NEWARK, Del, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the Cancer Diagnostics Market has had exceptional development, growing by an average growth rate of 7.5% between 2018 and 2022. The global market may capture a phenomenal CAGR of 8.5% from 2023 to 2033, as the need for efficient cancer diagnostics continues to rise globally.
The overall market is growing fast as hospitals, diagnostic centers, and healthcare institutions want to modernize their technology to offer cutting-edge cancer diagnostic services. In addition, many specialized diagnostic centers and laboratories have also emerged with the rising demand for cancer diagnostic services worldwide. The market is projected to achieve a worldwide worth of US$ 55.71 billion in 2023, potentially reaching US$ 126 billion by 2033.
An increase in cancer cases has been caused by several variables, including an aging population, changing lifestyles, and environmental concerns. Therefore, there is an urgent need for early and precise cancer diagnosis to enable prompt treatment and enhance patient outcomes. Furthermore, people are encouraged to have regular screenings and testing as cancer screening and early diagnosis are becoming increasingly important.
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Cancer diagnoses have been transformed in the last few years by significant improvements in medical imaging methods, molecular diagnosis, and biomarker-based assays. Moreover, modern devices and advanced technologies have improved cancer detection's precision, sensitivity, as well as specificity, enticing both patients and healthcare professionals.
Imaging, genetic testing, and liquid biopsies are just a few of the diagnostic procedures that these service providers perform. Integration of digital technologies could also be a crucial force, providing businesses with chances to innovate and release diagnostic products that are more accurate and efficient.
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 the rising prevalence of cancer are expected to aid the growth of cancer diagnostics. A majority of leading players in the cancer diagnostic market are adopting strategic partnerships to sustain the increasing competitive pressure,” says the FMI Analyst
Region-wise Analysis Cancer Diagnostics Market
- North America Cancer Diagnostics Market:
- The United States and Canada are major players in cancer diagnostics.
- Advanced healthcare infrastructure, high awareness, and technological advancements contribute to market growth.
- Rising cancer prevalence and the aging population drive demand for diagnostics.
- Europe Cancer Diagnostics Market:
- Countries like Germany, the United Kingdom, and France have a significant market presence.
- A well-established healthcare system and favorable reimbursement policies support the growth of the cancer diagnostics market.
- Increasing investments in research and development further boost market expansion.
- Asia-Pacific Cancer Diagnostics Market:
- Rapidly growing economies like China, India, and Japan have a substantial impact on the market.
- Rising disposable income, improving healthcare facilities, and a large patient population drive market growth.
- Government initiatives to improve cancer care and early diagnosis fuel market expansion.
- Latin America Cancer Diagnostics Market:
- Brazil and Mexico are prominent markets in the region.
- Growing awareness about cancer and increasing healthcare expenditure contribute to market growth.
- However, challenges like limited access to advanced diagnostics can hinder expansion.
- Middle East and Africa Cancer Diagnostics Market:
- GCC countries and South Africa are key players in the cancer diagnostics market in the region.
- Increasing investments in healthcare infrastructure and growing awareness support market growth.
- Socioeconomic challenges may impact market penetration.
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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.
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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
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End-user
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Diagnostic Imaging Centers
- Cancer Research Institutes
- Others
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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