Future of Cancer Diagnostics: Market to Double by 2031 with a CAGR of 7.4%, Surpassing US$ 335.7 Billion

The global cancer diagnostics market is poised for significant growth, reflecting advancements in technology, rising cancer incidence, and increasing awareness of early detection. Valued at US$ 163.7 billion in 2021, the market is projected to expand at a compound annual growth rate (CAGR) of 7.4% between 2022 and 2031, reaching over US$ 335.7 billion by 2031.

Download to explore critical insights from our Report in this sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3637

Market Drivers and Dynamics

Rising Cancer Incidence and Awareness

The prevalence of cancer continues to grow, with the World Health Organization (WHO) estimating 8.3 million annual deaths and a 70% surge in new cases anticipated over the next two decades. Increased awareness of cancer screening and early detection has driven demand for advanced diagnostic tools, enabling early-stage interventions and improved survival rates.

Technological Advancements

Breakthroughs in diagnostic technologies—such as proteomics, metabolomics, genomics, and transcriptomics—have enhanced the accuracy and efficiency of cancer detection. Non-invasive diagnostic procedures like imaging tests (MRI, CT, and mammography) and liquid biopsy methods are gaining traction due to their precision and patient convenience.

Companion Diagnostics and Biomarker Discovery

The discovery of cancer biomarkers, including HER2, BRCA, and KRAS, is revolutionizing personalized medicine by tailoring treatments to individual patients. The development of companion diagnostics is further boosting demand, as these tools support targeted therapies and better clinical outcomes.

Segment Analysis

By Test Type

• Biopsy accounted for the largest market share in 2021, driven by continuous innovations such as liquid biopsy devices.
• Imaging tests and tumor biomarker tests are also prominent segments due to their widespread adoption in cancer detection and monitoring.

By Application

• Lung cancer diagnostics dominated the market in 2021, fueled by high smoking prevalence and related health risks. Other leading segments include diagnostics for breast, colorectal, and prostate cancers.

By End-User

• Diagnostic laboratories held the largest market share due to their specialization in tumor detection and advanced equipment. Hospitals and ambulatory surgical centers also contribute significantly to the market.

Visit our report to explore critical insights and analysis - https://www.transparencymarketresearch.com/cancer-diagnostics-market.html

Regional Insights

North America

North America leads the global market, supported by advanced healthcare infrastructure, rising cancer prevalence, and favorable reimbursement policies.

Asia Pacific

The Asia Pacific region is expected to witness the fastest growth during the forecast period, driven by increasing cancer cases, government funding, and investments in healthcare innovation.

Europe and Latin America

Europe’s market growth is bolstered by strategic partnerships among companies and increasing awareness campaigns. In Latin America, government initiatives to promote early cancer detection are gaining momentum.

Competitive Landscape

The cancer diagnostics market is fragmented, with prominent players such as Abbott, Thermo Fisher Scientific, F. Hoffmann-La Roche Ltd., and Siemens Healthcare GmbH leading innovation. Key strategies include product launches, acquisitions, and partnerships to strengthen market positioning.

Recent Developments

• Thermo Fisher Scientific’s Oncomine Dx Target Test received FDA approval in 2022 for identifying HER2 mutations in non-small cell lung cancer.
• Becton, Dickinson, and Company acquired Cytognos in 2022 to enhance its capabilities in blood cancer diagnostics.
• Agilent Technologies completed the acquisition of Resolution Bioscience in 2021 to expand its NGS-based cancer solutions.

Conclusion

The global cancer diagnostics market is set to grow rapidly over the next decade, driven by technological innovation, increasing cancer awareness, and the shift towards non-invasive diagnostic methods. Stakeholders across regions must continue investing in research, collaboration, and patient-centric solutions to address the rising burden of cancer effectively.

Examine key highlights and takeaways from our Report in this sample – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3637

Explore Latest Research Reports:

• Bovine Blood Plasma Derivatives Market -The bovine blood plasma derivatives market was valued at US$ 1.9 billion in 2022. It is estimated to grow at a CAGR of 5.7% from 2023 to 2031, reaching US$ 3.2 billion by the end of 2031.
• Active Wound Care Market -The active wound care market was valued at US$ 242.2 million in 2022. It is projected to grow at a CAGR of 7.3% from 2023 to 2031, reaching more than US$ 451.9 million by the end of 2031.
• Veterinary Imaging Market -The veterinary imaging market was valued at US$ 2.0 billion in 2022. It is projected to grow at a CAGR of 6.9% from 2023 to 2031, reaching more than US$ 3.6 billion by the end of 2031.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com    
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube