By GlobeNewswire – Press Releases
New York, United States , July 01, 2024 (GLOBE NEWSWIRE) — The Global Cancer Diagnostics Market Size is to Grow from USD 140.25 Billion in 2023 to USD 323.17 Billion by 2033, at a CAGR of 8.71% during the projected period.
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The process of identifying proteins, other indications, and biomarkers that point to the presence of cancerous growth is known as cancer diagnosis. Finding particular proteins and biomarkers associated with cancer is essential to the diagnosis process as it aids in the accurate and prompt identification of the illness. Issues including drinking excessively, smoking, living an unhealthy lifestyle, being physically unfit, and other conditions like diabetes all of which can lead to various forms of cancer were the reason for the rise in mortality. The primary drivers propelling the market’s expansion are the growing number of cancer cases and diagnoses worldwide, as well as advancements in cancer diagnostics, including the use of biomarkers and screening diagnoses. Furthermore, it is anticipated that the market is going to expand due to the advanced technology used in diagnostic testing. Furthermore, it is anticipated that the market can expand due to the application of AI in cancer diagnosis. However, due to high costs and financial constraints, many hospitals in developing nations are unable to invest in diagnostic imaging technology. Hospitals need the funding to replace outdated imaging systems with new, cutting-edge models, even in countries where the need for diagnostic imaging treatments is rising. As a result, these constraints limit the market’s ability to grow for cancer diagnostics.
Browse key industry insights spread across 245 pages with 110 Market data tables and figures & charts from the report on the “Global Cancer Diagnostics Market Size, Share, and COVID-19 Impact Analysis, By Type (Laboratory Tests, Genetic Tests, Imaging, Endoscopy, Biopsy, and Others), By Application (Breast Cancer, Lung Cancer, Liver Cancer, Cervical Cancer, Kidney Cancer, Ovarian Cancer, and Others), By End User (Hospitals and Diagnostic Laboratories), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″
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The imaging segment dominates the market with the highest revenue share through the predicted timeframe.
Based on type, the global cancer diagnostics market is segmented into laboratory tests, genetic tests, imaging, endoscopy, biopsy, and others. Among these, the imaging segment dominates the market with the highest revenue share through the predicted timeframe. Imaging modalities including magnetic resonance imaging and computed tomography scans are quick, painless, and non-invasive diagnostic processes. Imaging is useful in cancer staging, as is the monitoring of metabolic and functional data by the therapeutic and prognostic systems.
The breast cancer segment dominates the global cancer diagnostics market grow rapidly over the predicted timeframe.
Based on the application, the global cancer diagnostics market is segmented into breast cancer, lung cancer, liver cancer, cervical cancer, kidney cancer, ovarian cancer, and others. Among these, the breast cancer segment dominates the global cancer diagnostics market grow rapidly over the predicted timeframe. Several organizations, such as the National Breast Cancer Foundation, Inc., are starting public awareness campaigns to raise knowledge of breast cancer and the benefits of early detection as well as the variety of treatment choices available.
The diagnostic laboratories segment dominates the global cancer diagnostics market during the predicted timeframe.
Based on the end user, the global cancer diagnostics market is segmented into hospitals and diagnostic laboratories. Among these, the diagnostic laboratories segment dominates the global cancer diagnostics market during the predicted timeframe. Some of the primary factors expected to fuel the growth of this market are the increasing need for affordable services, increased awareness of personalized medicine, and advancements in technology. Another important factor propelling this industry’s growth is the rise in government initiatives to offer various services, such as paying for diagnostic testing.
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North America dominates the market with the highest market share during the forecast period.
North America dominates the market with the highest market share over the forecast period. Several biotechnology and medical device companies are the main drivers of the diagnostic market in this region. North America is anticipated to maintain its leadership position during the projection period as a result of growing R&D expenditures and a notable uptake of new technologies. Additionally, the region’s high concentration of noteworthy companies, a growing number of FDA approvals, strategic collaborations, and sizeable investment in R&D are anticipated to enhance the market. Over the anticipated period, these factors propel the growth of the cancer diagnostics market.
Asia-Pacific region is expected to grow rapidly during the forecast period. This region’s market is expanding due to several variables, including a sizable patient base, affordable access to knowledgeable technicians, and a supportive regulatory framework that encourages prompt product support. Furthermore, there could be a spike in demand for cancer detection and treatment screening due to the growing number of medical tourism experts in countries like China and India. The increasing prevalence of obesity, hormone exposure-related cancers (e.g., breast cancer in women), and diseases linked to lifestyle changes (e.g., prostate cancer in men) have led to an increased usage of cancer diagnostics in China. These incidents could accelerate the increase in cancer diagnoses in this area.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cancer Diagnostics Market are Thermo Fisher Scientific, Inc., Becton, Dickinson and Company, QIAGEN N.V., Roche Diagnostics, Philips Healthcare, BioMérieux SA, Volpara Solutions Limited, Canon Medical Systems Corporation, BioNTech Diagnostics GmbH, Agilent Technologies, Inc., Illumina, Inc., GE Healthcare, Abbott Laboratories, Inc., Siemens Healthcare, Others and other key vendors.
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Recent Developments
- In June 2023, the FDA approved Blue Earth Diagnostics’ high-affinity radio hybrid (rh) PSMA-targeted PET imaging agent, POSLUMA, for the detection and localization of prostate cancer. Its cutting-edge radio hybrid technology allows for precise imaging and possible therapeutic uses.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cancer diagnostics market based on the below-mentioned segments:
Global Cancer Diagnostics Market, By Type
- Laboratory Tests
- Genetic Tests
- Imaging
- Endoscopy
- Biopsy
- Others
Global Cancer Diagnostics Market, By Application
- Breast Cancer
- Lung Cancer
- Liver Cancer
- Cervical Cancer
- Kidney Cancer
- Ovarian Cancer
- Others
Global Cancer Diagnostics Market, By End User
- Hospitals
- Diagnostic Laboratories
Global Cancer Diagnostics Market, By Regional Analysis
- North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Source: GlobeNewswire – Press Releases