Cancer Diagnostics Market Size Worth USD 269.1 Billion by 2030 at 6.70% CAGR – Report by Market Research Future (MRFR)

New York, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) — Cancer Diagnostics Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR),   “Cancer Diagnostics Market Information by Type, Application, End-User and Region – Forecast till 2030, the market size was valued at USD 160.2 billion in 2021 and is projected to grow from USD 170.9 billion in 2022 to USD 269.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2022 – 2030).

Market Scope

The key market drivers that will drive the market during the projected period are the rise in occurrences and prevalence of different forms of cancer, such as breast cancer and lung cancer. In recent years, there has been an uptick in the worldwide incidence of cancer, making it one of the biggest killers worldwide. Consequently, healthcare practitioners are concentrating on developing effective diagnostic and therapeutic solutions to gauge the extent of the problem. Independent diagnostic clinics are sprouting up all over the world as the public healthcare system struggles to meet the rising demand for diagnostic imaging treatments with its restricted range of imaging modalities. Due to lower payback rates, higher prices, and budgetary constraints, many hospitals in developing nations cannot invest in diagnostic imaging technologies. Due to rising demand for diagnostic imaging services in developing countries, many hospitals must choose between purchasing old systems since they cannot afford to purchase brand new ones.

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Report Scope:

Cancer Diagnostics Market Competitive Dynamics:

Partnerships, mergers and acquisitions, regional growth, and strategic collaborations are just some of the methods that leading firms in this industry are employing to increase their share of the consumer base and strengthen their position in the competitive landscape.

• Exact Sciences Corporation
• Arquer Diagnostics Ltd
• BioMark Diagnostics Inc
• Biotheranostics, Cancer Diagnostics, Inc
• Agilent Technologies, Inc
• Thermo Fisher Scientific, Inc
• Illumina, Inc
• Becton, Dickinson and Company (BD)
• GE Healthcare
• QIAGEN N.V.
• Abbott Laboratories, Inc
• Roche Diagnostics
• Siemens Healthcare
• Koninklijke Philips N.V., Inc

Cancer Diagnostics Market Dynamics

Market Drivers

Due to rising rates of mortality and the prevalence of malignancies like breast and lung cancer, the market for cancer diagnostics is expected to expand throughout the forecasted time period. During the predicted time period, the market will also benefit from an uptick in the development of technologies that enhance the scanning of malignant cells, the development of enhanced equipment for diagnosing the kind of cancer, and the increase in output of the results.

Since public hospitals are increasingly overwhelmed by the rising demand for diagnostic imaging therapies and the decreasing availability of imaging modalities, the global private cancer diagnostic industry is growing rapidly. The expanding global need for screening tools and procedures can be attributed in large part to the following factors: the increasing prevalence of oncologic cases, the ongoing development of more precise diagnostic tools, and the growing demand for effective screening tests. The growth of the cancer diagnostics market is predicted to be boosted by attempts to increase public knowledge and back government initiatives.

Market Restraints

Potential restraints on the expansion of the cancer diagnostics market include the high cost of therapy and weak reimbursement regulations in developing countries. Many hospitals in underdeveloped countries cannot afford to invest in diagnostic imaging technology due to high expenses, low reimbursement rates, and limited budgets. Hospitals in developing nations often rely on used imaging equipment due to a lack of funds to buy new tools for the growing number of diagnostic imaging procedures performed there.

COVID-19 Analysis:

Several large and small pharmaceutical and biopharmaceutical corporations have banded together in response to the World Health Organization’s declaration of a pandemic caused by the COVID-19 epidemic to create antiviral drugs and vaccines for the novel coronavirus. As a result of the global spread of the COVID-19 pandemic, hospital resources have been significantly impacted. For the most part, this issue has been fixed by significantly decreasing inpatient and outpatient treatment for various diseases and by implementing infection prevention and control strategies. As the pandemic spreads to more countries, fewer people are getting cancer screenings and diagnostic procedures.

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Cancer Diagnostics Market Segmentation

By Type

The biopsy market is anticipated to expand at a rapid pace over the forecast period because of the many advantages of the test, most notably its ability to detect cancer at an early stage. Furthermore, the aggressiveness of the disease and the likelihood of it spreading to other organs can be assessed with a biopsy. In addition, the market is being driven by the introduction of innovative goods by key operating players with the aim of expanding the market.

By Application

It is alarming that the global incidence of lung cancer has been rising at such a rapid rate, as it is one of the top causes of mortality everywhere. As a result, healthcare workers are concentrating on finding better ways to screen for and treat the condition in an effort to reduce its occurrence. The effectiveness of treatments improves when they are implemented early in the process, which is why screenings are so important. Therefore, healthcare organizations and market participants are encouraging regular checkups and screenings through a variety of public education initiatives.

A rise in the number of women between the ages of 50 and 74 worldwide has led to a rise in the breast cancer section of the cancer diagnostics market. An uptick in activities from a variety of groups should propel the market forward in the years ahead.

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By End user

In 2021, the healthcare sector, which includes hospitals and clinics, dominated the global market. Growth in this sector is being driven by a number of factors, including rising interest in personalized treatment, a rise in accessible healthcare options, and strategic initiatives. The segment’s expansion can be attributed to the market’s primary drivers: an increase in hospital admissions and outpatient treatments, as well as an increase in in-house diagnostic procedures and public awareness of the need of early diagnosis.

Cancer Diagnostics Market Regional Analysis

Increasing cancer awareness, regional technical advancements, and the growing demand for efficient cancer treatment and diagnostics are all factors that should contribute to the growth of the regional market. Germany held the largest proportion of the European market.

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Strategic activities by major companies, a significant increase in cervical screening programs conducted to improve awareness and screening, an increase in R&D, and technology advancements all point to Asia Pacific as the fastest-growing market over the projection period. Profit in the cancer business is anticipated to grow at the quickest rate in Asia-Pacific (APAC) during the forecast period due to the presence of a big patient pool and increasing government efforts for the expansion of the healthcare sector in the area. Growth in the Asia-Pacific region is being fueled by the region’s increasing acceptance of cutting-edge treatment options. In addition, the presence of rapidly developing countries like China, India, and Japan is expected to contribute to the expansion of existing markets.

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