The global cancer diagnostics market is estimated to be valued at US$59.1 Billion in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer diagnostics involve various screening and testing methods used to detect cancer in the human body. These methods help in early detection of cancer and improve treatment outcomes. The major cancer diagnostic products include imaging tests, biopsy, liquid biopsy and molecular diagnostics. Imaging tests such as X-ray, CT scan, PET scan and MRI help visualize abnormalities inside the body. Biopsy involves removing cells or tissue from the body to examine them under microscope. Liquid biopsy is a non-invasive procedure to detect cancer cells in blood or other body fluids. Molecular diagnostics include genetic and protein-based tests to identify cancer-causing genetic mutations. These advanced diagnostic methods aid personalized treatment by understanding the genetic makeup of individual tumors.
Market key trends:
One of the key trends in the cancer diagnostics market is rising adoption of liquid biopsy. Liquid biopsy offers several advantages over traditional tissue biopsy such as being minimally invasive, cost-effective and efficient for monitoring disease progression. It analyzes blood or other fluid samples to detect circulating tumor cells or released DNA from tumors. The growing popularity of liquid biopsy is attributed to its ability to capture the heterogeneity of cancer in real time and guide treatment decisions. Several players are focusing on developing innovative liquid biopsy tests for early detection of cancer using biomarkers. For instance, Guardant Health launched liquid biopsy test Guardant360 to detect solid tumors across the body.
Porter’s Analysis
Threat of new entrants: The cancer diagnostics market poses moderate threat of new entrants due to high R&D and capital requirements for test development.
Bargaining power of buyers: The bargaining power of buyers is moderate as test providers offer a wide variety of diagnostic tests for cancer screening and diagnosis.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation in inputs and reagents supplied for cancer diagnostic tests.
Threat of new substitutes: Moderate threat of substitution exists from alternative cancer screening and diagnostic technologies with ongoing innovation.
Competitive rivalry: The cancer diagnostics market experiences high competitive rivalry between major diagnostic test providers.
Key Takeaways
The Global Cancer Diagnostics Market Size is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period 2023-2030, due to increasing prevalence of cancer worldwide.
North America is expected to dominate the cancer diagnostics market during the forecast period. This is attributed to high awareness levels about early cancer detection and diagnosis and availability of advanced diagnostic laboratories in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over the next few years due to growing healthcare investments, rising per capita incomes and expanding diagnostic infrastructure in China and India.
Key players operating in the cancer diagnostics market include Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., BPS Bioscience, Inc., Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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