Cancer Diagnostics Market Size, Share & Trends Analysis Report By Product (Consumables, Instruments), By Type (IVD, LDT), By Application (Breast Cancer, Lung Cancer), By End-use, By Test Type, And Segment Forecasts, 2024 - 2030

Cancer Diagnostics Market Size, Share & Trends Analysis Report By Product (Consumables, Instruments), By Type (IVD, LDT), By Application (Breast Cancer, Lung Cancer), By End-use, By Test Type, And Segment Forecasts, 2024 - 2030

Cancer Diagnostics Market Growth & Trends

The global cancer diagnostics market size is expected to reach USD 162.31 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.16% from 2024 to 2030. Increasing number of programs to raise awareness about cancer by several organizations is a major factor accountable for increased demand for diagnostic products worldwide. Partnerships and collaborations undertaken by the National Cervical Cancer Coalition, WHO, CDC, the U.S. Preventive Services Task Force, & others for increasing cervical cancer screening are among the major factors expected to boost market growth during the forecast period.

Several countries have thus undertaken measures to increase screening for early diagnosis and help existing patients. For instance, Ayushman Bharat and the Prime Minister’s National Relief Fund was initiated by the Indian government for patients who require assistance during the treatment. Similarly, the Indian government’s Department of Biotechnology signed a contract with Cancer Research UK to conduct research for affordable approaches to diagnosis and treatment.

Liquid biopsy solutions are being increasingly adopted as MCED tests as they are easily accessible for clinical applications. In recent years, they have gained regulatory approval with comprehensive and multi-cancer diagnostic approaches. Breakthrough advancements in the field and ongoing studies for early detection are contributing to market growth. Moreover, technologies such as circulating tumor DNA, extracellular vesicles, and circulating tumor cells are paving the way for better cancer care. Versatile technologies can provide integrated solutions for maximizing the potential of liquid biopsy.

Advantage of using companion diagnostics is the overall reduction in time and costs incurred by pharmaceutical and diagnostic companies. The time required to develop and commercialize a novel molecule generally consists of 10 to 15 years. Co-development of diagnostics and drugs facilitates accelerated regulatory approval processes, which significantly reduces costs. . Since the FDA guidance draft for the development of an IVD companion diagnostic device with a therapeutic product was published in 2016, many manufacturers encourage the development of companion diagnostic assays in the field of oncology. This is anticipated to positively impact market growth during the forecast period.

Cancer Diagnostics Market Report Highlights

• Based on product, the consumables segment held the largest share of 59.98% in 2023 and is anticipated to grow at the fastest growth rate over the forecast period
• Based on type, in vitro diagnostics (IVD) segment dominated the in 2023 with a share of 52.75% due to the increasing adoption of IVD owing to the rise in testing amid COVID-19 pandemic.
• The breast cancer application segment is expected to grow lucratively over the forecast period due to growth in initiatives to spread awareness across the population and increase in R&D activities.
• Based on end-use, the laboratories segment dominated the market due to efficient outpatient services. The hospitals segment is forecasted grow at a significant rate over the coming years attributed to an increase in the admittance of patients in hospitals
• The biopsy segment is anticipated to grow at a significant growth rate due to various benefits associated with the test, including early detection of the disease
• North America dominated the global cancer diagnostics market in 2023, owing to rise in the number of approvals of new diagnostic tests
• The Asia Pacific is expected to grow considerably in the future owing to due to the rising prevalence and the presence of key players

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