Cancer Diagnostics Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Companies Analysis

Cancer Diagnostics Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Companies Analysis

Cancer Diagnostics Market is projected to hit US$ 280.37 Billion by 2030, as per a report by Renub Research. Enabling early detection and precise identity of cancer kinds makes cancer diagnostics paramount in cutting-edge healthcare. Timely prognosis is pivotal for effective remedies, improving patient consequences, and lowering mortality costs. Modern diagnostic technology, like imaging, genetic testing, and liquid biopsies, are essential in tailoring personalized treatment plans. With the growing prevalence of cancers globally, superior diagnostics now contribute to higher analysis and facilitate the improvement of focused treatments, improving the general efficacy and performance of cancer care in the modern healthcare landscape.

From the forecast period of 2024 to 2030, the Cancer Diagnostics Market increase at a compound annual growth rate (CAGR) of 7.23% is expected

The escalating international cancer incidence is a key driver fueling the growth of the cancer diagnostics market. According to the Pan American Health Organization, approximately 20 million new instances of cancers and 10 million cancer-associated deaths befell globally. Regrettably, it's far expected that most cancer instances will boom by 60% over the following many years, adding strain to healthcare structures, people, and groups. By 2040, the global cancer burden is projected to exceed 30 million new instances, with low- and middle-income areas experiencing the maximum massive upward thrust.

Besides, the emergence of new diagnostic biomarkers similarly bolsters the cancer diagnostics market, capitalizing on heightened insights into unique cancer biomarkers. Notably, the Indian Institute of Technology (IIT), Madras, established a Centre of Excellence in 2023 to pioneer biomarkers for early pancreatic cancer detection, leveraging an India-specific cancer genome database for identifying biomarkers and drug goals. This interdisciplinary endeavor includes developing a 3D organoid model for disorder monitoring and drug screening to enhance India's healthcare infrastructure. Technological improvements in biotechnology have enabled the identification and commercialization of potential cancer biomarkers, fostering beneficial growth possibilities in the cancer diagnostics sector. Hence, the global cancer diagnostics market was valued at US$ 171.99 Billion in 2023.

Further, technological development in cancer diagnosis is another prominent element driving the need for diagnostic instruments within the cancer diagnostics market. In 2023, researchers from the University of Technology Sydney developed the Static Droplet Microfluidic device, which can quickly target circulating tumor cells that have been broken away from a primary tumor and entered the bloodstream.

Moreover, government projects are aiding the cancer diagnostics market. India, among few developing nations with a National Cancer Control Programme, focuses on tobacco-related cancer management, early uterine cervical cancer analysis, and expanded healthcare infrastructure for remedy services and palliative care. Targeting teenagers through anti-tobacco campaigns, implementing tobacco laws, and emphasizing nutritional practices are critical preventive measures. District hospitals have a 'Cancer Detection and Prevention Clinic' program that may enhance cancer control via specialized clinics imparting diagnostic offerings and primary remedies.

Diagnosis of lung cancer is a significant area of focus in the cancer diagnostics market

Among applications, the cancer diagnostics market is fragmented into Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Ovarian Cancer, and Others. Lung cancer stands as a prominent focus in the cancer diagnostics market because of its excessive occurrence and mortality rates globally. According to the American Cancer Society, in 2023, an anticipated 238,340 people (117,550 guys and 120,790 women) may be recognized with lung cancer, and 127,070 human beings will die from the sickness. Early detection through advanced diagnostic gear is essential for improving the consequences of the affected person, making lung cancer analysis a substantial area of study and funding within the healthcare industry.

Global cancer diagnostics market might experience growth in China

The cancer diagnostics market is segmented based on the country into five regions: North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, the Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), and Middle East & Africa (South Africa, Saudi Arabia, and the United Arab Emirates). The potential boom of China is anticipated in the international cancer diagnostics market, fueled by its enormous populace and escalating cancer rates. According to a Science Direct article, China reported 4,824,700 new cancer instances and 2,574,200 deaths in 2022, with lung, colon-rectum, thyroid, liver, and stomach cancers comprising 57.42% of cases. China aims to reinforce its presence by focusing on healthcare infrastructure and superior diagnostics. Initiatives like ""Healthy China 2030"" try to increase cancer survival charges by 15% by 2030 and provide complete chronic ailment management, meeting the high demand for cancer diagnosis and treatment.

Key Players

llumina, Abbott Laboratories, Thermo Fisher Scientific, Inc., QIAGEN N.V., Roche Holding AG., Pfizer, Inc., Koninklijke Philips N.V., and bioMérieux are major companies in the global cancer diagnostics market.

• In June 2022 - Roche launched the BenchMark ULTRA PLUS system, which enables timely and targeted patient care for cancer diagnostics.

Application – Cancer Diagnostics Market breakup in 12 viewpoints:

1. Breast Cancer
2. Colorectal Cancer
3. Cervical Cancer
4. Lung Cancer
5. Prostate Cancer
6. Skin Cancer
7. Blood Cancer
8. Kidney Cancer
9. Liver Cancer
10. Pancreatic Cancer
11. Ovarian Cancer
12. Others

Test Type – Cancer Diagnostics Market breakup in 6 viewpoints:

1. Tumor Biomarkers Tests
2. Imaging
3. Biopsy
4. Liquid Biopsy
5. Immunohistochemistry
6. In Situ Hybridization

End-User – Cancer Diagnostics Market breakup in 4 viewpoints:

1. Diagnostic Centers
2. Hospitals and Clinics
3. Research Institutes
4. Others

Country – Cancer Diagnostics Market of 25 Countries:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 UAE
5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. llumina
2. Abbott Laboratories
3. Thermo Fisher Scientific, Inc.
4. QIAGEN N.V.
5. Roche Holding AG.
6. Pfizer, Inc.
7. Koninklijke Philips N.V.
8. bioMérieux