The Global Cancer Diagnostics Market Is Growing At An Accelerated Pace
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| Cancer Diagnostics Market |
Cancer diagnostics involve various tests and procedures used
to detect different types of cancers as early as possible to help improve
treatment outcomes. From simple blood tests and imaging scans to biopsies and
molecular testing, cancer diagnostics help doctors determine if an individual
has cancer, where it is located in the body, if it has spread, and other
important information. The growing incidences of various cancers like breast,
lung, prostate and colorectal cancer globally have increased the demand for
advanced and effective diagnostic procedures. Early detection is critical for
cancers to treat them effectively and improve chances of survival.
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 6.3% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market key trends:
Immunohistochemistry is one of the key diagnostic trends gaining popularity
in the cancer diagnostics market. Immunohistochemistry helps pathologists
determine the exact types of cancer cells present in a tissue sample. It works
by detecting proteins or markers on the surface of cancer cells that can help
identify whether the cells came from a certain type of cancer like breast, lung
or blood cancer. With the rising application of immunohistochemistry for
diagnosing different cancer types, it is driving significant growth of the
overall cancer diagnostics market during the forecast period. Better
identification of cancer cell markers help doctors customize treatment plans specific
to each patient's type and stage of cancer.
Segment Analysis
The global cancer diagnostics market is dominated by imaging and molecular
diagnostics segments. The imaging segment leads the market owing to ability of
imaging techniques like X-ray, magnetic resonance imaging (MRI), computed
tomography (CT), mammography, positron emission tomography (PET), and
ultrasound to non-invasively detect and monitor cancer internally within the
body. Molecular diagnostics segment is expected to witness the highest growth
during the forecast period due to continuous incorporation of latest
technologies like genetics, proteomics and bioinformatics for cancer diagnosis
at its early stages.
Key Takeaways
The global cancer
diagnostics market size is expected to witness high growth during
2023-2030. Regional analysis reveals that North America dominates the market
currently and is expected to retain its position during the forecast period.
Factors such as increasing incidence of cancer, rising adoption of advanced imaging
technologies and growing importance of early cancer diagnosis drive the
regional market growth. Europe follows North America in terms of market share
due to rising government initiatives to spread cancer awareness and support
cancer research activities. Asia Pacific is anticipated to witness the fastest
growth rate during the forecast period owing to large patient population,
growing healthcare expenditure and improving healthcare infrastructure in
emerging economies like China and India.
Key players operating in the cancer diagnostics market are Sika Ag, Trelleborg
Ab, Henkel Ltd., Flexcon Company, Inc, Nitto Denko Corporation, Pyrotek Inc.,
Vibratec, Autoneum, Rousch, Avery Dennison Corporation, American Acoustical
Products, Polymer Technology Inc. Soundown Corporation, Heathcote Industrial
Plastics, Vibracoustic Gmbh, Megasorber Pty Ltd, and 3M. The key players are
involved in new product launches, collaborations and acquisitions to strengthen
their position in the market. For instance, In June 2022, Sika AG launched
SikaGard 804, a new product line of durable, easy to install acoustic blankets
for engine compartments to control exterior engine noise.
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