Cancer diagnostics Market is Estimated To Witness High Growth Owing To Rising Incidence of Cancer Cases
The cancer diagnostics market is estimated to be valued at US$ 59.1 Billion in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer diagnostics involves detection of biological markers present in tissues, blood or other body fluids that are indicative of cancer. Some of the commonly used diagnostic techniques are imaging tests, biopsy, laboratory tests and genetic tests. Early detection helps in timely treatment and management of cancer which improves patient outcomes.
Market key trends:
One of the key trends driving the growth of cancer diagnostics market is rising incidence of cancer cases globally. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The increasing elderly population base and lifestyle changes such as smoking, alcohol consumption and obesity have contributed to the rising number of cancer cases. Improvement in healthcare infrastructure and rising funding for cancer research have also propelled the demand for advanced diagnostic technologies for accurate detection and diagnosis of cancer. Companies are continuously investing in the development of novel diagnostic tests using technologies such as liquid biopsy, biomarkers and artificial intelligence for early-stage cancer screening and detection. This is expected to further fuel the growth of cancer diagnostics market during the forecast period.
Porter’s Analysis
Threat of new entrants: The cancer diagnostics market requires high capital investment and established distribution channels. Diagnostic tests and techniques also need to meet regulatory guidelines which make entry of new players difficult.
Bargaining power of buyers: Individual buyers have relatively low bargaining power due to availability of many options. However, large hospitals and diagnostic labs can negotiate prices with suppliers.
Bargaining power of suppliers: Major suppliers in this market are diagnostic kit and reagent manufacturers. They have moderate bargaining power due to availability of substitute products.
Threat of new substitutes: New advanced substitutes in the form of novel biomarkers, imaging techniques and analytical methods can pose a threat over the forecast period.
Competitive rivalry: The market is dominated by a few major players leading to high competitive rivalry.
SWOT Analysis
Strengths: Availability of novel targeted therapies and companion diagnostics, rising incidence of cancer, developments in omics-based screening.
Weaknesses: High cost of diagnosis and treatment, complex regulatory environment, shortage of pathology specialists.
Opportunities: Growth in developing nations, advances in AI-driven tools, increasing focus on precision medicine.
Threats: Reimbursement issues, social and ethical concerns related to genetic screening, stringent regulations.
Key Takeaways
The Global Cancer Diagnostics Market Size is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing incidence of cancer cases globally. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis: North America dominated the global cancer diagnostics market in 2023, and is expected to maintain its leading position during the forecast period. This is attributed to high awareness regarding early detection of cancer and availability of advanced diagnostic technologies. Asia Pacific is expected to witness fastest growth owing to rising healthcare expenditure, increasing penetration of diagnostics services, and improving healthcare infrastructure in emerging countries of the region.
Key players operating in the cancer diagnostics market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc.
The key players are focusing on new product launches, expansion of manufacturing facilities and R&D investments for developing advanced diagnostics solutions to gain competitive advantage. For instance, in September 2022, Roche received FDA approval for its rapid lung cancer tumor mutation profiling panels.
Read more: https://journaljourney32.weebly.com/cancer-diagnostics-market
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