Cancer Diagnostics Market Forecast Indicates Expansion Due to Technological Innovations in MRI CT PET and Next-Generation Sequencing Platforms

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cancer Diagnostics Market Size, Share & Trends Analysis Report By Product (Consumables (Antibodies, Probes), Instruments (Pathology Instruments, Imaging Instruments, Biopsy), Technology (IVD Testing, imaging, and biopsy technology), Application (Breast Cancer, Lung Cancer), End User (Hospitals)- Market Outlook And Industry Analysis 2034"

The global Cancer Diagnostics market is estimated to reach over 204.49 billion by the year 2031, exhibiting a CAGR of 6.5% during the forecast period.

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The global healthcare sector has faced unprecedented challenges due to the COVID-19 pandemic, which significantly strained healthcare infrastructure and resources. Efforts to contain the spread of the virus have complicated the delivery of routine care and intensified the demand for hospital services. One of the notable impacts has been the widespread deferral of elective surgeries, including scheduled oncology procedures, as healthcare systems prioritized urgent and COVID-19-related cases. This disruption has been particularly concerning for oncology patients, who are more susceptible to infection and face increased morbidity and mortality associated with COVID-19.

Data from the American Society of Clinical Oncology indicate a substantial decline in cancer-related healthcare activities between March and July 2020 compared to the same period in 2019. This includes marked reductions in biopsies, tumor screenings, outpatient visits, treatments, and surgical procedures. In April 2020, at the height of the pandemic, cancer screenings dropped significantly-colon by 75%, breast by 85%, lung by 56%, and prostate by 74%. Additionally, nearly 800 lung cancer screening appointments were canceled in March 2020 alone. Despite the resumption of regular screening schedules, the volume of newly screened patients remained below pre-pandemic levels, indicating a lingering impact on early cancer detection and diagnosis.

List of Prominent Players in the Cancer Diagnostics Market:
• Abbott Laboratories,
• Agilent Technologies Inc.,
• AMOY Diagnostics Co Ltd.,
• Astellas Pharma Inc. (Japan)
• BD
• BiocartisNV,
• bioMérieux SA (France)
• Bristol-Myers Squibb Company (U.S.)
• Cancer Diagnostics Inc.,
• Danaher Corporation,
• DiagnoCure Inc. (Canada)
• DiaSorin S.P.A.,
• Excat Science
• F. Hoffmann-La Roche Ltd.
• FUJIFILM Corporation,
• GE Healthcare
• Genomic Health, Inc. (U.S.)
• GSK plc. (U.K.)
• Hologic, Inc.
• Illumina, Inc.
• Koninklijke Philips N.V. (Philips)
• Lilly (U.S.)
• Merck KGaA, (Germany)
• Myriad Genetics Inc.,
• Novartis AG (Switzerland)
• Pfizer, Inc. (U.S.)
• Qiagen N.V.
• Quest Diagnostics Incorporated. (U.S.)
• Quidel Corporation,
• Roche Diagnostics,
• Siemens Healthcare GmbH
• Thermo Fisher Scientific, Inc.

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Market Dynamics:
Drivers:
Technological advancements in diagnostic testing are expected to drive substantial market growth during the forecast period. A notable example is Hologic, Inc.'s launch of the Genius Digital Diagnostics System in Europe in 2021. This next-generation cervical cancer screening system incorporates innovative volumetric imaging technology and deep learning-based artificial intelligence (AI), enhancing the detection of precancerous lesions and cervical cancer cells in women. These technological innovations are expected to significantly accelerate market expansion.

Challenges:
In developing and low-income countries, many healthcare facilities face challenges in acquiring diagnostic imaging equipment due to the high costs and financial limitations. In response to the increasing demand for diagnostic imaging services in these regions, hospitals that cannot afford brand-new, state-of-the-art systems often opt for refurbished equipment. This trend poses a constraint on market growth, as the reliance on older systems can limit the adoption of the latest diagnostic technologies.

Regional Trends:
The Asia Pacific region is expected to experience the fastest growth during the forecast period, driven by strategic initiatives from key market players, the expansion of cervical screening programs, increased research and development (R&D) efforts, and ongoing technological advancements. For example, the Australian Cervical Cancer Foundation (ACCF) launched National Cervical Cancer Awareness Week in November 2019, aiming to raise awareness and promote cervical cancer prevention across Australia with the goal of eradicating the disease by 2035. Hologic Inc. is one of the companies supporting these awareness and screening programs, contributing to the region's market growth.

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Recent Developments:
• In November 2021, Magnetom Free was introduced by Siemens Healthineers. The Star whole-body MRI scanner was created to dramatically improve access to magnetic resonance imaging on a global scale.

Segmentation of Cancer Diagnostics Market-
By Product-
• Consumables
o Antibodies
o Kits & Reagents
o Probes
o Others
• Instruments
o Pathology based Instrument
o Slide Staining Systems
o Tissue Processing Systems
o Cell Processors
o PCR Instruments
o NGS Instruments
o Microarrays
o Other Pathology-based Instruments
o Imaging Instruments
o CT Systems
o Ultrasound Systems
o MRI Systems
o Mammography Systems
o Nuclear Imaging Systems
• Biopsy Instruments
By Technology-
• IVD Testing
o Polymerase Chain Reaction (PCR)
o In Situ Hybridization (ISH)
o Immunohistochemistry (IHC)
o Next-generation Sequencing (NGS)
o Microarrays
o Flow Cytometry
o Immunoassays
o Others
• Imaging
o Magnetic Resonance Imaging (MRI)
o Computed Tomography (CT)
o Positron Emission Tomography (PET)
o Mammography
o Ultrasound
• Biopsy Technique
By Application-
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Melanoma
• Others
By End User-
• Hospitals
• Diagnostics Laboratories
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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