by The cancer diagnostics market is estimated to be valued at US$ 59.1 Billion in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cancer diagnostics market encompasses various diagnostic tests and devices used for determining the presence of cancer in patients. Key products in this market include imaging tests, biopsy, liquid biopsy and other molecular diagnostic tests that help detect cancer at an early stage. Rapid diagnosis plays a crucial role in effective treatment and better prognosis of the disease.
Market Dynamics:
Rising prevalence of cancer and technological advancements are expected to be the major drivers of the cancer diagnostics market growth over the forecast period. According to WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2020. Growing adoption of minimally invasive liquid biopsy tests due to advantages over tissue biopsy is also fueling market growth. Furthermore, development of AI-powered diagnostic tools that can detect cancer with high accuracy is creating new opportunities in the market.
Market key trends:
The cancer diagnostics market has been witnessing rapid technological advancements with the development of novel diagnostic modalities such as liquid biopsy, biomarker tests, artificial intelligence and companion diagnostics. Liquid biopsy for non-invasive tumor screening allows for early detection and personalized treatment plans. Biomarker testing plays a crucial role in diagnosis, prognosis and predicting treatment responses in cancer patients. With increasing adoption of AI and machine learning for medical image analysis and precision diagnostics, the accuracy of cancer diagnosis is improving significantly.
SWOT Analysis
Strengths: Rapid technological advancements are enabling non-invasive and precise diagnosis. Early detection allows for improved treatment outcomes.
Weaknesses: High cost of novel diagnostic technologies limits widespread adoption. Limited healthcare infrastructure in developing nations.
Opportunities: Growth in demand for cancer screening in emerging markets. Expanding applications of liquid biopsy and companion diagnostics.
Threats: Stringent regulatory framework. Reimbursement issues related to high-cost diagnostic tests.
Key Takeaways
The Global Cancer Diagnostics Market Size was valued at US$ 59.1 Billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period, due to increasing prevalence of cancer worldwide.
Regional analysis: North America dominated the global cancer diagnostics market in 2023 and is expected to remain dominant over the forecast period. However, Asia Pacific is projected to witness the highest growth rate, due to improving healthcare infrastructure and rising healthcare spending in countries such as China and India.
Key players: Key players operating in the cancer diagnostics market include Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and 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
