Ottawa, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global cancer diagnostics market size was valued at USD 135.16 billion in 2022. Discovering biomarkers, proteins, and other signs that help identify a cancerous tumor is the process of cancer diagnostics. Diagnostic testing is used to confirm or rule out the presence of illness, monitor the course of a condition, plan and evaluate the effects of treatment, and track disease development. Cancer can be diagnosed by imaging, tumor biopsies, laboratory tests (including tumor marker tests), endoscopic examination, surgery, and genetic testing.
The cost of imaging cancer diagnostics has increased as a result of the rising demand for cancer diagnostic tests and technical developments that provide faster results and greater accuracy. Over the past ten years, the sector has seen an exponential increase in the use of imaging diagnostics.
Get the sample copy of this report@ https://www.precedenceresearch.com/sample/1194
Market Growth
Over the projected period, the market for cancer diagnostics will experience growth due to increases in the incidence and prevalence of various cancer types, including breast and lung cancer. Additionally, a surge in technological advancements supporting enhanced scanning of risky cells, innovations in tools for identifying the type of cancer, and an improvement in the accuracy of the outcome would help the cancer diagnostics market gain speed throughout the course of the estimated period. In the coming years, the market expansion is anticipated to be driven by increased government efforts and other private organizations to raise awareness about early cancer detection and prevention.
Regional Analysis
Due to its focused oncology research efforts for the development of early tumor detection techniques and funds from government healthcare organizations, North America held the top spot in the global market for cancer diagnostics. These efforts are assisting in the establishment of a strong medical environment in this region to combat cancer. Due to its highly developed healthcare infrastructure, high per capita healthcare spending, high awareness, and high literacy rate, North America has the greatest market share, followed by Europe. Due to strategic moves made by major players, a significant increase in cervical screening programs run to improve awareness and screening, a rise in R&D, and technical advancements, Asia Pacific is predicted to have the quickest growth throughout the projection period.
Report Segmentation of the Cancer Diagnostics Market
- Product Insight: Consumables maintained the highest share of over 60.0% in 2021, and it is projected that they will continue to hold this position for the duration of the prediction. The development of technologically improved diagnostic kits and reagents, rising R&D spending, an increase in the elderly population, and rising consumable usage are all driving the segment's expansion.
- Technology Insight: Due to factors such as growing in vitro diagnostics use, IVD testing had the greatest proportion of more than 60.0% in 2021. The industry is expanding as more in vitro diagnostics products are being introduced by the key market players. During the projected period, the biopsy technique is anticipated to increase at the fastest rate. One of the most important screening methods for cancer detection is a biopsy. Breast, prostate, and skin cancer diagnoses have been greatly improved by this screening method. The demand for biopsy instruments has increased along with the supply due to an increase in cancer occurrences globally.
- Screening Type Insight: Due to the rise in the incidence of cancer, the laboratory testing market had the greatest share of over 25.0% in 2021. For the purpose of doing laboratory tests for cancer, samples of urine, blood, or other body fluids or tissues are checked for tumor markers or abnormal cells that can assist identify whether a person has cancer or a precancerous disease. In addition to screening high-risk individuals, identifying different treatment options, determining the illness stage, and determining whether the disease is responding to treatment, laboratories are also employed in other ways. These examinations aid in determining whether a patient has a new tumor or a cancer relapse.
- End-user Insight: With a revenue share of more than 50.0%, the hospitals and clinics segment dominated the global market in 2021. The segment's growth is being fueled by elements like rising public awareness of personalized medicine, an increase in accessible healthcare services, and strategic initiatives. Due to the extensive amount of testing carried out in the laboratories and the advantageous reimbursement rules, the diagnostic laboratories segment is anticipated to grow at the quickest CAGR throughout the projection period.
- Application Insight: In 2021, the market was dominated by the other category, which had a share of over 20.0%. In 2021, the breast cancer market had the second-largest share. It is projected that increased R&D in improved breast cancer screening tools will greatly accelerate the segment's growth. Additionally, it is anticipated that increasing efforts to raise public awareness would spur market expansion.
