Originally published on Technavio:Cancer Diagnostics Market Analysis - End-user, Type, and Geography - Forecast 2023-2027

Introduction:

Published in October 2023, the Cancer Diagnostics Market forecast predicts a significant increase in size, projecting a growth of USD 12,626.21 million at a CAGR of 11.3% between 2022 and 2027. This comprehensive analysis examines various factors influencing the market, including the prevalence of cancer, the demand for personalized medicines, and the imperative for cost-cutting in drug discovery. Despite challenges such as the high cost of companion diagnostics development and a shortage of skilled personnel, emerging trends in R&D, technological advancements, and strategic adoption of licensing agreements and product commercialization are propelling market progress.

Market Forecast:

The Cancer Diagnostics Market is poised for substantial growth, projecting an increase of USD 12,626.21 million at a CAGR of 11.3% from 2022 to 2027. The report delves into key drivers, trends, and challenges, providing valuable insights into the dynamics shaping the market.

Market Definition:

Cancer diagnostics involve early detection and management, playing a crucial role in the medical landscape. The report emphasizes the significance of technologies like endoscopy, advancements in point-of-care diagnostics, and challenges related to virus transmission and accessibility to expensive diagnostic procedures.

Key Drivers, Trends, Challenges, and Customer Landscape:

With 2022 as the base year, the report analyzes key drivers, trends, and challenges. The high prevalence of cancer emerges as a key driver, attributed to factors like unhealthy lifestyle habits, tobacco/alcohol consumption, and exposure to various environmental factors. Emerging trends highlight increased R&D, technological advancements, and strategic collaborations in cancer diagnosis.

Major Market Challenge:

The high cost associated with developing companion diagnostics stands out as a major challenge hindering market growth. Biomarker development involves significant initial costs, and the intricate, time-consuming process requires advanced technologies and highly skilled specialists. This challenge poses a potential obstacle to market growth during the forecast period.

Key Market Customer Landscape:

The report includes an adoption lifecycle analysis, spanning from innovator to laggard stages, with a focus on adoption rates in different regions based on penetration. Additionally, key purchase criteria and drivers of price sensitivity are outlined to assist companies in devising effective market growth strategies.

Major Companies:

Companies employ various strategies to enhance their market presence, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches. Abbott Laboratories is highlighted for offering comprehensive tumor markers and harmonized instrument families for cancer diagnostics.

Market Segmentation:

The hospitals and clinics segment is anticipated to witness significant growth during the forecast period. Cancer diagnostics in hospitals and clinics provide benefits such as improved patient care, enhanced point-of-care operations, and cost savings. The segment, valued at USD 6,048.84 million in 2017, continued to grow until 2021, primarily driven by the rising cases of chronic cancer and the presence of skilled professionals.

Regional Analysis:

North America is estimated to contribute 43% to the global market growth during the forecast period. The growth is attributed to the presence of established medical facilities, emphasizing cancer diagnostics. The region hosts prominent medical facilities like NYU Langone Hospitals, Mayo Clinic, and Memorial Sloan Kettering Cancer Center, driving demand for personalized medicines and associated cancer diagnostics.

Market Analyst Overview:

Cancer diagnostics play a crucial role in early detection, leveraging platforms like PubMed for cutting-edge research. Innovations such as photon-counting CT scanners enhance resolution while minimizing radiation exposure, ensuring safer diagnostics. Challenges persist, especially with virus transmission concerns and disparities in access due to the absence of universal health coverage. The report emphasizes the Diagnostic Imaging Tests Segment, encompassing CT scans, MRI, and ultrasound, facilitating accurate detection.

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The report forecasts market growth by revenue globally, regionally, and at the country level, offering an analysis of the latest trends and growth opportunities from 2017 to 2027. The forecast period, spanning from 2023 to 2027, aims to achieve growth momentum with a CAGR of 11.3%, reaching USD 12,626.21 million by 2027.

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