The cancer diagnostics market is anticipated to witness substantial growth through 2027 owing to rising incidences of cancer across the globe.

Recently, industry players have been focusing on product development to gain a competitive edge in the market, which has been favorable for overall business outlook. For instance, in November 2021, Becton, Dickinson and Co., a key medical devices company, launched a fully automated high-throughput diagnostic system for cervical cancer screening, dubbed the BD COR PX/GX System. Approved by the U.S. Food and Drug Administration in August 2021, the system has been designed for use in centralized labs and can handle high-volume processing with increased efficiency.

Furthermore, companies are also implementing lucrative strategies in order to improve their market standing, thereby enhancing global industry dynamics. To cite an instance, in April 2021, Siemens Healthineers AG, a major healthcare company, completed the acquisition of Varian Medical Systems, Inc., a specialist in radiation oncology treatments. With the deal, the companies intended to create a unique and high-integrated portfolio of laboratory diagnostics, imaging, artificial intelligence (AI), and treatment to support the global fight against cancer with significant potential for better value creation.

For extensive analysis, the cancer diagnostics market has been categorized in terms of application, cancer type, end use, and region. Based on application, the market has further been segregated into tumor biomarkers tests, immunohistochemistry, imaging, liquid biopsy, biopsy, and in situ hybridization. The liquid biopsy sub-segment is projected to exceed a valuation of USD 6,223.3 million by 2027, growing at a sizable CAGR through the assessment timeframe.

With respect to cancer type, the market has been bifurcated into breast cancer, leukemia, colon and rectal cancer, bladder cancer, kidney cancer, endometrial cancer, liver-lung cancer, non-Hodgkin lymphoma, melanoma, thyroid cancer, prostate cancer, pancreatic cancer, and others. The colon and rectal cancer sub-segment is expected to progress at around 8.6% CAGR over the analysis period to reach a notable valuation by the end of 2027.

From the end use perspective, the cancer diagnostics market has been divided into diagnostic laboratories, hospitals, cancer research institutes, and diagnostic imaging centers. In 2020, the diagnostic imaging centers sub-segment was valued at more than USD 19,558.9 million and is estimated to grow at a steady pace over 2021-2027.

In the regional landscape, the Latin America cancer diagnostics industry accounted for approximately 7% of the overall market revenue in 2020 and is calculated to register stable revenue growth through the review timeline. Meanwhile, the Middle East & Africa cancer diagnostics market is speculated to grow at a CAGR of above 7.1% over the forecast period.