Cutting Edge Insights | Ask here for customization study@ https://www.precedenceresearch.com/customization/1194
Scope of the Report
| Report Attributes | Details |
| Market Size in 2022 | USD 135.16 Billion |
| Revenue Forecast by 2030 | USD 258.54 Billion |
| CAGR | 8.4.91% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Key Players | Abbott, Becton, Dickinson and Company, Biocartis, Siemens Healthineers, GE Healthcare, Janssen Diagnostic LLC, and Sysmex Corporation and Others |
Market Dynamics of the Cancer Diagnostics Market
Market Drivers
Everywhere in the world, cancer has a profound social impact. It is one of the leading causes of death globally, with a higher prevalence in developed and developing economies. Healthcare professionals are urged to reevaluate their treatment goals and put a stronger emphasis on prevention as a result of the alarming trend of increased cancer prevalence. This would need cancer diagnostics that are capable of early diagnosis and therapy in addition to being specific and sensitive. The global market for cancer diagnostics is anticipated to expand quickly during the forecast period as the prevalence of various types of cancer increases globally. It is also anticipated that the use of AI in cancer detection will accelerate market expansion. Scientists have developed artificial intelligence (AI) tools to aid in screening procedures for many cancers, including breast cancer. AI-based computer algorithms have helped clinicians interpret mammograms for more than 20 years, but research in this area is developing quickly.
Market Restraints
Market expansion is anticipated to be hampered by insufficient reimbursement laws. In terms of imaging technology, radiology has undergone a number of improvements recently. The majority of medical insurance organizations, however, do not pay for operations that involve computer-aided detection (CAD). Therefore, people opt for traditional diagnostic procedures like biopsies, pathology tests, or standard imaging procedures like mammography and MRI treatments. Additionally, it is anticipated that the high price of cancer detection software will restrain the market growth.
Market Opportunities
A significant business opportunity for treating cancer patients through enhanced detection technologies and apparatus is being created by the increased understanding of some cancer biomarkers. Technological advancements in the field of biotechnology have made it possible to identify potential cancer biomarkers, and some of these biomarkers have already been commercialized. As a result, significant prospects for the expansion of the cancer diagnostics market are being created by the introduction of innovative diagnostic biomarkers.
Market Challenges
Many hospitals in developing countries are unable to invest in diagnostic imaging technology due to high costs and financial restrictions. The hospitals that cannot afford to buy new, cutting-edge imaging systems instead opt to use rebuilt imaging systems because of the increasing demand for diagnostic imaging treatments in these nations. Thus, throughout the projected period, this aspect will pose a significant obstacle to the expansion of the cancer diagnostics market.
Related Reports
- Artificial Intelligence in Diagnostics Market Research Report 2023 - 2032
- In Vitro Diagnostics Market Research Report 2023 - 2032
- Home Diagnostics Market Research Report 2023 - 2032
Get Our Latest Press Releases@ https://www.precedenceresearch.com/press-releases
Recent Development of the Cancer Diagnostics Market
- In November 2021, Magnetom Free was introduced by Siemens Healthineers. The Star whole-body MRI scanner was created to dramatically improve access to magnetic resonance imaging on a global scale.
- In October 2021, The European Union has approved the use of Agilent Technologies Inc.'s PD-L1 IHC 22C3 pharmDx test for Triple-Negative Breast Cancer (TNBC).
Market Segmentation
By Product
- Consumables
- Antibodies
- Kits & Reagents
- Probes
- Other Consumables
- Instruments
- Pathology-based Instruments
- Slide Staining Systems
- Tissue Processing Systems
- Cell Processors
- PCR Instruments
- NGS Instruments
- Microarrays
- Other Pathology-based Instruments
- Imaging Instruments
- CT Systems
- Ultrasound Systems
- MRI Systems
- Mammography Systems
- Nuclear Imaging Systems
- Biopsy Instruments
By Technology
- IVD Testing
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Immunohistochemistry (IHC)
- Next-generation Sequencing (NGS)
- Microarrays
- Flow Cytometry
- Immunoassays
- Other IVD Testing Technologies
- Imaging
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Positron Emission Tomography (PET)
- Mammography
- Ultrasound
- Biopsy Technique
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
By End Use
- Hospitals and Clinics
- Diagnostic Laboratories
- Diagnostic Imaging Centers
- Research Institutes
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Immediate Delivery Available | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1194
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
