Cancer Diagnostics Market size is expected to grow to USD 305.3 billion by 3030

The Market Statsville Group (MSG) publishes the new report on the "Cancer Diagnostics Market by Screening Type (Laboratory Tests, Genetic Tests, Imaging, Endoscopy, Biopsy, and Other (Barium Enema)), by Application (Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Breast Cancer, Colorectal Cancer, Blood Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Ovarian Cancer, and Others), by End-Use (Diagnostic Laboratories, Diagnostic Imaging Centers, Hospitals and Clinics, and Research Institutes), by Region - Global Share and Forecast to 2030".

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The global cancer diagnostics market size is expected to grow from USD 175.1 billion in 2021 to USD 305.3 billion by 3030, at a CAGR of 7.2% during the forecast period. Cancer screening tests and treatments are very expensive compared to other disease tests and treatments. Insurance coverage for such tests makes cancer diagnosis affordable for patients. The Affordable Care Act is planned to improve healthcare quality and reduce the cost associated with it. This act covers reimbursement for cancer diagnosis and treatment up to a certain extent. The current impact of this act is boosting the cancer diagnostics market; however, its future is unclear due to a change in leadership in the U.S.

Governments in other countries are also trying to overcome challenges such as cost and access to cancer care. Such efforts and insurance policies that cover the cost of cancer diagnosis and treatment support market growth.

Global Cancer Diagnostics Market Segmentation
The cancer diagnostics market has been segmented into the component, waste type, method, application, and region.

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By Screening Type (Laboratory Tests, Genetic Tests, Imaging, Endoscopy, Biopsy, and Other (Barium Enema))
By Application (Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Breast Cancer, Colorectal Cancer, Kidney Cancer, Liver Cancer, Blood Cancer, Pancreatic Cancer, Ovarian Cancer, and Others)
By End-Use (Diagnostic Laboratories, Diagnostic Imaging Centers, Hospitals and Clinics, and Research Institutes)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Breast cancer, by application, is estimated to hold the largest market share during the forecast period

Based on the application, the cancer diagnostics market is segmented into breast, lung, liver, kidney, pancreases, blood, skin, cervical, colorectal, prostate, and ovarian cancer. The breast cancer segment captured the largest share of 15.1% in 2021 in the cancer diagnostics market. According to the U.S. breast cancer statistics, around 1 in 8 U.S. women develop invasive breast cancer. Most of the time, cancer symptoms are not identified in the early stages. Hence, screening tests are important for the early diagnosis of this disease. Imaging tests used to diagnose breast cancer are mammography, breast ultrasound, and magnetic resonance imaging. These imaging techniques depict inside body structures and functions as well as abnormalities that are caused due to the presence of cancer. According to National Cancer Institute, in the U.S., breast cancer occurs in both men and women, but it is rare in men. Every year, it has been observed that 100 times more new cases are reported in women than in men.

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North America accounts for the largest market share in the cancer diagnostics market in 2021

Based on the regions, the global cancer diagnostics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 39.9% in the global cancer diagnostics market and was anticipated to maintain its dominance throughout the forecast period. In this region, the high incidence of cancers, such as breast, skin, and prostate cancers, is creating demand for diagnostics products. Factors such as the presence of well-established healthcare infrastructure and the availability of government funding for research are expected to augment the growth of the North America cancer diagnostics market. In addition, government and national agencies are undertaking initiatives for creating awareness and reducing the number of cancer cases in countries of the region.

The region is expected to maintain its dominance during the forecast period. Technological advancements coupled with the high number of tests being performed are anticipated to spur the growth of cancer diagnostics during the forecast period.

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This research report covers an examination of the main firms' development and marketing tactics and an examination of their product portfolios and winning methods in the cancer diagnostics industry. It also consists of the profiles of leading companies such as Dickinson and Company, Bio-Rad Laboratories, Inc., Abbott Laboratories, Becton, Hologic, Inc., Koninklijke Philips N.V., Qiagen N.V., Siemens Healthcare GmbH, Roche Holdings AG, Danaher Corporation, and Thermo Fisher Scientific Inc.

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