Cancer Diagnostics Global Market Opportunities and Strategies to 2033

This report describes and explains the cancer diagnostics market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global cancer diagnostics market reached a value of nearly $21.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.97% since 2018. The market is expected to grow from $21.4 billion in 2023 to $36.6 billion in 2028 at a rate of 11.37%. The market is then expected to grow at a CAGR of 11.23% from 2028 and reach $62.4 billion in 2033.

Growth in the historic period resulted from rising healthcare expenditure, increase in demand for personalized medicine, increasing number of clinical trials and government initiatives for research and development in healthcare. Factors that negatively affected growth in the historic period were the surge in the use of rebuilt diagnostic imaging and lack of universal health coverage.

Going forward, strong economic growth, high cancer prevalence, increase in the aging population and expansion of healthcare infrastructure will drive the growth. Factor that could hinder the growth of the cancer diagnostics market in the future include high costs.

The cancer diagnostics market is segmented by method into biopsy, endoscopy, tumor biomarker tests, imaging and other methods. The imaging market was the largest segment of the cancer diagnostics market segmented by method, accounting for 30.4% or $6.5 billion of the total in 2023. Going forward, the tumor biomarker tests segment is expected to be the fastest growing segment in the cancer diagnostics market segmented by method, at a CAGR of 12.92% during 2023-2028.

The cancer diagnostics market is segmented by application into cervical cancer, breast cancer, lung cancer, brain and central nervous system cancer, kidney cancer, colorectal cancer, prostate cancer, ovarian cancer, stomach cancer and other applications. The other applications market was the largest segment of the cancer diagnostics market segmented by application, accounting for 36.9% or $7.9 billion of the total in 2023. Going forward, the other applications segment is expected to be the fastest growing segment in the cancer diagnostics market segmented by application, at a CAGR of 12.82% during 2023-2028.

The cancer diagnostics market is segmented by end-user into cancer research institutes, diagnostic laboratories, hospitals and other end-users. The hospitals market was the largest segment of the cancer diagnostics market segmented by end-user, accounting for 44.9% or $9.6 billion of the total in 2023. Going forward, the diagnostic laboratories segment is expected to be the fastest growing segment in cancer diagnostics market segmented by end-user, at a CAGR of 12.22% during 2023-2028.

North America was the largest region in the cancer diagnostics market, accounting for 34% or $7.3 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cancer diagnostics market will be South America and Middle East where growth will be at CAGRs of 16.58% and 13.63% respectively. These will be followed by Africa and Asia- Pacific where the markets are expected to grow at CAGRs of 11.49% and 11.38% respectively.

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. Thermo Fisher Scientific Inc. was the largest competitor with a 1.99% share of the market, followed by F. Hoffmann-La Roche Ltd. with 1.94%, Abbott Laboratories Inc. with 1.73%, Illumina Inc. with 1.65%, Hologic Inc. with 1.57%, bioMérieux SA with 1.57%, GE HealthCare Technologies Inc. with 0.96%, Siemens AG with 0.66%, Becton Dickinson and Company with 0.58% and Agilent Technologies, Inc. with 0.51%.

The top opportunities in the cancer diagnostics market segmented by method will arise in the imaging segment, which will gain $5.2 billion of global annual sales by 2028. The top opportunities in the cancer diagnostics market segmented by application will arise in the other applications segment, which will gain $6.5 billion of global annual sales by 2028. The top opportunities in the cancer diagnostics market segmented by end-user will arise in the hospitals segment, which will gain $7.1 billion of global annual sales by 2028. The cancer diagnostics market size will gain the most in the USA at $3.9 billion.

Market-trend-based strategies for the cancer diagnostics market include technological advancements to provide automated diagnostics solutions, strategic partnerships and acquisitions to drive innovation in cancer diagnostics, developments in blood-borne circulating biomarkers for cancer detection, focus on AI-based tools in cancer diagnosis.

Player-adopted strategies in the cancer diagnostics market include focus on focus on enhancing its operational capabilities through strategic partnerships, enhancing its operational capabilities through new product launches and expanding its diagnostics segment through strategic partnerships.

To take advantage of the opportunities, the analyst recommends cancer diagnostics companies to focus on automated diagnostics solutions, focus on researching blood-borne circulating biomarkers for cancer detection, focus on using AI-based tools for enhanced cancer diagnostics, focus on imaging and biopsy market segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations for market expansion, provide competitively priced offerings, continue to use B2B promotions, focus on breast and lung cancer patients and focus on hospitals and diagnostic laboratories for growth.