Cancer Diagnostics Market – Global Industry Analysis and Forecast (2023-2029)

Cancer Diagnostics Market is anticipated to reach US$ 46.43 Bn. by 2029 from US$ 21.53 Bn. in 2022 at a CAGR of 11.6 % during a forecast period.

The global cancer diagnostics market is growing due to an increase in the incidence and prevalence of various cancer types, government programs, and other organizations to raise cancer awareness, and an increase in the number of diagnostics laboratories in developed countries. In 2020, North America dominated the market, accounting for 60 % market share followed by Asia pacific.

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Cancer Diagnostics Market Dynamics
Rising public awareness and supportive government measures are driving the market growth. The rising occurrence of oncologic cases, continuous technical breakthroughs in diagnostics, and the rising need for effective screening tests are all driving market growth. Furthermore, rising technological advancements are driving market growth, as are increasing government and global health organization initiatives to raise cancer awareness, rising growth in the number of private diagnostic centers, rising public-private partnerships to improve diagnostic imaging center infrastructure, rising FDA support for biomarker development, and rising launch of new flow cytometry reagents for diagnostics are fueling the market growth.

In addition, rising personalized medicine, increased development of mass cytometry and the combination of cell-and bead-based flow cytometry technologies, improved healthcare infrastructure in emerging markets, and rising miniaturized and technologically advanced devices are expected to create new opportunities for the cancer diagnostics market during the forecasted period of 2023-2029.

Although cancer detection has increased at an unparalleled rate in recent decades, the severe consequences of inaccurate diagnoses have become a major roadblock in the worldwide market. Patients are distrustful because of difficulties such as false positive and false negative reports, ineffective diagnosis methods, overdiagnosis, and exposure to ionizing radiation during diagnosis and treatment. These obstacles are expected to be solved through effective public communication initiatives by government and commercial research institutions, as well as constant innovation by enterprises producing cancer therapies with proven efficacy.
Cancer Diagnostics Market Segmentation Analysis
By Product, because imaging modalities such as computed tomography scans and magnetic resonance imaging are rapid, non-invasive, and pain-free diagnostic options, the imaging segment is dominating the market with the biggest share in the market throughout the forecast period. In detecting a range of cancer forms, these imaging modalities are utilized in conjunction with other laboratory and genetic studies to assess the location and severity of the problem. The presence of specific biomarkers can be detected in blood, urine, other bodily fluids, or tissue, while genetic tests can reveal genetic aBnormalities in DNA and RNA samples collected from the patient.

The United States, Canada, Japan, China, and Europe are expected to fuel the worldwide Imaging segment's 5.7 percent CAGR. By the end of the analysis period, these regional markets, which had a combined market value of US$20.36 billion in 2021, are expected to grow by about US$31.72 billion. In this group of regional markets, China is one of the fastest-growing. The Asia-Pacific market is expected to reach US$34.71 billion by 2029, led by countries like Australia, India, and South Korea, while Latin America is expected to grow at a 7.4% CAGR during the same period.

By Application, Due to a growth in the number of women under the age of 50 and an increase in the population of women aged 50 to 74, the breast cancer sector is the largest segment in the cancer diagnostics market. An increase in the number of efforts conducted by various groups is expected to help the sector gain traction.
Regional Insight
Because of factors such as high awareness about early detection and cancer diagnosis, rising prevalence of types of cancer, high investments in R&D activities, availability of advanced cancer diagnostic tests, and presence of skilled healthcare professionals, the cancer diagnostics market in North America is expected to account for the largest revenue share during the forecast period. According to the survey's findings, the number of newly diagnosed metastatic non-small cell lung cancer patients decreased by a little over 30% from February to March 2020. Colorectal cancer about 14 percent, acute myeloid leukaemia about 14 percent, breast cancer about 8.4%, and ovarian cancer about 14 percent also saw declines of 8.6 percent. Such occurrences point to a decrease in cancer detection rates during the pandemic era. In the United States, the cancer diagnostics market is expected to be worth $40.8 billion by 2020.

