Global Cancer Diagnostics Market to Grow at a CAGR of 13.65% During 2024-2032, Driven by Rising Prevalence of Cancer

The global cancer diagnostics market size is expected to witness an upswing in the coming years, primarily driven by increasing cancer incidence, along with an aging population base. Government initiatives and funding, along with awareness programs, are further propelling market growth. The report examines a range of factors fuelling market growth, assessing both the opportunities and challenges affecting the market. Additionally, it delivers insights into the competitive dynamics, equipping market leaders with valuable information.

The market value is driven by advancements in diagnostic technologies like imaging and molecular diagnostics. In October 2023 , GC Genome Corporation showcased its latest lung cancer diagnostic tool at the European Society for Medical Oncology (ESMO) 2023 Congress in Madrid, Spain. The tool utilizes a deep learning algorithm that integrates methylation markers to accurately identify lung cancer. The study demonstrates the algorithm's ability to distinguish between lung cancer patients and healthy individuals with an accuracy of 81.5% and an AUC of 0.87.

Additionally, serial dilution experiments showed a sensitivity of 80% for detecting lung cancer down to a tumor fraction of 0.1%. This innovation represents a significant advancement in lung cancer diagnostics, offering a highly sensitive and accurate tool for early detection.

Surge in investments to drive artificial intelligence integration is a notable cancer diagnostics market trend. In September 2023 , Ibex Medical Analytics, a leader in AI-powered cancer diagnostics, raised USD 55 million in Series C funding to drive global adoption of its AI solutions. The funding round was led by 83North, with participation from Sienna Venture Capital and existing investors. This brings Ibex's total funding to over USD 100 million since its inception in 2016. Ibex's Galen platform uses AI to help pathologists improve the quality of cancer diagnosis, enhance laboratory efficiency, and reduce turnaround times.

The company plans to use the funds to expand its footprint in the United States, accelerate product portfolio growth, and create more tools for pathologists and labs. Ibex's technology is already deployed in laboratories and pathology departments worldwide, and the company has achieved significant milestones, including collaborations with leading healthcare providers and pharmaceutical companies.

The increasing incidence of cancers such as lung cancer, breast cancer, colorectal cancer, and prostate cancer is fueling the demand for early and accurate diagnostic tests. Technological advancements in diagnostic techniques are also contributing to market growth. Next-generation sequencing (NGS), liquid biopsy, and molecular diagnostics are among the advanced technologies that are improving the accuracy and efficiency of cancer diagnostics.

The growing aging population is another factor driving the market. As people age, they become more susceptible to cancer, leading to an increase in cancer diagnoses. Governments and healthcare organizations are increasingly focusing on cancer awareness, early detection, and treatment, leading to increased funding for cancer diagnostics. Awareness programs aimed at promoting cancer screening and early detection are also driving more people to undergo diagnostic tests.

Moreover, the trend towards personalized medicine is driving the demand for advanced diagnostic tests in cancer care. Personalized medicine involves tailoring treatment based on individual characteristics, including genetic makeup. This trend is further fueling the growth of the cancer diagnostics market. Key players in the market are investing in research and development to introduce innovative diagnostic solutions, further driving market growth.

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Market Analysis by Product Type, Technology, Application, End Users, and Region

• Based on the product type, the market includes consumables and instruments, encompassing supplies and equipment vital for cancer diagnosis and testing.

• The market is segmented by technology into in-vitro diagnostics, imaging, biopsy instruments, and others.

• Market segmentation based on the application includes lung cancer, breast cancer, colorectal cancer, prostate cancer, and liver cancer, among others.

• End users of the market are hospitals & clinics, diagnostic centers, research institutes, and others.

• By region, the global cancer diagnostics market comprises North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report

• The report highlights a significant increase in cancer incidence rates globally, attributed to factors such as aging populations, lifestyle changes, and environmental factors. This surge in cancer cases is a primary driver for the growth of the cancer diagnostics market.

• The report provides an in-depth analysis of technological advancements in cancer diagnostics, including next-generation sequencing (NGS), liquid biopsy, and advanced imaging techniques, which are revolutionizing early detection and personalized treatment strategies. These innovations are enhancing the accuracy and efficiency of cancer diagnosis, thereby propelling market expansion.

• One of the key findings of the report is a notable shift towards precision medicine in oncology, driven by the growing understanding of tumor biology and the advent of targeted therapies. Consequently, there is a heightened demand for companion diagnostics and molecular profiling tools, contributing to the overall market growth.

• The report points out that AI and machine learning algorithms are increasingly being integrated into cancer diagnostics platforms to improve diagnostic accuracy, streamline workflows, and facilitate data-driven decision-making. The adoption of AI-powered diagnostic solutions is expected to witness significant growth, fostering market advancement.

• The global cancer diagnostics market analysis by Expert Market Research reveals that despite the advancements in cancer diagnostics, disparities in access to these technologies persist, particularly in developing regions. Limited healthcare infrastructure, financial constraints, and inadequate awareness hinder the widespread adoption of advanced diagnostic methods, presenting a challenge for market expansion efforts in these areas. Addressing these disparities will be crucial for achieving equitable cancer care worldwide.

Key Offerings of the Report 

• The EMR report gives an overview of the global cancer diagnostics market for the periods (2017-2023) and (2024-2032).

• The report also offers the historical (2017-2023) and forecast (2024-2032) market insights for the product type, technology, application, end users, and region.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cancer diagnostics market are Abbott Laboratories, Thermo Fisher Scientific, Illumina Inc., QIAGEN, F. Hoffmann La Roche Ltd., Becton, Dickinson, and Company, Koninklijke Philips N.V., Siemens Healthineers, Hologic Inc., GE Healthcare, Agilent Technologies Inc., Quest Diagnostics, Biomerieux SA, and Myriad Genetics.

Key Highlights of the Report

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