July 19, 2024
Cancer Diagnostics Market

Artificial Intelligence Accelerating Advancements In Cancer Diagnostics

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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Cancer diagnostics involve various techniques and tools that are used to detect cancer in the human body. These techniques include imaging tests such as x-rays, CT scans, MRI, PET scans and ultrasounds that provide pictures of the inside of the body. Other major diagnostic techniques include biopsy, wherein a small sample of suspicious tissue is removed from the body and examined under a microscope by a pathologist. Newer non-invasive cancer diagnostics based on liquid biopsy are also gaining popularity. Liquid biopsy involves analysis of circulating tumor cells, cell-free DNA, or RNA circulating in blood to detect cancer at an early stage. The global cancer diagnostics market is driven by rising incidence of cancer worldwide, increasing adoption of imaging technologies and novel non-invasive diagnostic techniques. Early cancer detection leads to more effective treatment options and better clinical outcomes.

Market Key Trends

One of the major trends in the cancer diagnostics market is increasing adoption of artificial intelligence (AI). AI is transforming cancer diagnostics by automating detection and diagnosis process, improving efficiency and reducing errors. AI-powered imaging analysis and pathology diagnostics assist in detecting subtle abnormalities, aiding diagnosis. Companied are also developing AI-based liquid biopsy analysis platforms for non-invasive multi-cancer screening and monitoring. Integration of AI with imaging, pathology and liquid biopsy allows for development of personalized diagnosis and treatment options based on individual patient’s cancer profile. This is expected to revolutionize cancer care. Growing partnerships between technology and diagnostic companies will further fuel advancements and commercialization of AI-powered cancer diagnostics platforms over the forecast period.

Porter’s Analysis

Threat of new entrants: The cancer diagnostics market requires high R&D investment and regulatory approvals, which acts as a barrier for new companies.
Bargaining power of buyers: The presence of several diagnostic test manufacturers gives consumers more options, increasing their bargaining power.
Bargaining power of suppliers: Key intellectual property rights over diagnostic technologies and testing procedures provide suppliers with significant bargaining power over buyers.
Threat of new substitutes: Technological advancements in molecular diagnostics and liquid biopsy offer new substitutes, posing a moderate threat.
Competitive rivalry: The cancer diagnostics market sees intense competition due to the presence of numerous global and regional players offering similar product portfolios.

Key Takeaways

The global Cancer Diagnostics Market Size is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to the increasing global cancer burden. According to WHO, cancer was responsible for nearly 10 million deaths in 2020.

North America dominated the cancer diagnostics market in 2023 and is expected to maintain its lead over the forecast period. This can be attributed to increasing healthcare expenditure, rising cancer incidence, and availability of advanced diagnostic technologies in the region. However, Asia Pacific is expected to witness the fastest growth due to growing healthcare infrastructure, rising awareness regarding early cancer diagnosis, and improving reimbursement policies.

Key players operating in the cancer diagnostics market include Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. These players are focusing on organic and inorganic growth strategies like new product launches, acquisitions, and collaborations to gain a competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it