Cancer diagnosis refers to the process of identifying and determining the presence, type, extent and characteristics of cancer in a patient. This involves a variety of diagnostic techniques and tools aimed at detecting cancer, determining its stage and grade and guiding treatment decisions.
The cancer diagnostics market consists of sales, by entities (organizations, sole traders and partnerships), of cancer diagnostics technologies and methods that detect substances that may indicate the presence of cancer in the body.
The global cancer diagnostics market was valued at $16,778.81 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Increase In Demand For Personalized Medicine
An increase in demand for personalized medicine propelled the growth of the cancer diagnostics market. Personalized medicine, also known as precision medicine or individualized medicine, is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. Personalized medicine enhances cancer diagnostics by leveraging genomic profiling, targeted therapies, predictive biomarkers, precision imaging, clinical decision support and innovation in drug development. For instance, in October 2022, according to the Personalized Medicine Coalition's (US-based organization that represents scientists, patients and providers, promoting the understanding and adoption of personalized medicine to benefit patients and the healthcare system) estimates, more than 75,000 genetic testing products and 300 personalized medicines are on the market for people with multiple types of cancers, genetic rare diseases and a range of chronic and infectious diseases. Therefore, the increase in demand for personalized medicine supported the growth of the cancer diagnostics market.
Focus On AI-Based Tools In Cancer Diagnosis
Major companies in the cancer diagnostics market are focusing on developing AI-based tools by leveraging machine learning algorithms and big data analytics to improve accuracy, speed, and efficiency. For instance, in April 2023, Google Health, a UK-based platform that provides applications and technologies for healthcare and medical research, offering AI and machine vision technology for various health-related purposes, including skin condition and breast cancer research assistance, was actively involved in developing AI tools for cancer detection and diagnosis, leveraging machine learning algorithms to analyze medical images and improve diagnostic accuracy., Further, in July 2023, IBM, a US-based medical technology company, leveraged artificial intelligence (AI) to aid in cancer diagnostics by analyzing extensive data to offer insights for personalized treatment strategies. The use of AI in healthcare, particularly in cancer diagnosis, holds promise for enhancing patient care and treatment outcomes, but it also underscores the importance of thorough evaluation and refinement to ensure the accuracy and effectiveness of AI-driven tools in clinical settings.
The global cancer diagnostics market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 13.16% of the total market in 2022.
Cancer Diagnostics Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cancer diagnostics market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for cancer diagnostics? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The cancer diagnostics market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider cancer diagnostics market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by method, by application and by end-user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the cancer diagnostics market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by method, by application and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for cancer diagnostics providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Method: Biopsy, Endoscopy; Tumor Biomarker Tests; Imaging; Other Methods
- 2) By Application: Cervical Cancer; Breast Cancer; Lung Cancer; Brain and Central Nervous System Cancer; Kidney Cancer; Colorectal Cancer; Prostate Cancer; Ovarian Cancer; Stomach Cancer; Other Applications
- 3) By End User: Cancer Research Institutes; Diagnostic Laboratories; Hospitals; Other End-Users
- Companies Mentioned: Thermo Fisher Scientific Inc; F. Hoffmann-La Roche Ltd.; Abbott Laboratories Inc.; Illumina Inc.; Hologic Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; cancer diagnostics indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.