The Cancer Diagnostics Market size to grow at a CAGR of 11.3% from 2022 to 2027, 43% of market growth to originate from North America, Technavio

NEW YORK, Feb. 29, 2024 /PRNewswire/ -- The cancer diagnostics market is expected to grow by USD 12,626.21 million from 2022 to 2027, progressing at a CAGR of 11.3% as per the latest Technavio market research report. North America is estimated to contribute 43% to the growth of the global market during the forecast period. This growth is due to factors such as the presence of many established medical facilities such as the Mayo Clinic in Rochester, New York University, Langone Hospital in New York, NY, Mayo Clinic Rochester NY, and Memorial Sloan Kettering Cancer Center. Furthermore, these medical facilities offer state-of-the-art infrastructure and advanced treatment solutions in the region. As regional medical institutions focus on cancer diagnostics to treat different types of cancer, there is a demand for the development of personalized medicine and related cancer diagnostics. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

The high prevalence of cancer

Cancers that can cause lung, stomach, kidney, head, throat, and larynx cancers are on the rise due to factors such as unhealthy eating habits, lack of exercise, and excessive tobacco and alcohol consumption. One of the most common methods for detecting cancer is molecular and companion diagnostics. Hence, the availability of several treatments is expected to drive market growth during the forecast period.

• The increase in R&D and advances in technology is a major trend in the market. 
• The high cost of developing companion diagnostics is one of the significant challenges restricting market growth. To know about more drivers, trends along with challenges - Download a sample now!

Some of the companies:

The cancer diagnostics market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Abbott Laboratories, Agilent Technologies Inc., Astellas Pharma Inc., Becton Dickinson, and Co., bioMerieux SA, Bristol Myers Squibb Co., Eli Lilly and Co., F. Hoffmann La Roche Ltd., General Electric Co., GlaxoSmithKline Plc, Hologic Inc., Illumina Inc., Merck KGaA, Myriad Genetics Inc., Novartis AG, Pfizer Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens AG, and Thermo Fisher Scientific Inc.

Segmentation Analysis

This market research report segments the cancer diagnostics market by end-user (hospitals and clinics and diagnostic laboratories), type (IVD, imaging, and LDT), and geography (North America, Europe, APAC, and the Rest of the World (ROW)).

• The market share growth by the hospitals and clinics segment will be significant during the forecast period. Improved patient care and satisfaction, improved point-of-care (POC) operations, and increased profitability to drive cost savings are the key benefits that cancer diagnostics bring to hospitals and clinics. In addition, the increasing incidence of chronic cancers and the presence of skilled professionals contribute significantly to the revenues of the hospital sector. Hence, these factors are expected to drive segment growth during the forecast period. Grab an Exclusive Sample Report

Analyst Review

The Global Cancer Diagnostics sector has seen significant advancements in recent years, driven by breakthroughs in biomarkers, genetic testing, and imaging technologies such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), and Positron Emission Tomography (PET) scans. These innovations have revolutionized cancer diagnostics, enabling earlier detection and more accurate characterization of cancer types.

Proteins and genetic markers identified through tumor biopsies and liquid biopsies play a crucial role in laboratory analysis and personalized medicine, tailoring treatments to individual patients' molecular profiles. Such personalized approaches have shown promise in improving patient outcomes and reducing cancer-related fatalities.

However, despite these advancements, cancer remains a leading cause of mortality worldwide, prompting the need for comprehensive cancer screening programs endorsed by organizations like the World Health Organization (WHO). These programs encompass various screening methods such as mammography, colonoscopy, and Pap smears, aiming to detect cancerous tumors at early stages when treatment is most effective.

The Cancer Diagnostics Market continues to expand as demand grows for innovative diagnostic tools and technologies. Market players invest heavily in research and development to enhance diagnostic accuracy, improve patient outcomes, and ultimately reduce the global burden of cancer. With ongoing advancements in biomarker discovery, genomic analysis, and imaging modalities, the future of cancer diagnostics holds promise for more effective and personalized approaches to combat this devastating disease. 

The Cancer Diagnostics Market is driven by advancements in imaging technology, enabling precise detection of cancerous tumors. Biomarkers and proteins play pivotal roles, guiding diagnosis and treatment decisions based on tumor biopsies. This synergy enhances early detection and personalized therapies. Grab an Exclusive Sample Report

Related Reports:

The oncology molecular diagnostics market is estimated to grow by USD 2,980.87 million at a CAGR of 11.82% between 2022 and 2027. Furthermore, this report extensively covers market segmentation by product (reagents, kits, and instruments), type (breast cancer, colorectal cancer, prostate cancer, liver cancer, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). Integration of next-generation sequencing in oncology molecular diagnostics is a major trend in the market.

The women's health diagnostics market is estimated to grow by USD 13,350.14 million at a CAGR of 7.93% between 2022 and 2027. Furthermore, this report extensively covers market segmentation by application (breast cancer testing, infectious disease testing, std testing, cervical cancer testing, and others), end-user (hospitals and clinics, diagnostic and imaging centers, and home care settings), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The global adoption of advanced diagnostic solutions is a major trend in the market.

Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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