The global Cancer Diagnostics Market was valued at USD 114.6 billion in 2023 and is projected to reach USD 185.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.2% over the forecast period from 2024 to 2031. The rising incidence of cancer worldwide, coupled with advancements in diagnostic technologies and increasing awareness of early cancer detection, is expected to drive significant growth in the cancer diagnostics market.
Market Overview
Cancer diagnostics are essential for the early detection, diagnosis, and treatment of various cancers. Early diagnosis significantly improves the chances of successful treatment and survival. With continuous advancements in imaging technologies, molecular diagnostics, liquid biopsy, and next-generation sequencing (NGS), the ability to detect cancer at its earliest stages has vastly improved. Growing healthcare awareness, increased investment in cancer research, and expanding healthcare infrastructure are further contributing to the market's growth.
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Key Market Drivers
Rising Prevalence of Cancer: The increasing global burden of cancer is one of the major factors driving demand for effective cancer diagnostics. As cancer cases continue to rise, early detection is becoming critical for improving patient outcomes, spurring demand for advanced diagnostic tools.
Technological Advancements in Diagnostics: Innovations in diagnostic technologies, including molecular diagnostics, liquid biopsy, artificial intelligence (AI)-driven imaging, and next-generation sequencing (NGS), are revolutionizing cancer detection and diagnosis. These technologies enable earlier, more precise, and less invasive cancer detection, enhancing the overall diagnostic process.
Increasing Focus on Early Detection: Early detection of cancer improves treatment success rates and reduces healthcare costs. Governments and healthcare organizations are increasingly emphasizing the importance of cancer screening programs, which is driving the adoption of advanced diagnostic technologies globally.
Growing Demand for Personalized Medicine: The rise of personalized medicine, which tailors treatment based on a patient’s genetic makeup, is fueling the demand for advanced diagnostics. Molecular diagnostics and genetic testing are playing a key role in identifying genetic mutations that lead to cancer, helping physicians develop more targeted therapies.
Key
Market Segmentation
By Product
Instruments
Pathology-based Instruments
Slide Staining Systems
Tissue Processing Systems
Cell Processors
PCR Instruments
NGS Instruments
Microarrays
Other Pathology-based Instruments
Imaging Instruments
Others
Consumables
Antibodies
Kits & reagents
Probes
Others
Services
By Type
IVD
By Type
Diagnosis
Early Detection
Therapy Selection
Monitoring
By Technology
Polymerase Chain Reaction (PCR)
In Situ Hybridization (ISH)
Immunohistochemistry (IHC)
Next-generation Sequencing (NGS)
Microarrays
Flow Cytometry
Immunoassays
Other IVD Testing Technologies
LDT
Imaging
Magnetic Resonance Imaging (MRI)
Computed Tomography (CT)
Positron Emission Tomography (PET)
Mammography
Ultrasound
Others
By Test Type
Biopsy
Fine-needle Aspiration
Core Biopsy
Surgical Biopsy
Skin Biopsy /Punch Biopsy
Others
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
Others
By End-Use
Hospitals
Laboratories
Others
KEY PLAYERS:
Some of the major key players are as follows Abbott Laboratories, Inc., Arquer Diagnostics Ltd, Exact Sciences Corporation, Biotheranostics, Cancer Diagnostics, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., BioMark Diagnostics Inc, Illumina, Inc., Becton, Dickinson and Company (BD), GE Healthcare, and other players.
Conclusion
The cancer diagnostics market is expected to experience steady growth over the forecast period, driven by the rising prevalence of cancer, increasing adoption of advanced diagnostic technologies, and growing awareness of early cancer detection. As healthcare systems continue to prioritize early diagnosis and personalized treatment approaches, the market presents significant opportunities for key players in the diagnostic industry
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TABLE OF CONTENTS
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Impact Analysis
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Cancer Diagnostics Market, By Product
10. Cancer Diagnostics Market, by Type Introduction
11. Cancer Diagnostics Market, by Test Type
12. Cancer Diagnostics Market, by Application
13. Cancer Diagnostics Market, by End-use
14. Regional Analysis
16. Competitive Landscape
17. Use Case and Best Practices
18. Conclusion
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