGR over the same period.
- China is projected to witness the highest CAGR at 5.2% from 2024 to 2034.
- France is forecast to grow at a 3.5% value CAGR.
- India is anticipated to grow at a robust 6.3% value CAGR.
- Spain will have a 4.0% value CAGR.
- The Australia & New Zealand region is projected to grow at a 4.2% CAGR.
- South Korea is expected to grow at a 5.4% value CAGR.
- Focus on Early Detection: The expanding focus on early cancer detection is a key driver of market growth, positioning the industry for strong performance over the next decade.
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Competitive Landscape:
Market players are adopting various strategies to maintain a competitive edge, such as differentiating their products through innovative formulations and forming strategic partnerships with healthcare providers for distribution. A significant focus for these companies is actively seeking strategic partners to enhance their product portfolios and expand their global market presence.
Recent Developments in the Cancer Diagnostics Market:
- January 2024: MOMA Therapeutics and Roche entered into a strategic partnership and licensing agreement to discover new drug targets for cancer. Through this collaboration, Roche gains access to MOMA’s KnowledgeBase platform to identify and pursue drug targets related to the growth and survival of cancer cells.
- October 21, 2022: GE Healthcare and Accuray Incorporated announced a global commercial collaboration agreement aimed at providing solutions that allow healthcare teams worldwide to personalize patient care throughout every stage of the treatment journey.
Key Players of Cancer Diagnostics Market:
- F. Hoffmann-La Roche Ltd
- Thermo Fisher Scientific Inc.
- Abbott Laboratories
- Illumina Inc.
- bioMérieux SA
- Siemens Healthineers
- GE Healthcare
- Hologic Inc.
- Agilent Technologies Inc.
- Becton, Dickinson and Company (BD)
- Myriad Genetics Inc.
- Qiagen
Key Segments of Cancer Diagnostics Market
By Test Type:
In terms of test type, the industry is divided into- tumor 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, ultrasound, mammography, MRI scan, PET scan, CT scan, SPECT & others). Biopsy- (needle biopsy, endoscopic biopsy, bone marrow biopsy, other), liquid biopsy, immunohistochemistry and in situ hybridization.
By Indication:
In terms of indication, the industry is segregated into breast cancer, lung cancer, colorectal cancer, melanoma, blood cancer, prostate cancer, ovarian cancer, stomach cancer, liver cancer and others
By End User:
In terms of end user, the industry is segregated into- hospital associated labs, independent diagnostic laboratories, diagnostic imaging centers, cancer research institutes and others.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia and Middle East and Africa (MEA) have been covered in the report.
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