Over the forecast period, Asia Pacific is expected to see rapid revenue growth. High cancer prevalence, improved healthcare infrastructure, rising disposable income, increased awareness of early cancer detection, and favourable government efforts are all contributing to Asia Pacific's market growth. China, the world's second-biggest economy, is expected to reach a market size of US$55.17 billion by 2029, with an annual growth rate of 8.7% from 2022 to 2029. Japan and Canada are two more important geographic markets, with forecasted growth rates of 3.2 percent and 5.2 percent, respectively, from 2020 to 2029. Germany is expected to grow at a CAGR of around 3.7 percent in Europe.

Report Objectives:

• Landscape analysis of the Cancer DiagnosticsMarket

• competitive benchmarking

• Past and current status of the industry with the forecasted market size and trends

• Evaluation of potential key players that include market leaders, followers, and new entrants

• Technology trends

• Potential impact of micro-economic factors of the market

• External and Internal factors affecting market have been analyzed

The report also helps in understanding the Cancer Diagnostics Market dynamics, structure by analyzing the market segments and project the Cancer Diagnostics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Cancer Diagnostics Market make the report investor’s guide.
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Cancer Diagnostics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 21.53 Bn.


Forecast Period 2023 to 2029 CAGR:
11.6  %
Market Size in 2029:
US $ 46.43 Bn.


 Segments Covered:
by Product
Laboratory Tests
Genetic Tests
Imaging
Endoscopy
Biopsy
Others


by Application
Breast Cancer
Colorectal Cancer
Cervical Cancer
Lung Cancer
Prostate Cancer
Skin Cancer
Blood Cancer
Kidney Cancer
Liver Cancer
Pancreatic Cancer
Ovarian Cancer
Others



Cancer Diagnostics Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. Abbott Diagnostics
2. Agilent Technologies, Inc.
3. Becton
4. Dickinson and Company
5. bioMérieux
6. C.R. Bard, Inc.
7. F. Hoffmann-La Roche Ltd.
8. GE Healthcare (A Subsidiary of General Electric Company)
9. Hologic, Inc.
10. Illumina, Inc.
11. Philips Healthcare
12. Siemens Healthcare
13. Roche Diagnostics
14. QIAGEN N.V.
15. Thermo Fisher Scientific, Inc.
16. BD
17. NeoGenomics Laboratories, Inc.
18. Telerad Tech
19. GENERAL ELECTRIC COMPANY
20. Hologic Inc.
21. BioGenex
22. BioNTech Diagnostics GmbH
23. Koninklijke Philips N.V.

Frequently Asked Questions

1. What is the projected market size & growth rate of Cancer Diagnostics Market?
Ans-Cancer Diagnostics Market is anticipated to reach US$ 46.43 Bn. by 2029 from US$ 21.53 Bn. in 2022 at a CAGR of 11.6 % during a forecast period.

2. What are the key driving factor for the growth of Cancer Diagnostics Market?
Ans- Rising public awareness and supportive government measures are driving the market growth.

3. Which Region accounted for the largest Cancer Diagnostics Market share?
Ans- Because of factors such as high awareness about early detection and cancer diagnosis, rising prevalence of types of cancer, the cancer diagnostics market in North America is expected to account for the largest revenue share during the forecast period.

4. What makes Asia Pacific a Lucrative Market for Cancer Diagnostics Market?
Ans- High cancer prevalence, improved healthcare infrastructure, rising disposable income, increased awareness of early cancer detection, and favourable government efforts are all contributing to Asia Pacific's market growth.

5. What are the top players operating in Cancer Diagnostics Market?
Ans- Abbott Diagnostics, Agilent Technologies, Inc., Becton, Dickinson and Company, bioMérieux, C.R. Bard, Inc., and F. Hoffmann-La Roche Ltd.