SkyQuest projects that the global cancer diagnostics market will attain a value of USD 204.55 Billion by 2031, with a CAGR of 6.89% during the forecast period (2024-2031). Cancer diagnostics is a method of identifying various cell lines, proteins, and indications that lead to the presence of a cancerous tumor. This increase is mostly due to rising cancer prevalence around the world, improved awareness of early detection, more financing for cancer research and development, technological breakthroughs in diagnostic testing, and an increase in the number of private diagnostics centers.
Hospitals are Expected to Dominate the Market Due to Increase in Healthcare Expenditure
Hospitals are estimated to be the largest shareholder in the cancer diagnostic markets. This is due to increasing cancer-associated expenditures in developed nations as well as developing nations. Medical services such as hospitalizations, outpatient hospital services, physician/supplier services, home health care etc., are now the part of healthcare expenditure & reimbursements for the chronic disease including cancers. Therefore, the hospital segment is also expected to grow faster during the forecast period.
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Diagnostic Laboratories is the Fastest Growing Sector Due to Increasing Demand for Advanced Diagnostic Tests
The diagnostic laboratories segment is the fastest growing in the global cancer diagnostics market after hospital sector. This growth is driven by the increasing demand for advanced and specialized diagnostic tests, which are often more extensively available in dedicated diagnostic laboratories than in hospital settings. There is a trend towards early detection and personalized medicine, adding to the increase in demand for the diagnostic services provided by these laboratories.
Growing Cancer Patients Makes North America the Leading Region in this Market
The global cancer diagnostics market was dominated by the North America region and contributed a major market share in 2023. This is due to the increasing incidences of cancers in the US, and Canada because of aging population, unhealthy lifestyles, rising rate of obesity and others. This has led the biotechnology and pharmaceutical companies to focus on cancer diagnosis. Whereas additional legislation and reimbursement frameworks in the region have also fueled the market’s growth.
Cancer Diagnostics Market Insights:
Drivers
- Increasing Government Initiatives to Spread Awareness about the Benefits of Early Diagnosis
- Growing Prevalence of Cancer Cases
- Increased Healthcare Investments and Insurance Coverage
Restraints
- Side Effects of Radiation
- Higher Diagnostics Costs
- Accuracy Issues Leading to False Positives or False Negatives
Prominent Players in Cancer Diagnostics Market
- Abbott Laboratories
- Agilent Technologies
- Becton, Dickinson and Company (BD)
- bioMérieux SA
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Hologic, Inc.
- Illumina, Inc.
- Koninklijke Philips N.V.
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Key Questions Answered in Cancer Diagnostics Market Report
- What is the current market size for Cancer Diagnostics Market?
- What is the competitive landscape looks like in the Cancer Diagnostics Market?
- What are the key challenges in the Cancer Diagnostics Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Cancer diagnostics market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Cancer diagnostics market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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