Cancer Diagnostics Market Size

Cancer Diagnostics Market Size

Cancer Diagnostics Market size was worth more than USD 136 billion in 2022 and is projected to exhibit over 9% CAGR from 2023-2032. Rising prevalence of cancer across the globe will accelerate industry growth.

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The growing incidences of cancer driven by the adoption of unhealthy dietary habits and sedentary lifestyles is expected to influence the cancer diagnostics market outlook. Several initiatives, funding, and private-public partnerships established to boost cancer research and improve access to advanced screening services will pave the way for enhanced industry growth. For instance, in August 2022, the National Cancer Grid (NCG) of India unveiled a new digital oncology center to promote the use of digital technologies in cancer care.

The ongoing advancements in the field of next-generation cancer diagnostics are allowing early detection of cancerous cells using AI and an array of digital tools. For instance, in December 2022, Ibex Medical Analytics announced the deployment of its AI-based cancer diagnostic solution, Galen™ Prostate at the University of Pittsburgh Medical Center (UPMC) network.

Increasing health concerns associated with radiation exposure could hamper industry outlook

The extensive usage of CT scanners in cancer diagnostics and screening is linked with high radiation exposure as compared to conventional technologies, leading to limited demand for modern radiation therapies. Patients exposed to a radiation dose of 40 mSv, equivalent to four-phase abdominal CT scanning are at a higher risk of developing different types of tumors. As a result, multiple regulatory agencies such as the U.S. FDA and the European Commission are deploying strict guidelines and regulations pertaining to adequate radiation dosage to ensure public health safety.