Globally, cancer remains one of the leading causes of death, with higher incidences observed in both developed and developing markets. The cancer diagnostics market is expected to be propelled by technological advancements in diagnostic tests, as healthcare professionals concentrate on devising effective screening and treatment solutions to combat the prevalence of cancer. Various healthcare agencies and market players are introducing programs that promote advanced diagnostics, further fostering the growth of the market. The collective efforts of healthcare professionals, agencies, and market players contribute to the accelerated development and adoption of innovative diagnostic solutions in the fight against cancer.
According to Data Bridge Market Research, the Cancer Diagnostics Market accounted for CAGR of the cancer diagnostics market is around 7.70% in the mentioned forecast period. The market was valued at USD 16.7 billion in 2022 and would grow to USD 30.23 billion by 2030.
“Enlargement in diagnostic testing techniques”
In recent years, there has been a notable increase in strategic collaborations and acquisitions in the field of cancer diagnostics. One prominent example is the Precision Cancer Consortium (PCC), which partnered with pharmaceutical companies to provide comprehensive testing for cancer patients globally. Through initiatives such as wide-ranging genomic testing, including Next-Generation Sequencing (NGS), the PCC aims to enhance patient access to precision diagnostics. These collaborations and advancements contribute to the growth of the cancer diagnostics market..
What restraints the growth of the cancer diagnostics market?
“High cost of diagnostic imaging”
The market growth is hindered by the inability of hospitals in underdeveloped and developing nations to invest in diagnostic imaging equipment due to high costs and budgetary limitations. However, to meet the growing demand for diagnostic imaging, these hospitals opt for rebuilt or refurbished imaging systems as a cost-effective alternative. This preference for refurbished equipment serves as a constraint on the market's growth.
Segmentation: Cancer diagnostics market
The cancer diagnostics market is segmented on the basis of product, type, application, and end-user.
- On the basis of product, the cancer diagnostics market is segmented into consumables and instruments.
- On the basis of type, the cancer diagnostics market is segmented into imaging testing, biomarkers testing, in vitro diagnostic testing, biopsy, and others.
- on the basis of application, the cancer diagnostics market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma cancer, prostate cancer, liver cancer, others
- On the basis of end-user, the cancer diagnostics market is segmented into diagnostic centers, hospitals and clinics, research institutes, others.
Regional Insights: North America dominates the Cancer Diagnostics Market
North America dominates the market due to the significant presence of biotechnology and medical device companies, rising investments in research and development, and the widespread adoption of advanced technologies,
Asia Pacific region is expected to experience substantial market growth. This can be attributed to its highest number of registered clinical trials related to therapies. Furthermore, the region's substantial government investments and reforms are anticipated to further boost the growth of the chimeric antigen receptor (CAR)-T cell therapy market in the coming years.
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Recent Developments in Cancer Diagnostics Market
- In 2022, Precipio, Inc. pursued its HemeScreen distribution expansion strategy by forging a distribution agreement with a prominent partner in the United States. As part of their multi-pronged approach, the company targeted various sectors including physician-owned laboratories, national and regional hospital networks, and reference labs, in order to widen the distribution of HemeScreen.
The Prominent Key Players Operating in the Global Cancer Diagnostics Market Include:
- Abbott. (U.S.)
- DiagnoCure Inc. (Canada)
- Thermo Fisher Scientific (U.S.)
- Illumina, Inc. (U.S.)
- QIAGEN (Germany)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Agilent Technologies, Inc. (U.S.)
- Quest Diagnostics Incorporated. (U.S.)
- Merck KGaA, (Germany)
- Hologic, Inc. (U.S.)
- BD. (U.S.)
- GSK plc. (U.K.)
- Novartis AG (Switzerland)
- Bristol-Myers Squibb Company (U.S.)
- Lilly (U.S.)
- Pfizer, Inc. (U.S.)
- Genomic Health, Inc. (U.S.)
- bioMérieux SA (France)
- Astellas Pharma Inc. (Japan)
- Myriad Genetics, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of cancer diagnostics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cancer Diagnostics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
