The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Cancer diagnostics products are used to detect cancer in its early stages. Major products include imaging tests, biopsy, liquid biopsy and companion diagnostics. Imaging tests such as MRI, CT scan and ultrasound are used to locate tumours in the body. Biopsy involves removing a small amount of tissue or fluid from the body for examination under a microscope by a pathologist. Liquid biopsy involves detecting DNA from tumour cells circulating in the blood which helps in non-invasive diagnosis and monitoring of cancer. Companion diagnostics help identify which patients are most likely to benefit from a particular therapy.

Market Dynamics

Technological advancements in imaging and liquid biopsy tests are expected to drive the growth of cancer diagnostics market. Development of advanced imaging techniques such as PET scans and high-resolution MRI help in sensitive detection of small tumours. Also, liquid biopsy tests involve detecting circulating tumor DNA (ctDNA) or circulating tumor cells (CTCs) in blood which provide real-time monitoring of tumor burden and help in early detection of cancer recurrence. This reduces the need for repetitive tissue biopsies. Moreover, the increasing demand for personalized medicine is also expected to fuel the market growth over the forecast period. Companion diagnostics help identify patients most likely to respond to a particular therapy thus enabling personalized treatment regimens. However, lack of reimbursement policies for high-end diagnostics in developing regions and lengthy regulatory approval process for new diagnostic tests may hamper market growth.

SWOT Analysis

Strength: Cancer diagnostics market has three major strengths. The first strength is continuous technological advancements in cancer diagnostic tools which has improved accuracy of cancer detection. Second strength is increasing adoption of personalized medicine approach and companion diagnostics. Third strength is rising healthcare expenditure and healthcare infrastructure development in developing regions.

Weakness: First weakness is high cost of advanced cancer diagnostic tools which makes it inaccessible for masses. Second weakness is requirement of skilled healthcare professionals for operation and interpretation of cancer diagnostic tests.

Opportunity: First opportunity is untapped growth potential in developing regions. Second opportunity is increasing investment by government and private players in development of affordable cancer diagnostics.

Threats: First threat is stringent regulatory approvals and standards for new cancer diagnostic tools. Second threat is risk of diagnostic errors.


Key Takeaways
The global Cancer Diagnostics Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing prevalence of cancer worldwide. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.

Regional analysis
North America region currently dominates the cancer diagnostics market contributing over 35% revenue share in 2023. However, Asia Pacific region is expected to witness fastest CAGR of around 9% during forecast period due to rising healthcare infrastructure, health awareness and growing geriatric population in countries like China and India.

Key players
Key players operating in the cancer diagnostics market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc., Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc., Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics.

For More Details On The Report,  Read https://www.ukwebwire.com/largest-segment-driving-the-growth-of-cancer-diagnostics-market/