Cancer diagnostics involve various tests and procedures used to detect different types of cancers as early as possible to help improve treatment outcomes. From simple blood tests and imaging scans to biopsies and molecular testing, cancer diagnostics help doctors determine if an individual has cancer, where it is located in the body, if it has spread, and other important information. The growing incidences of various cancers like breast, lung, prostate and colorectal cancer globally have increased the demand for advanced and effective diagnostic procedures. Early detection is critical for cancers to treat them effectively and improve chances of survival.
The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Immunohistochemistry is one of the key diagnostic trends gaining popularity in the cancer diagnostics market. Immunohistochemistry helps pathologists determine the exact types of cancer cells present in a tissue sample. It works by detecting proteins or markers on the surface of cancer cells that can help identify whether the cells came from a certain type of cancer like breast, lung or blood cancer. With the rising application of immunohistochemistry for diagnosing different cancer types, it is driving significant growth of the overall cancer diagnostics market during the forecast period. Better identification of cancer cell markers help doctors customize treatment plans specific to each patient's type and stage of cancer.
Segment Analysis
The global cancer diagnostics market is dominated by imaging and molecular diagnostics segments. The imaging segment leads the market owing to ability of imaging techniques like X-ray, magnetic resonance imaging (MRI), computed tomography (CT), mammography, positron emission tomography (PET), and ultrasound to non-invasively detect and monitor cancer internally within the body. Molecular diagnostics segment is expected to witness the highest growth during the forecast period due to continuous incorporation of latest technologies like genetics, proteomics and bioinformatics for cancer diagnosis at its early stages.
Key Takeaways
The global cancer diagnostics market size is expected to witness high growth during 2023-2030. Regional analysis reveals that North America dominates the market currently and is expected to retain its position during the forecast period. Factors such as increasing incidence of cancer, rising adoption of advanced imaging technologies and growing importance of early cancer diagnosis drive the regional market growth. Europe follows North America in terms of market share due to rising government initiatives to spread cancer awareness and support cancer research activities. Asia Pacific is anticipated to witness the fastest growth rate during the forecast period owing to large patient population, growing healthcare expenditure and improving healthcare infrastructure in emerging economies like China and India.
Key players operating in the cancer diagnostics market are Sika Ag, Trelleborg Ab, Henkel Ltd., Flexcon Company, Inc, Nitto Denko Corporation, Pyrotek Inc., Vibratec, Autoneum, Rousch, Avery Dennison Corporation, American Acoustical Products, Polymer Technology Inc. Soundown Corporation, Heathcote Industrial Plastics, Vibracoustic Gmbh, Megasorber Pty Ltd, and 3M. The key players are involved in new product launches, collaborations and acquisitions to strengthen their position in the market. For instance, In June 2022, Sika AG launched SikaGard 804, a new product line of durable, easy to install acoustic blankets for engine compartments to control exterior engine noise.
Get more insights on this topic: https://www.newsstatix.com/cancer-diagnostics-market-industry-insights-trendscancer-diagnostics-market-2023-2030/
