June 25, 2024
Cancer Diagnostics Market

Cancer Diagnostics Market Driven By Increasing Cancer Prevalence Globally

Cancer diagnostic tests help detect cancer at an early stage by analyzing various bodily fluids and tissues such as blood, urine, biopsy samples and surgical specimens. These tests can identify cancer-specific genetic modifications, cellular changes or cancer biomarkers. Popular diagnostic tests include tumor marker test\s, biopsy, endoscopy, x-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI) scans and ultrasound. Early detection helps design an appropriate treatment plan to improve survival rates and reduce cancer-related mortality. As cancer remains one of the leading causes of mortality worldwide, the demand for advanced diagnostic techniques for early detection and accurate diagnosis has increased significantly.

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 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Digital pathology and artificial intelligence are transforming Global cancer diagnostics size. Digital pathology uses digital scans of pathology slides to examine and share tissue samples remotely. AI techniques like machine learning and deep learning are helping to automate diagnostic workflows by assisting pathologists and radiologists in analyzing huge amounts of image data. AI can detect diagnostic patterns and classify disease subtypes faster and more accurately. This improves workflow efficiency and diagnostic accuracy, especially for rare cancers. Additionally, development of novel biomarker tests using genomics and proteomics is enhancing the earlier detection of cancers like lung, breast and colorectal cancers from easily accessible samples like blood. This non-invasive liquid biopsy approach helps frequent monitoring of cancer progression or recurrence and guiding personalized treatment.

Porter’s Analysis

Threat of new entrants: The threat is moderate as R&D investments required to develop diagnostic tests and high compliance costs involved act as entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high as buyers have several products options to choose from various manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are several raw material suppliers and R&D organizations developing diagnostic tests.

Threat of new substitutes: The threat is low as diagnostic tests developed have unique medical value.

Competitive rivalry: The competition is high among existing players to gain more market share.

Key Takeaways

The global Cancer Diagnostics market is expected to witness high growth. The market size for 2023 is US$ 59.1 Bn with a forecast CAGR of 6.3% during the forecast period of 2023 to 2030.

Regional analysis: North America dominates the global cancer diagnostics market with the largest share. Higher healthcare expenditure and advanced healthcare infrastructure drive the regional market. Asia Pacific cancer diagnostics market is expected to grow at the fastest rate during the forecast period backed by growing healthcare awareness, improving healthcare infrastructure and increasing research funding in the region.

Key players: Key players operating in the Cancer Diagnostics market are Sika Ag, Trelleborg Ab, Henkel Ltd., Flexcon Company, Inc, Nitto Denko Corporation, Pyrotek Inc. These players are focusing on new product launches and collaborations to gain more market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it