Cancer Diagnostics Market Analysis

Cancer Diagnostics Market Analysis

Cancer diagnostics market size from imaging applications is anticipated to record over 8.5% CAGR between 2023-2032. Cancer diagnostics are extensively used several imaging applications including mammography, ultrasound, MRI scan, radiology, PET scan, and SPECT. With an upsurge in cancer cases across developed and developing nations, the demand for faster and more efficient screening technologies has picked huge pace. Imaging also allows healthcare professionals to make an informed decision regarding the course of treatment. Furthermore, the emergence of groundbreaking developments, such as photon-counting CT scanners based on quantum technology, and dark-field imaging will showcase lucrative scope for the industry development.
 

Hospitals segment in the cancer diagnostics market was valued at more than USD 55 billion in 2022. The increasing focus on the advancement of healthcare infrastructure has encouraged the establishment of technologically equipped hospitals. The growing disease burden is further propelling the need for modern systems suitable for faster and more efficient biopsy procedures. Additionally, hospitals have a high preference among patients as they offer access to multi-specialty domains with superior diagnostic aid and healthcare professionals. With increasing medical tourism worldwide, multiple countries are investing heavily in healthcare facilities, further complementing the industry expansion.
 

In terms of revenue, the cancer diagnostics market share from non-Hodgkin lymphoma (NHL) is estimated to reach over USD 18.5 billion 2032. The rising prevalence of NHL will proliferate the adoption of cancer diagnostic technologies. According to the American Cancer Society, NHL is one of the most prevalent types of cancers in the U.S., responsible for 4% of all cancers. In 2022, NHL was estimated to affect more than 80,000 people, causing nearly 20,250 deaths. The growing geriatric population across the globe will represent a lucrative need for cancer diagnostics since individuals above the age of 65 years showcase a higher prevalence of NHL.
 

Moreover, a surge in melanoma cases is expected to further drive the demand for cancer diagnostics. Melanoma is most invasive type of skin cancer and can be life threatening, thus fueling the need for surgeries, medications, radiation and even chemotherapy. According to a study published in the JAMA Journal, by 2040, new melanoma cases across the globe are projected to increase by 50%, while melanoma-related mortality will witness a 68% surge.
 

Europe cancer diagnostics market size is slated to surpass USD 93.5 billion by 2032. Increasing healthcare expenditure will play a crucial role in the industry expansion. The region also records high awareness regarding early cancer diagnosis along with a solid footprint of companies specializing in cancer diagnostic tests. Furthermore, several EU agencies and health organizations are providing funding and new schemes to boost innovation in cancer diagnostics.