Cancer Diagnostics Market Is Estimated To Witness High Growth Owing To Advancements In Technologies12/18/2023 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 The cancer diagnostics market comprises various devices and consumables used for the detection of various types of cancer. Cancer diagnostics tools include immunohistochemistry, polymerase chain reaction tests, next-generation sequencing, companion diagnostics and various biopsy techniques. These tools help detect signs of cancer in the body and monitor the effect of treatment. Effective diagnosis is crucial in early detection and accurate staging of cancer, which improves treatment outcomes. Market key trends The cancer diagnostics market is growing owing to advancements in technology used for cancer detection. Use of biomarkers in liquid biopsy is a promising trend, allowing non-invasive detection of cancer through blood or other body fluids. Liquid biopsy helps monitor cancer progression and detect mutations to guide treatment decisions. Companion diagnostics is another important trend, which identifies specific biomarkers to predict whether a patient will respond to a particular therapy or not. Further, leading players are focusing on development of advanced diagnostic tools such as microfluidic lab-on-a-chip devices and next-generation sequencing techniques for sensitive and accurate cancer diagnosis. Such technological advancements are expected to boost the cancer diagnostics market over the forecast period. Porter’s Analysis Threat of new entrants: The cancer diagnostics market requires high investment for R&D and regulatory approvals which poses significant entry barriers for new players. Bargaining power of buyers: The bargaining power of buyers is moderate as end users have limited options and suppliers have established brand names and patents. Bargaining power of suppliers: Suppliers have considerable bargaining power due to proprietary technologies and intellectual property rights. However, the buyer base is large lessening suppliers' power. Threat of new substitutes: Some substitutes are available but cannot match advanced diagnostics capabilities, diminishing threat from new substitutes. Competitive rivalry: The market is highly competitive with companies competing on pricing, accuracy and product offerings. SWOT Analysis Strengths: Availability of various diagnostic platforms, advances in omics technologies, growing cancer prevalence presents market opportunities. Weaknesses: High capital requirement, complex regulatory approvals and reimbursement issues pose challenges. Opportunities: Growing demand in emerging nations, expansion of applications in liquid biopsy and companion diagnostics present growth potential. Threats: Stringent regulations, data privacy concerns and recession impact are threats to market growth. Key Takeaways The global Cancer Diagnostics Market Size is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing cancer burden globally. North America dominates the market currently due to supportive reimbursement scenario and presence of key players. Asia Pacific is poised to be the fastest growing region due to rising healthcare expenditure and demand. Regional analysis: North America holds the major share in the global cancer diagnostics market currently owing to advanced healthcare infrastructure and supportive reimbursement policies for diagnostic tests. Asia Pacific region is expected to exhibit the highest CAGR during the forecast period owing to growing medical tourism, raising awareness about early diagnosis and rapidly improving healthcare infrastructure in emerging countries like India, China and Japan. Key players: Key players operating in the cancer diagnostics market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., and BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., and Exagen Inc. Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., GE Healthcare, Illumina, Inc., Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Agilent Technologies, Inc., Aurora Imaging Technologies, Inc., and Quest Diagnostics. Key players focus on product launches and partnerships. For More Details On The Report, Read https://www.pressreleasebulletin.com/the-new-avenue-for-cancer-diagnostics-market-growth-trends-and-forecast-analysis/
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