The global cancer diagnostics market includes various diagnostic tests and procedures which help in early detection and diagnosis of cancer. Common diagnostic tests include imaging tests such as MRI, CT scan and ultrasound which can detect cancer presence and location. Liquid biopsy and biopsy tests help in understanding cancer type and mutations through blood or tissue sample analysis. Cancer diagnostics play a vital role to identify appropriate treatment options and improve disease prognosis. Advancements in radiation therapy devices and liquid biopsy techniques are allowing precise and non-invasive detection of cancer at an early stage.
The global cancer diagnostics market is estimated to be valued at US$ 59.01 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global Cancer Diagnostics Market is expected to exhibit significant growth over the forecast period. This is attributed to the advancements in liquid biopsy techniques and radiation therapy. Liquid biopsy is a non-invasive diagnostic technique which analyses blood samples to detect DNA traces shed by cancer tumors. It helps in tracking tumor evolution, response to treatment and disease recurrence. Meanwhile, technologically advanced radiation therapy devices with image guidance systems and intensity-modulated radiation therapy are allowing targeted and precise delivery of radiation doses to cancer sites. This minimizes collateral damage to surrounding healthy tissues and organs. Advancements in diagnostic and treatment modalities are thus driving early detection of cancer and supporting overall market growth.
Market key trends:
One of the major trends in the cancer diagnostics market is growing adoption of liquid biopsy. Liquid biopsy offers multiple advantages over tissue biopsy such as ease of sample collection through blood draw, monitoring of disease progression overtime, detection of cancer at early as well as late stages and analysis of cancer mutations from CTCs and ctDNA. It is gaining popularity due to its non-invasive nature and real-time monitoring capabilities. According to research, liquid biopsy market is expected to reach US$ 3.1 Billion by 2025 from US$ 772 Million in 2018, growing at a CAGR of 26%. Growing R&D activities for development of assays and tests along with gradual FDA approvals will upscale liquid biopsy adoption in the coming years thereby positively impacting the cancer diagnostics market.
Threat of new entrants: The Cancer Diagnostics Market has moderate threat of new entrants due to the high costs associated with R&D, production, equipment, marketing, and distribution.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of alternative diagnostics products and services.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the differentiated nature of their products and services.
Threat of new substitutes: The threat of new substitutes is low as diagnostic modalities like MRI, ultrasound do not fully substitute specialized cancer diagnostics tools.
Competitive rivalry: The market is highly competitive with major players differentiating based on technology and service.
The Global Cancer Diagnostics Market Demand is expected to witness high growth. Advancements in molecular diagnostics technologies and rising incidence of cancer are fueling market growth.
Regional analysis: North America dominates the global cancer diagnostics market owing to increased focus on personalized medicine, rising healthcare expenditure, and presence of key market players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing healthcare expenditure, rising awareness regarding early disease diagnosis, and expansion activities of key players in emerging countries.
Key players operating in the Cancer Diagnostics Market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc. Players are focusing on new product launches, collaborations, and expansion strategies to enhance their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it