Cancer Diagnostics Market: Growing at a CAGR of 8.3%: Will Hit USD 311.19 Billion in 2032: Says Emergen Research

Cancer is one of the leading causes of death worldwide, and early diagnosis is essential for successful treatment. A significant area of the healthcare sector that is crucial to the early identification and diagnosis of cancer is the market for cancer diagnostics. There are numerous diagnostic methods available on the market that can be used to find cancerous cells and establish the severity and stage of the disease.

According to the most recent analysis by Emergen Research, the global market for cancer diagnostics will have a value CAGR of 8.3% over the projected period and will be worth USD 140.20 billion in 2022. Technology advances, rising awareness of early diagnosis, and rising cancer prevalence are some of the key drivers propelling the market's expansion.

The rising incidence of cancer is one of the major factors driving the market for cancer diagnostics. With an estimated 10 million deaths from cancer in 2020, the World Health Organisation (WHO) ranks it as the second highest cause of death worldwide. Numerous causes, including the ageing population, bad lifestyle choices, exposure to toxins, and genetic factors, are blamed for the increased incidence of cancer. The need for cancer diagnostic tests has significantly increased as a result of this.

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The growing awareness of early diagnosis is a significant element boosting the market for cancer diagnostics. The chances of successfully treating cancer are increased and patient outcomes are enhanced with early identification. To entice people to get routine cancer screenings, governments and healthcare organisations are investing in awareness campaigns and screening programmes. For instance, the American Cancer Society advises routine mammograms for women 45 years of age and older in order to identify breast cancer at an early stage.

However, a significant market limitation is the high price of cancer diagnostic testing. Many people in low- and middle-income nations cannot afford the high cost of cancer detection testing. As a result, cancer detection and treatment outcomes across developed and underdeveloped nations differ significantly. Additionally, certain countries' weak healthcare infrastructure and a lack of trained medical staff make the issue worse.

Despite these obstacles, a number of growth variables predict that the cancer diagnostics industry will expand over the next few years. The accuracy and timeliness of cancer diagnosis have substantially increased thanks to technological developments in diagnostic imaging, such as positron emission tomography (PET), magnetic resonance imaging (MRI), and computed tomography (CT) scans. The market is anticipated to increase as a result of the rising usage of liquid biopsy tests, which find cancer biomarkers in bodily fluids including blood and urine.

Major Companies and Competitive Landscape:

Some major companies in the global market report include , F. Hoffman-La Roche Ltd., QIAGEN., Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Merck KGaA, Siemens, Danaher Corporation, and Koninklijke Philips N.V.

The global cancer diagnostics market is highly competitive, with a large number of players operating in the market. Roche Diagnostics is one of the leading players in the cancer diagnostics market, with a wide range of cancer diagnostic tests and services such as the cobas® EGFR Mutation Test v2, the cobas® KRAS Mutation Test, and the cobas® BRAF V600 Mutation Test. The company also offers cancer biomarker testing services through its subsidiary, Foundation Medicine, which provides comprehensive genomic profiling services to identify cancer mutations and determine personalized treatment options.

Abbott Laboratories is another major player in the cancer diagnostics market, with a strong focus on developing innovative cancer diagnostic tests and services. The company offers a wide range of cancer diagnostic tests such as the ARCHITECT AFP, the ARCHITECT CA 125 II, and the ARCHITECT PSA. The company also offers the Vysis ALK Break Apart FISH Probe Kit, which is used to detect the ALK gene rearrangement in lung cancer patients.

Thermo Fisher Scientific is a leading provider of cancer diagnostic tests and services, with a strong portfolio of products such as the Oncomine Dx Target Test, the Ion AmpliSeq Cancer Hotspot Panel v2, and the QuantStudio Dx Real-Time PCR Instrument. The company also offers cancer genomic profiling services through its subsidiary, Caris Life Sciences, which provides comprehensive molecular profiling services to identify cancer mutations and determine personalized treatment options.

Siemens Healthineers is a major player in the cancer diagnostics market, with a strong portfolio of cancer diagnostic tests and services such as the ADVIA Centaur HER2/neu Assay, the ADVIA Centaur CA 125 II Assay, and the IMMULITE PSA Assay. The company also offers imaging and diagnostic solutions such as the PET/CT scanner and the CT scanner, which are used for cancer detection and diagnosis.

Illumina, Inc. is a leading provider of cancer genomic sequencing solutions, with a strong portfolio of products such as the MiSeqDx System, the MiniSeq System, and the NextSeq 550Dx System. The company also offers cancer genomic profiling services through its subsidiary, Grail, which provides non-invasive liquid biopsy tests for the early detection of cancer.

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Segmentation Insights for Cancer Diagnostics Market Report:

The global cancer diagnostics market has been segmented by Emergen Research based on cancer type, product type, technology type, end-use, and region. By cancer type, the market has been segmented into breast cancer, lung cancer, colorectal cancer, cervical cancer, prostate cancer, and others. The market size and revenue generated by each segment have been provided in USD billion for the period of 2019-2032.

The product type segment of the market has been further divided into consumables and instruments. The technology type segment has been divided into in vitro diagnostics (IVD) testing and imaging technology. The end-use segment of the market has been segmented into hospitals, specialty cancer centers and clinics, and others.

The market size and revenue generated by each segment have been provided in USD billion for the period of 2019-2032. The breast cancer segment is expected to dominate the market owing to the high prevalence of breast cancer globally. The lung cancer segment is also expected to witness significant growth due to the rising incidence of lung cancer and the increasing adoption of early cancer diagnosis and treatment methods.

In terms of product type, the consumables segment is expected to dominate the market due to the high demand for cancer diagnostic kits and reagents. The imaging technology segment is expected to witness significant growth due to the increasing adoption of imaging technology for cancer diagnosis and treatment.

In terms of end-use, the specialty cancer centers and clinics segment is expected to witness significant growth due to the increasing number of cancer centers and clinics worldwide and the growing demand for specialized cancer care.

Lastly, the report provides a regional outlook for the global Cancer Diagnostics market, which includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report highlights several countries within each region, such as the U.S., Canada, Germany, the U.K., China, India, Brazil, and Saudi Arabia, among others.

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