Cancer diagnostics involve various procedures and tests to determine whether a person has cancer. Some common methods include medical imaging tests like X-rays, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans. Other procedures involve laboratory tests on samples of tissue, blood, or other fluids and materials. For instance, biopsy is a common method to detect cancer at its early stages by examining the cells and tissues under a microscope. The global cancer diagnostics market also comprises tools and technologies for liquid biopsy tests that detect tiny fragments of genetic material from tumors circulating in blood samples.
The global cancer diagnostics market is estimated to be valued at US$ 59.01 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand for non-invasive diagnostic procedures is expected to drive the growth of the cancer diagnostics market over the forecast period. Non-invasive diagnostic methods such as liquid biopsy provide early detection of cancer without complications associated with traditional biopsy methods. Liquid biopsy also offers valuable insights into tumor biology by analyzing circulating tumor cells (CTCs) and cell-free DNA (cfDNA) shed by tumors into the bloodstream. This facilitates real-time disease monitoring and enables oncologists to adjust treatment strategies based on tumor molecular profile changes. Another major driver is increasing incidence of cancer owing to sedentary lifestyles, growing geriatric population, and risk factors like smoking and obesity. This is expected to fuel the need for advanced diagnostic tools for accurate detection and staging of various cancers
Segment Analysis
The global cancer diagnostics market is segmented into imaging, molecular diagnostics, biopsy, and others. Among these, the imaging segment dominates the market and holds around 30% share. Imaging tests like X-ray, CT scan, MRI, ultrasound and PET scan helps in detecting the presence of tumors or cancer cells in the body in initial stages itself. This helps in early diagnosis and treatment planning which is the major advantage of imaging tests.
PEST Analysis
Political: Government across the world is focused on increasing awareness and screening for cancer through various initiatives. Some countries have also made cancer screening free of cost under their national health schemes to increase access.
Economic: Rising healthcare expenditure and increasing disposable incomes have boosted the cancer diagnostics market growth. However, high cost of advanced diagnostics technologies remains a challenge especially in low income countries.
Social: Changing lifestyle habits, growing consumption of tobacco and alcohol has increased cancer incidence rates globally. This is driving more people to undergo cancer screening.
Technological: Development of novel biomarkers, advanced imaging technologies like PET scans and AI integrated diagnostics offer greater accuracy in detection and are contributing to market growth.
Key Takeaways
The Global Cancer Diagnostics Market Growth is expected to witness high at a CAGR of 7.8% during the forecast period of 2023 to 2030.
Regionally, North America dominates currently due to high awareness, rapid adoption of advanced diagnostics and presence of major players. Europe is also a significant market driven by initiatives to promote early screening. The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Increasing healthcare investments, rising disposable incomes, growing cancer burden and increasing focus on screening are driving the market in the region.
Key players operating in the cancer diagnostics market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc. Major players are focused on new product launches, collaborations and geographic expansion to strengthen their market position
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
