Cancer Diagnostics Market is anticipated to grow substantially through 2032, owing to the increasing awareness around cancer and rising healthcare expenditure for offering better and more innovative treatments. Growing chronic illnesses, high disposable incomes, and increasing infectious disease prevalence have resulted in the demand for pathological laboratories, positively influencing the cancer diagnostics industry outlook. Besides, the growing need to diagnose lump formation at nascent stages will as well add impetus to the cancer diagnostics demand.
Overall, the cancer diagnostics industry is segmented in terms of application, cancer, end-use, and region.
Based on application, the tumor biomarkers tests segment was valued at over USD 27.5 billion in 2022. The wide application of biomarkers in cancer treatment, drug development, and diagnostics is slated to impel the product demand through the coming years. Besides, biomarkers are crucial for every stage of the disease. Additionally, the effectiveness and affordability of tumor biomarker tests would stimulate the market growth curve over 2023-2032.
Considering the cancer, the breast cancer segment will register notable growth during the estimated timeframe. Increasing cases of breast cancer recorded worldwide due to unhealthy lifestyles, obesity, and reduced childbearing will bolster the segmental growth in the ensuing years. For the record, in 2022, an estimated 287,850 new cases of invasive and 51,400 new cases of non-invasive breast cancer were diagnosed in women in the U.S.
By end-use, the diagnostic laboratories segment is expected to depict more than 9.5% CAGR during the forecast timeframe. Diagnosis of a medical condition, precise readings, helping the doctor reach a conclusion, online reports, advanced equipment, and deliverance of instant results are some key factors slated to boost segmental expansion in the foreseeable future.
Regionally, the Asia Pacific cancer diagnostics market is expected to grow significantly from 2023 to 2032. The regional market growth can be attributed to the constantly surging tobacco and alcohol consumption. In addition, sedentary lifestyle and unhealthy eating habits will also serve as key factors leading to several types of cancers, owing to which there has been a rising demand for diagnostics services in developed economies. According to reliable reports, in 2020, the cancer prevalence in the APAC region was 169.1 per 1,00,000, which accounted for 49.3% of the cancer incidence globally.