The global cancer diagnostics market is poised for substantial growth, driven by rising cancer incidence, technological advancements, and increasing emphasis on early detection. According to recent market analysis, the sector is expected to expand at a robust compound annual growth rate (CAGR) of 8.5%, reaching an impressive USD 126 billion by 2033 from USD 55.71 billion in 2023.
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Key factors contributing to this growth include:
- Rising Cancer Cases: Factors such as aging populations, changing lifestyles, and environmental influences are contributing to a global increase in cancer prevalence, underscoring the urgent need for accurate and efficient diagnostic solutions.
- Technological Advancements: Innovations in technologies such as liquid biopsies, genetic testing, and precision oncology are enabling earlier and more precise cancer diagnoses, revolutionizing treatment approaches.
- Healthcare Infrastructure Modernization: Healthcare facilities worldwide are investing in advanced technologies to enhance their cancer diagnostic capabilities, ensuring access to state-of-the-art diagnostic services.
- Growing Awareness and Emphasis on Early Detection: Increasing public awareness and initiatives promoting preventive healthcare are driving demand for regular cancer screenings, facilitating early detection and treatment.
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
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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