by Cancer diagnostics include services and products involved in the detection and diagnosis of cancer. Various diagnostic tests such as biopsy, endoscopy, X-rays, ultrasounds, MRI, CT scans, PET scans, tumour marker tests and histopathology help detect cancer and determine the extent of cancer spread in the body. The global cancer diagnostics market is witnessing significant growth owing to the rising prevalence of cancer across the globe.
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 key trends:
The increasing prevalence of cancer across the globe is one of the key factors driving the growth of the cancer diagnostics market. It is estimated that in 2020, around 19.3 million new cancer cases were reported worldwide. Early detection of cancer helps to improve treatment outcomes and survival rates. Advanced diagnostic technologies help detect cancer at an early stage thereby propelling the demand for cancer diagnostic tests. Furthermore, growing awareness about the benefits of early cancer detection is also contributing to the market growth. New product launches by key players with advanced technologies is another major trend in the cancer diagnostics market.
SWOT Analysis
Strength: The cancer diagnostics market has strong growth potential due to rising cancer incidence and increasing cancer awareness. Advances in diagnostic technologies like liquid biopsy are driving market growth.
Weakness: High cost of cancer diagnostic tests and procedures limits their access in low-income countries. Lack of awareness in developing regions also restricts market growth.
Opportunity: Untapped growth prospects in emerging economies offer lucrative opportunities. Growing funding for cancer research can accelerate development of novel diagnostic techniques.
Threats: Stringent regulations for approval of new diagnostic tests increases costs and time-to-market. Intense competition among existing players further squeezes profit margins.
Key Takeaways
The Global Cancer Diagnostics Market Size is expected to witness high growth. Rapid technological advancements have enabled development of sensitive diagnostic tests that can detect even the smallest traces of cancer in early stages.
Regional Analysis: North America currently dominates the market due to presence of major players and rising healthcare expenditure. The usage of advanced genomic and molecular testing approaches for cancer diagnosis is growing 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. Europe is poised to experience steady growth owing to increasing public funding for cancer research. Asia Pacific shows high potential and is estimated to be the fastest growing regional market in the forecast period. Countries like China, Japan and India are expected to increase diagnostic rates due to growing healthcare infrastructure and expanding patient pool.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
