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Cancer Diagnostics Market size to exceed $324 Bn by 2032

  • Published Date: February 14, 2023

Cancer Diagnostics Market size is projected to reach over USD 324 billion by 2032, according to a new research report by Global Market Insights Inc.

A steady rise in the awareness regarding cancer care and diagnostics is expected to positively affect the industry outlook. Due to the growing burden of cancer, several public agencies and private organizations are spearheading new awareness campaigns and research initiatives along with the deployment of screening systems for ensuring access to cancer diagnostics and enabling early detection of tumors.

Rising preference for biopsy procedures to treat breast cancer to boost market trends

Cancer diagnostics market valuation from the biopsy segment is poised to surpass USD 21 billion by 2032. The rising prevalence of breast, pancreas, and liver cancer worldwide is propelling the number of biopsies performed each year. In the U.S. alone, millions of biopsies are performed to assess skin, prostate, and breast tissues due to the large patient pool.

As per 2022 estimates by the American Cancer Society, new cases of invasive breast cancer were expected to reach nearly 287,850, accounting for more than 40,000 deaths. Moreover, increasing advancements in minimally invasive biopsy procedures, such as core needle biopsy, image-guided biopsy, fine-needle aspiration, and vacuum-assisted biopsy will complement the industry landscape.

Browse key industry insights spread across 300 pages with 264 market data tables & 10 figures & charts from the report, “Cancer Diagnostics Market Size By Application (Tumor Biomarkers Tests, Imaging {Ultrasound and Radiology, Mammography, MRI Scan, PET Scan, CT Scan, SPECT & Others}, Biopsy, Liquid Biopsy, Immunohistochemistry, In Situ Hybridization), By Cancer Type (Bladder Cancer, Breast Cancer, Colon and Rectal Cancer, Endometrial Cancer, Kidney Cancer, Leukemia, Liver-Lung Cancer, Melanoma, Non-Hodgkin Lymphoma, Pancreatic Cancer, Prostate Cancer, Thyroid Cancer), By End-use (Hospitals, Diagnostic Laboratories, Diagnostic Imaging Centers, Cancer Research Institutes), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032 In detail along with the table of contents:

High risk of advanced colorectal cancer in young adults to fuel adoption of cancer diagnostics

Colon & rectal cancer segment in the cancer diagnostics market was valued at more than USD 13 billion in 2022. The prevalence of colorectal cancer (CRC) has increased substantially over the last few years, particularly among adults aged 50 years and above. The National Cancer Institute (NCI) estimated 151, 030 new colorectal cancer cases in 2022.

The growing concerns associated with the rising incidences of advanced colorectal cancer in the younger population will also accelerate the demand for cancer diagnostics. With the rapid adoption of unhealthy lifestyles and the high prevalence of risk factors such as diabetes, the colon and rectal cancer patient pool is set to witness an upsurge, driving the market growth.

Growing emphasis for improved teleradiology outcomes in diagnostic imaging centers to favor market value

The cancer diagnostics market revenue from diagnostic imaging centers is slated to reach over USD 54.5 billion by 2032. Diagnostic imaging centers are gaining momentum due to the availability of next-generation diagnostic equipment, enabling faster and more accurate cancer detection.

Imaging techniques are pivotal in cancer diagnosis and thus require highly efficient systems capable of minimizing error and improving output efficiency. Since these facilities are specifically designed to cater to the examination of patients, they ensure access to high-end healthcare services.

Favorable funding and R&D initiatives to boost North America cancer diagnostics industry

North America cancer diagnostics market recorded more than 40.9% progress in 2022. The region has a vast footprint of market players addressing the growing diagnostic needs. Countries such as the U.S. and Canada witness a surging number of cancer patients, representing a robust demand for diagnostics and treatment solutions.

Moreover, the presence of supportive regulatory frameworks, extensive R&D initiatives, and government-led investments fostering innovations and cancer awareness will complement industry expansion over the upcoming period. For instance, the Canadian Government invested nearly USD 40 million for lung cancer research over the last five years.

Technological advancements to outline cancer diagnostics industry development

Agilent Technologies Inc, Abbott Laboratories, Becton, Dickinson and Company, AB Sciex Pte. Ltd, Biocare Medical LLC, BioMerieux SA, Biocartis, Bio-Rad Laboratories, GE Healthcare, Qiagen N.V, F-Hoffmann-La Roche Ltd, Myriad Genetics, Inc, Siemens Healthineers, Thermo Fischer Scientific, Sysmex Corporation are some leading companies in the global cancer diagnostics market.

Authors: Sumant Ugalmugle, Rupali Swain