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

1. Abbott Laboratories
2. Roche Holding AG
3. Thermo Fisher Scientific Inc.
4. Siemens AG
5. Bio Rad Laboratories Inc.
6. GE Healthcare
7. Illumina, Inc.
8. Bristol-Myers Squibb
9. Koninklijke Philips N.V.
10. Toshiba Medical Systems Corporation
11. 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
  

Explore FMI’s related ongoing Coverage in Healthcare Market Domain:

Brain Cancer Diagnostics Market Size: Primary and secondary brain tumours are examples of extracellular development in the brain that is known as brain malignancies. Primary brain tumours originate in the brain and do not metastasize—that is, they do not travel to other areas of the body. Metastases, on the other hand, are tumours that have spread from their original location within the body.

Cancer Tissue Diagnostics Market Share: By 2022, the global market for cancer tissue diagnostics is anticipated to be valued US$ 5.3 billion, and it is projected to grow at a moderate compound annual growth rate (CAGR) of 6.6% from 2022 to 2032. By the end of 2032, the market for cancer tissue diagnostics is expected to be worth around US$ 10.04 billion.

Colorectal Cancer Molecular Diagnostics Market Growth: The global colorectal cancer molecular diagnostics market garnered a market value of US$ 2.35 Billion in 2022 and is expected to accumulate a market value of US$ 5.07 Billion by registering a CAGR of 8% in the assessment period 2022-2032.

ESR1 Mutated Metastatic Breast Cancer Diagnostics Market Opportunity: The global ESR1 mutated metastatic breast cancer diagnostics market garnered a market value of US$ 58.70 Million in 2022 and is expected to accumulate a market value of US$ 185 Million by registering a CAGR of 11% in the forecast period 2023 to 2033. 

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Tissue Diagnostics Market Analysis: The global tissue diagnostics market was valued at US$ 32.0 Billion in 2021 and is set to expand at a healthy CAGR of 12.8% during 2022-2032, with a market valuation of US$ 120.2 Billion by 2032.

Lung Cancer Therapeutics Market Trends: The global lung cancer therapeutics market share is projected to reach US$ 48,725.9 Million by 2026, exhibiting a CAGR of 13.4% in the forecast period.

Poultry Diagnostics Market Strategies: The global poultry diagnostics demand is subjected to record a CAGR of 10.5%. The market revenue is likely to be valued at US$ 590 million in 2023 and exhibit a revenue growth of US$ 1.6 billion by 2033.

Advanced Cancer Pain Management Market Development: The global advanced cancer pain management market is anticipated to attain a valuation of US$ 7,265.44 million in 2023 and is estimated to reach US$ 11,540 million by 2033, trailing a CAGR of 4.74% during the forecast period.

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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