Cancer Diagnostics Market was valued at USD 112.3 Billion in 2022 and is expected to rise from USD 120.04 Billion in 2023 to reach a value of USD 204.55 Billion by 2031, at a CAGR of 6.89% during the forecast period (2024–2031).
Cancer diagnosis can recognize various cells, proteins, and indications that lead to the occurrence of a cancerous tumor. The demand for the cancer diagnostic market is increasing mainly due to the increasing cases of cancer worldwide. The growing awareness of early detection, more investment for cancer R&D, technological developments in diagnostic testing, and a rising number of private centers is also expanding the market growth. In many countries government bodies have also started supporting the cancer market by investing in it. Developing markets such as Asia-Pacific is also experiencing immense growth because of the recent developments in the healthcare infrastructure and support from government. Implementation of digital technologies like telemedicine and mobile health application is improving cancer diagnostics with remote monitoring and personalized care.
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Rising Government Initiatives to Spread Awareness about Early Diagnosis
In the last few years, government facilities in many countries have taken the initiative to spread awareness related to the advantages of early diagnosis. This will help in the progression of the cancer diagnostics market as more people suffering, it can take better treatments. The awareness and accessibility of cancer diagnostics products will help in early diagnosis of the disease so that precise treatment can be provided at an early and curable stage. Private institutions are also collaborating with government organizations for conducting awareness campaigns where they can educate people about the significance of early diagnosis.
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Implementation of Digital Health
Several aspects of the cancer diagnostics can be combined with digital technologies like telemedicine and mobile health applications. It will increase the accessibility to diagnostic services and ensure that patients are monitored remotely and given care timely. It will become more easier to take better care of patient and offer improved patient outcome with real-time data and personalized care. Digitalization of healthcare also has the potential reduce the load of healthcare facilities and provide improved treatment to patients.
- In April 2024, QIAGEN launched their QIAcuity DPCR PanCancer kits. This kit helps researchers to use the system to identify multiple hallmark mutations of EGFR and BRAF.
- Blue Earth Diagnostics received approval from FDA for POSLUMA in June 2023. It is an imaging agent that accurately detect prostate cancer.
- In April 2023, Quest Diagnostics purchased Haystack Oncology to extend their services in Minimal Residual Disease Testing.
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Aging Population and Unhealthy Lifestyle Driving the Cancer Diagnostics Market in North America
The region of North America is flourishing in the cancer diagnostics market and Asia-Pacific is the fastest growing region. This dramatic surge in the market is mainly because governments are taking crucial steps to increase the survival rates in the regions. The rising case of cancer due to the aging population, unhealthy lifestyles, increasing obesity is also growing the market. The bio-technology and pharmaceutical organizations are also investing in technologies to increase the efficiency of the cancer diagnostics market, thus driving the market growth.
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