The global cancer diagnostics market comprises products such as imaging, biopsy and fluid-based tests used for diagnosing various types of cancer. Imaging tests include X-rays, ultrasound, CT scans, MRI scans and PET scans that help detect tumors. Biopsy involves extracting a sample of suspicious tissue or fluid and analyzing it under a microscope. Fluid-based tests involve analysis of blood, urine or sputum to detect cancer cells or signs of cancer in the body. The rising prevalence of cancer worldwide has augmented the need for early and precise diagnosis of the disease, thus driving the demand for various cancer diagnostics tools and technologies. 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:
The rising prevalence of cancer is one of the major trends propelling the growth of the Global cancer diagnostics size. As per the World Health Organization (WHO), cancer is the second leading cause of death globally and accounted for nearly 10 million deaths in 2020. Breast cancer, lung cancer, prostate cancer and colorectal cancer are among the most common cancer types. Increase in risk factors such as growing geriatric population, rising consumption of tobacco and alcohol, changing lifestyles, environmental pollution and occupational hazards have contributed to the increasing prevalence of various cancers. This has augmented the need for early and precise cancer diagnosis using various diagnostic tools and tests, thereby fueling the demand for cancer diagnostics over the forecast period.
SWOT Analysis
Strength: The cancer diagnostics market has seen significant technological advancements in recent years with the development of new diagnostic techniques like liquid biopsies which allow for non-invasive cancer screening.
Weakness: Initial investment required for setting up advanced diagnostic infrastructure is high which may limit its accessibility in low income regions. Lack of awareness regarding early diagnosis is also a challenge.
Opportunity: Rising healthcare expenditure and increasing cases of cancer globally present an opportunity for market players to expand diagnostic services. Growing geriatric population also increases the risk of cancer.
Threats: Stringent regulations for approval of new diagnostic tests prolong market entry. Economic slowdowns can impact the healthcare budget of nations.
Key Takeaways
The global cancer diagnostics market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises Asian countries like India and China will dominate owing to vast population base and rapidly improving healthcare infrastructure in the region. The cancer diagnostics market in North America currently holds the largest share due to higher adoption of advanced diagnostic techniques and increasing incidence of cancer cases.
Key players operating in the cancer diagnostics market are Sika Ag, Trelleborg Ab, Henkel Ltd., Flexcon Company, Inc, Nitto Denko Corporation, Pyrotek Inc., Vibratec, Autoneum, Rousch, Avery Dennison Corporation, American Acoustical Products, Polymer Technology Inc. Soundown Corporation, Heathcote Industrial Plastics, Vibracoustic Gmbh, Megasorber Pty Ltd, and 3M. The market sees intense competition among major players who are focused on launching novel diagnostic solutions to gain market share.
Advanced radiation therapy is gaining traction for cancer treatment which also drives the need for precise diagnostic techniques for treatment planning and monitoring. Non-invasive screening methods like liquid biopsy aid in early detection before the disease becomes aggressive.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
