Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Cancer Diagnostics Market Size, Growth, Share, Statistics Report, By Product (Consumables {Antibodies, Kits & Reagents, Others}, Instruments {Pathology-based Instruments, Imaging Instruments, Biopsy Instruments}), By Technology, By Screening, By Application, By Region & Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The cancer diagnostics market size was valued at USD 138.2 Billion in 2022 and is expected to project USD 279.7 Billion by 2032 with a CAGR of 7.4%. The report comprehensively analyzes the overall market conditions and offers detailed insights into the industry dynamics.
Growing awareness about cancer and the importance of early detection has led to increased participation in cancer screening programs. Government initiatives, public health campaigns, and advancements in screening technologies have encouraged individuals to undergo regular screenings, driving the demand for cancer diagnostics. The rising adoption of personalized medicine approaches for cancer care has impelled the demand for diagnostic tests.
Advances in diagnostic technologies have greatly improved the accuracy, sensitivity, and speed of cancer detection. Techniques such as next-generation sequencing, liquid biopsies, multiplex assays, and molecular imaging have revolutionized cancer diagnostics, leading to earlier and more precise detection. Moreover, pharmaceutical and biotechnology companies and research institutions invest significantly in cancer diagnostics research and development. This investment enables the development of innovative diagnostic technologies, biomarkers, and companion diagnostics to improve cancer detection and treatment efficacy.
The emergence of artificial intelligence and Data analytics in cancer diagnostics is poised to create lucrative opportunities in the market. AI and machine learning algorithms relay the potential to enhance cancer diagnostics by analyzing complex data and improving accuracy and efficiency. The integration of AI into diagnostic platforms assist in image analysis, pattern recognition, and risk stratification, leading to more accurate diagnoses and improved patient outcomes.
The growing emphasis on precision medicine and targeted therapies results into accurate and comprehensive cancer diagnostics solutions. As personalized treatment approaches become more common, the need for diagnostic tests to identify specific genetic mutations, biomarkers, molecular signatures, and guide treatment decisions can be simplified. This enables the diagnostic centers to develop and offer comprehensive genomic profiling and diagnostic tests.
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Report Snapshot:
| Report Title | Cancer Diagnostics Market |
| Market Size in 2022 | USD 138.2 Billion |
| Market Size by 2032 | USD 279.7 Billion |
| CAGR from 2023 to 2032 | 7.4% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Product | Consumables (Antibodies, Kits & Reagents, Probes, Others), Instruments (Pathology-based Instruments, Imaging Instruments, Biopsy Instruments) |
| By Technology | IVD Testing, Imaging, Biopsy Technique |
| By Screening | Laboratory Tests, Genetic Tests, Imaging, Endoscopy, Biopsy, and 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, and Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | GE Healthcare, Abbott, F. Hoffmann-La Roche Ltd., Qiagen N.V., BD, Siemens Healthcare GmbH, Quest Diagnostics, Thermo Fisher Scientific, Inc., Hologic, Inc., Koninklijke Philips N.V. (Philips), and Illumina, Inc. among others. |
Segmentation Overview
The global cancer diagnostics market has been segmented as product, technology, screening, application, and region. Cancer imaging accounted for a significant share in 2022, attributed to growing use to identify cancerous cells in the body. Endoscopy emerges as a fast-growing segment under the screening segment attributed to the wider availability of diagnostics centers.
North America is the leading region for cancer diagnostics and is projected to retain a dominant position in the forthcoming years. Factors such as the growing number of chronic cancer cases and the availability of cancer treatment are expected to impel the regional market growth. Asia Pacific is a fast-growing market due to the emergence of medical startups with assistance to medical treatment and facilities.
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Cancer Diagnostics Market Report Highlights:
- The global cancer diagnostics market is projected to reach a CAGR of 7.4% by 2032.
- The cancer diagnostics market drivers include an aging population, lifestyle changes, environmental factors, and disease awareness.
- The laboratory tests account for a significant position in the screening segment with a huge share. The growing number of cancer cases in urban areas is expected to drive the demand.
- North America is a dominant region for cancer diagnostics due to better healthcare infrastructure and emphasis on research and development for cancer treatments.
- Some of the prominent players in the cancer diagnostics market report include GE Healthcare, Abbott, F. Hoffmann-La Roche Ltd., Qiagen N.V., BD, Siemens Healthcare GmbH, Quest Diagnostics, Thermo Fisher Scientific, Inc., Hologic, Inc., Koninklijke Philips N.V. (Philips), and Illumina, Inc.
Key Developments in the Industry:
- In 2023, LATAM Cargo collaborated with CGM Nuclear to offer transportation services for vital substances in the PET-CT examination in Chile. The major objective of this collaboration is to accelerate the shipping of essential substances used in cancer detection. For instance, radiopharmaceuticals, which were available exclusively in Santiago, are now available in various parts of Chile.
- Recently, in 2023, Ibex Medical Analytics, a significant player in AI-powered cancer diagnostics reached a Series C funding round to receive USD 55 million.
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Cancer Diagnostics Market Report Segmentation:
Cancer Diagnostics Market, By Product (2023-2032)
- Consumables
- Instruments
Cancer Diagnostics Market, By Technology (2023-2032)
- IVD Testing
- Imaging
- Biopsy Technique
Cancer Diagnostics Market, By Screening (2023-2032)
- Laboratory Tests
- Genetic Tests
- Petroleum Refining
- Endoscopy
- Biopsy
- Others
Cancer Diagnostics Market, By Application (2023-2032)
- 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 (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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