Cancer Diagnostics Market Size is Expected to Reach USD 178.26 Billion by 2033, Growing at a CAGR of 5.91%: Straits Research

The global cancer diagnostics market size was valued at USD 106.32 billion in 2024 and is projected to reach from USD 112.60 billion in 2025 to USD 178.26 billion by 2033, growing at a CAGR of 5.91% during the forecast period (2025-2033).

/EIN News/ -- New York, United States, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Cancer diagnostics is the process of identifying biomarkers, proteins, and other indicators that assist in identifying a cancerous tumor. Planning and evaluating clinical outcomes, keeping track of disease severity, and confirming or excluding the presence of infection depend on effective diagnostic testing. Cancer can be diagnosed using imaging, laboratory tests (including tests for tumor markers), endoscopic examination, tumor biopsy, surgery, or genetic testing. The growth of the cancer diagnostics market has been significantly fueled by increased government initiatives and other private organizations, and it is anticipated that this trend will continue in the years to come.

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Market Dynamics

Rising Diagnostics Facilities in Developed Countries Drive the Global Market

As more people are diagnosed with cancer, there is a greater demand for diagnostic laboratories, which are developing into subspecialist centers for cancer diagnosis as they support the accuracy of diagnostic procedures. Rapidly exchanging digital images can enable these activities, which are dependent on quick consultations and integrating essential data to treat cancer patients. There have been significant improvements in the accuracy of cancer diagnosis due to the ease of consultation and peer review of cases, as well as the widespread use of digital images in training and quality assurance activities by pathology labs and the American Society for Clinical Pathology (ASCP).

Development of Diagnostic Tools for Various Cancer Mutations Creates Tremendous Opportunities

Due to the rise in cancer risk and prevalence, new diagnostic methods, such as liquid biopsies, are needed to identify analytes in bodily fluids like blood, urine, and cerebrospinal fluid. Consider the two liquid biopsies for cancer that the FDA (Food and Drug Administration) of the United States approved in 2020. The first is a companion diagnostic test that combines next-generation sequencing and liquid biopsy, two distinct technologies (NGS). This test aims to assist patients with a specific type of metastatic non-small cell lung cancer with EGFR gene mutations in treatment choices (NSCLC). The second test looks for specific gene mutations in circulating free DNA (cfDNA), isolated from whole blood plasma samples, to identify prostate cancer and NSCLC patients who might benefit from targeted therapy. Both approaches are suggested when a tissue biopsy cannot be performed.

Regional Analysis

North America is the most significant shareholder in the global cancer diagnostics market and is expected to grow at a CAGR of 6.3% during the forecast period. The presence of major key players in the market, such as GE Healthcare, Becton, Dickinson and Company, Abbott Laboratories, and Danaher Corporation, is essential to the growth of the cancer diagnostics market. The rise in demand for cancer diagnostics, an increase in the prevalence of lung cancer, breast cancer, and other cancer, the presence of state-of-the-art healthcare facilities with qualified medical staff, and an increase in the number of R&D centers are additional factors that have a significant impact on the growth of the North American cancer diagnostics market. The market is growing due to the sizable geriatric population, accessibility of cancer diagnostics, favorable reimbursement policies, and public awareness of diagnostics.

Europe is expected to grow at a CAGR of 6.8%, generating USD 84,081.31 million during the forecast period. The market for cancer diagnostics in European nations is anticipated to grow steadily during the forecast period due to the rising demand for advanced cancer diagnostics and the significant presence of major players like Siemens Healthineers AG and BioMérieux SA. Patients are also using cancer diagnostics more frequently in European countries. The rise in cancer prevalence and new product innovations for cancer diagnosis is also Europe's main growth drivers. Two significant growth drivers of the European market are the availability of qualified professionals and the developed infrastructure in the healthcare industry.

Asia-Pacific is expected to experience the most rapid market growth during the forecast period because of its large population of cancer patients, enhanced cancer diagnostic efficacy, favorable reimbursement policies, and expanding healthcare infrastructure. The primary factors influencing the market's rapid expansion are rising healthcare costs and growing public awareness of early cancer detection.

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Key Highlights

• The global cancer diagnostics market size was valued at USD 106.32 billion in 2024 and is projected to reach from USD 112.60 billion in 2025 to USD 178.26 billion by 2033, growing at a CAGR of 5.91% during the forecast period (2025-2033).
• Based on product, the global cancer diagnostics market is bifurcated into consumables and instruments. The consumables segment is the highest contributor to the market and is expected to grow at a CAGR of 6.5% during the forecast period.
• Based on application, the global cancer diagnostics market is bifurcated into breast cancer, colorectal cancer, cervical cancer, lung cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, liver cancer, pancreatic cancer, and ovarian cancer. The breast cancer segment owns the highest market share and is expected to grow at a CAGR of 8.4% during the forecast period.
• Based on the end-user, the global cancer diagnostics market is bifurcated into hospitals and clinics, diagnostic laboratories, diagnostic imaging centers, and research institutes. The hospitals and clinics segment is the highest contributor to the market and is expected to grow at a CAGR of 7.3% during the forecast period.
• North America is the most significant shareholder in the global cancer diagnostics market and is expected to grow at a CAGR of 6.3% during the forecast period.

Competitive Players

1. Abbott Laboratories
2. Becton
3. Dickinson and Company
4. Bio-Rad Laboratories Inc.
5. Danaher Corporation (Ge Healthcare)
6. Hologic Inc.
7. Koninklijke Philips N.V. (Philips Healthcare)
8. Qiagen N.V.
9. Roche Holdings Ag (F. Hoffmann-La Roche Ltd.)
10. Siemens Healthcare GMBH
11. Thermo Fisher Scientific Inc

Recent Developments

• In July 2022, Abbott released grow right 2.0, highlighting the appropriate means to help parents support holistic growth in children. Adversity’ right 2.0. provides expert-backed advice, Charter can assist parents in addressing concerns and promoting healthy habits in children.
• In September 2022, BD (Becton, Dickinson and Company), an industry leader in medical technology, unveiled a next-generation glass prefillable syringe (PFS) that raises the bar for vaccine PFS performance with new, more stringent requirements for processability, cosmetics, contamination, and integrity.

Segmentation

By Products

• Consumables
• Instruments

By Applications

• Breast Cancer
• Colorectal Cancer
• Cervical Cancer
• Lung Cancer
• Prostate Cancer
• Skin Cancer
• Blood Cancer
• Kidney Cancer
• Liver Cancer
• Pancreatic Cancer
• Ovarian Cancer
• Others

By End-User

• Hospitals and Clinics
• Diagnostic Laboratories
• Diagnostic Imaging Centers
• Research Institute

By Region

• North America
• Europe
• Asia Pacific
• Middle East And Africa
• Latin America

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