Cancer Diagnostics Market and Treatment Strategies Contributing the Largest Share

The global cancer diagnostics market is estimated to be valued at US$ 59.1 Bn 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 products include imaging technologies, biopsy devices, endoscopes, test kits, and reagents, which are used to detect cancer for early diagnosis and monitoring treatment effectiveness. These products provide precise screening and detection of many cancer types leading to timely treatment planning and improved patient outcomes.

Market key trends:
One of the key trends in the cancer diagnostics market is the increasing adoption of precision medicine. Precision medicine helps physicians choose treatments tailored to each patient's specific characteristics, such as genetics, tumor biomarkers, lifestyle factors, and more. This tailored approach is improving treatment effectiveness and clinical outcomes for patients. Advancements in precision diagnostic techniques, such as liquid biopsy and companion diagnostics are enabling doctors to select targeted therapies matched to the molecular profile of each patient and cancer type.

Segment Analysis
The global cancer diagnostics market can be segmented based on test type, technology, end-user and region. Based on test type, the market is segmented into tumor biomarker tests, imaging tests, biopsy, liquid biopsy and others. Among these, the biopsy segment is currently dominating the market due to the highest accuracy of biopsy tests in determining the exact location and stage of cancer. By technology, the cancer diagnostics market can be categorized into immunohistochemistry, next-generation sequencing (NGS), in situ hybridization, polymerase chain reaction (PCR), biomarker-based tests and others. The NGS technology segment is expected to register the highest growth rate owing to significant technological advancements and wide applications in cancer diagnostics.

Key Takeaways
The Global Cancer Diagnostics Market Size was valued at US$ 59.1 Billion in 2023. It is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period. This is attributed to the increasing global burden of cancer and growing awareness among people regarding early diagnosis.

Regionally, North America dominates the global cancer diagnostics market currently due to availability of advanced healthcare facilities and significant per capita healthcare expenditure in the region. However, Asia Pacific is expected to display the fastest growth rate during the forecast period, owing to expanding healthcare industry, growing per capita income, and rising awareness about early cancer detection in developing Asian countries.

Key players operating in the cancer diagnostics market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc., Genway Biotech, Inc., Microdrop LLC, Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics. Among them, Roche and Abbott hold a significant share in the market due to their robust product portfolio and widespread geographical presence.

Read more: https://www.trendingwebwire.com/cancer-diagnostics-market-insights-trends/