In a recent market analysis, the global cancer tissue diagnostic market is poised for substantial growth, with projections soaring from USD 15,302.2 million in 2024 to an impressive USD 23,516.2 million by 2034. This growth reflects a robust Compound Annual Growth Rate (CAGR) of 4.5% over the forecast period.
Key factors driving this expansion include the rising incidence of cancer cases worldwide, advancements in diagnostic technologies, and a heightened emphasis on early detection strategies. The integration of cutting-edge technologies and methodologies is deemed pivotal in enhancing diagnostic accuracy and facilitating timely interventions for cancer patients.
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Rising prevalence of cancer across the globe is contributing to the growing demand for cancer tissue diagnostics kits in the market. Furthermore, increasing number of clinical facilities focused on processing large volumes of plasma and generating high concentrations of eluates contributes to the market’s growth.
Leading companies in the field of cancer tissue diagnostics are emphasizing research and development of innovative products. Research and development investments aim to expand their product portfolios and mark their global footprint.
Cancer remains the deadliest global illness despite advancements in detection and treatment. Challenges include high false-positive rates and treatment uncertainty. Medical professionals and researchers are exploring ways to detect and cure cancer using advanced technologies from fields outside medicine, such as artificial intelligence.
Key Takeaways from the Market Study:
- By product type, molecular diagnostic test kits held the highest share of 42.7% in 2023 in the market.
- In 2023, by cancer type, the breast cancer segment held a substantial share of 22.7%.
- The United States is expected to surge at a CAGR of 3.1% by 2034.
- China is projected to rise at 6.8% CAGR by 2034.
- Based on cancer type, the breast cancer segment is expected to rise at 5.1% CAGR by 2034.
“Private diagnostic centers worldwide are expanding due to rising demand for imaging and increasing workload on public hospitals. They are also working on liquid biopsy and animal cancer therapies, offering profitable growth prospects for global cancer diagnostic market,”- says Future Market Insights (FMI) lead analyst.
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Competitive Landscape:
Expansion of product portfolios by launching technologically advanced products is a key strategy of the leading companies and manufacturers. Key companies focus on collaborations to compete with competitors in the market.
For instance,
- In March 2022, Thermo Fisher Scientific launched the CE-IVD-marked next-generation sequencing instrument for clinical labs.
- In March 2021, F. Hoffmann-La Roche Ltd. merged with GenMark Diagnostics, Inc., to access a novel technology for testing a wide range of pathogens with one patient sample.
Key Companies Profiled:
- Abbott Laboratories
- F.Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific Inc.
- Merck KGaA (Sigma-Aldrich Co., LLC)
- Danaher Corporation (Cepheid)
- Agilent Technologies, Inc.
- Quest Diagnostics Incorporated
- Bio Rad Laboratories Inc.
- QIAGEN
- Illumina, Inc.
- Enzo Life Sciences, Inc.
- BioGenex
- Bio SB
- Nanoprobes, Inc.
- Creative Biolabs.
- Takara Bio Inc.
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Cancer Tissue Diagnostics Industry Segmentation by Category:
By Product:
- In Situ Hybridization (ISH) Test Kits
- Fluorescent In Situ Hybridization (FISH) Kits
- Chromogenic In Situ Hybridization (CISH) Kits
- Molecular Diagnostics Test Kits
- Polymerase Chain Reaction (PCR) Kits
- Next-generation Sequencing (NGS) Kits
- Companion Diagnostics Test Kits
- Genetic Testing Kits
- Biomarker Testing Kits
- Immunohistochemistry (IHC) Test Kits
By Cancer:
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Prostate Cancer
- Ovarian Cancer
- Hematologic Cancer
- Liver Cancer
- Pancreatic Cancer
- Skin Cancer (Melanoma)
- Others
By End-user:
- Hospitals
- Specialty Centers
- Long-term Care Centers
- Diagnostic Centers
- Academic & Research Institutes
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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