The
cancer diagnostics market caters to the diagnosis needs of various types of
cancers such as breast cancer, lung cancer, colorectal cancer, prostate cancer,
melanoma, leukemia, and lymphoma. Cancer diagnostics majorly include imaging
tests, biopsy tests, molecular diagnostics tests, and tumor biomarker tests
that helps in cancer detection and screening. The imaging tests comprise
X-rays, ultrasound, MRI, SPECT, PET scans, and CT scans while biopsy tests
include surgical biopsy, needle biopsy, and fine needle aspiration biopsy.
Molecular diagnostics tests involve somatic mutation and biomarker analysis
while tumor biomarker tests include tumor markers such as CA 15-3, CA 19-9, CA
125, and more. Early diagnosis of cancer through effective diagnostics helps in
better treatment, management, and improved survival rate of the patients.
The
Global cancer diagnostics Market is estimated to be valued at US$ 68.09 Bn in
2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 To
2031.
Key Takeaways
Key players operating in the Cancer Diagnostics 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. These companies are primarily focused on
inorganic growth strategies such as acquisitions, mergers, and partnerships to
expand their product portfolio and strengthen their presence in this market.
The
Cancer
Diagnosis Market Size offers immense opportunities for new players in
terms of developing novel companion diagnostics with a focus on liquid biopsy,
non-invasive tumor screening technologies, and advanced genomic analysis &
treatment monitoring. With rising cases of cancer, there is a huge demand for
innovative diagnostic tests, which allows new entrants as well as existing
market players to tap the potential market space.
Majority of key players in the market are focusing on geographical expansion in
high potential regions including Asia Pacific, Latin America, and Middle East
& Africa through direct distribution channels and distribution agreements.
This helps them cater to the untapped market segments thereby strengthening
market presence globally.
Market drivers:
The increasing prevalence of various cancer types worldwide is the major driver
for the cancer diagnostics market growth. As per WHO, cancer is estimated to
become the number one leading cause of death followed by cardiovascular
diseases globally by 2030. The rapidly deteriorating lifestyle changes coupled
with rising air pollution, smoking, alcohol consumption, etc. are aggravating
cancer cases worldwide. According toGlobocan 2020, the number of new cancer
cases worldwide was 19.3 million in 2020 and is anticipated to grow in the
coming decade. This widespread prevalence of cancer fuels the demand for
effective diagnostic tests, thereby driving the market growth.
PEST Analysis
Political: Government guidelines and regulations for cancer diagnosis and
screening like breast cancer screening and cervical cancer screening affect
market growth. Mandates for health insurers to cover cancer diagnostic tests
impact demand.
Economic: Rising healthcare spending per capita and increasing disposable
incomes drive demand for advanced cancer diagnostic technologies. The economic
burden of cancer also prompts investments in early detection.
Social: Growing public awareness about early cancer detection and benefits of
screening programs increases market revenue. Social initiatives by non-profits
to promote regular check-ups and testing aid industry growth.
Technological: Advancements in imaging technologies, genomic profiling, liquid
biopsy and artificial intelligence enable more accurate cancer diagnoses.
Mobile health apps and telemedicine also support remote cancer screenings.
The North American and European regions are the major revenue generators for
cancer diagnostics market currently, largely attributable to high healthcare
expenditure, rising incidence of cancer and supportive regulatory frameworks.
The Asia Pacific region is expected to witness the fastest growth during the
forecast period owing to growing medical tourism, increasing investment in
healthcare infrastructure and rising disease burden in developing nations.
The Middle Eastern and Latin American regions present lucrative opportunities
for cancer diagnostics companies to expand due to the unmet need among large
underserved populations and emerging economies. African countries are also
viable emerging markets because of initiatives to boost cancer care access
through public-private partnerships and targeted investments.
Get more insights on – Cancer
Diagnostics Market
About Author:
Money Singh
is a seasoned content writer with over four years of experience in the market
research sector. Her expertise spans various industries, including food and
beverages, biotechnology, chemical and materials, defense and aerospace,
consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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