Cancer Diagnostics Market Size, Share, Growth Analysis, By Product(Consumables (Antibodies, Kits & Reagents, Probes, Others)), By Technology(IVD Testing (Polymerase Chain Reaction, In Situ Hybridization, Immunohistochemistry, Next-Generation Sequencing), By Application(Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma), By End User(Hospitals, Diagnostic Laboratories, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35J2078 | Region: Global | Published Date: June, 2024
Pages: 157 |Tables: 149 |Figures: 78

Cancer Diagnostics Market Insights

Cancer Diagnostics Market was valued at USD 112.3 Billion in 2022 and is expected to rise from USD 120.04 Billion in 2023 to reach a value of USD 204.55 Billion by 2031, at a CAGR of 6.89% during the forecast period (2024–2031). 

Cancer diagnostics is a method of identifying various cell lines, proteins, and indications that lead to the presence of a cancerous tumour. This increase is mostly due to rising cancer prevalence around the world, improved awareness of early detection, more financing for cancer research and development, technological breakthroughs in diagnostic testing, and an increase in the number of private diagnostics centres. Based on SkyQuest’s in-depth analysis, it was found that there will be approximately 2,001,140 new cancer cases in 2024, which will directly impact the cancer diagnostic market. Additionally, increased healthcare expenditure and supportive government initiatives are fuelling market expansion. However, large capital expenditures, the possibility of high radiation exposure, and a scarcity of competent and experienced professionals also drive the cancer diagnostics market. Emerging markets like Asia-Pacific are booming at an exceptional rate as there is an improvement in health care infrastructure and government plans that promote cancer screening. In addition, the adoption of digital health technologies such as telemedicine and mobile health applications is also transforming the situation through remote monitoring and personalized care. However, high costs, regulatory complexities, and data privacy are major issues that must be resolved to make full use of the market.

US Cancer Diagnostics Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024–2031

Global Market Size

USD 160.5 billion

Largest Segment

Hospitals

Fastest Growth

Diagnostic Laboratories

Growth Rate

6.89% CAGR

Global Cancer Diagnostics Market ($ Bn)
Country Share for North America Region (%)

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Cancer Diagnostics Market Segmental Analysis

The cancer diagnostics market is segmented based on the Product, Technology, Application, End User and region. Based on the Product, the cancer diagnostics market is segmented into Consumables (Antibodies, Kits & Reagents, Probes, Others) and Instruments (Pathology-Based Instruments [Slide Staining Systems, Tissue Processing Systems, Cell Processors, PCR Instruments, NGS Instruments, Microarrays, Others], Imaging Instruments [CT Systems, Ultrasound Systems, MRI Systems, Mammography Systems, Nuclear Imaging Systems], Biopsy Instruments). Based on the Application, the market is segmented into Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, and Others. Based on the Technology, the market is segmented into IVD Testing (Polymerase Chain Reaction, In Situ Hybridization, Immunohistochemistry, Next-Generation Sequencing, Immunoassay, Microarray, Flow Cytometry, Others), Imaging Technologies (Magnetic Resonance Imaging, Computed Tomography, Nuclear Imaging, Mammography, Ultrasound), and Biopsies. Based on the End User, the market is segmented into Hospitals, Diagnostic Laboratories, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.  

Analysis by Application

Based on application, the breast cancer segment holds the largest market share of 16.01% in 2023 of the Cancer Diagnostics Market. High prevalence of this kind of cancer globally makes it one of the most diagnosed types of cancer. New technologies for screening have made remarkable progress in early detection. Methods such as mammography, ultrasound, and MRI, along with improved techniques of biopsies, offer an edge for better treatment. Moreover, high public awareness about regular breast cancer screening and government initiatives also favours the growth of the segment.  

Lung cancer is the fastest growing segment of the Cancer Diagnostics Market. There are several reasons that contribute to its rapid growth, and these include the increasing incidence of lung cancer caused by high smoking rates and environmental pollution among others. Also, rise in awareness regarding the importance of early diagnosis and continuous research and development to create more efficient, less invasive diagnostic mechanisms accelerate the growth of this segment. Improved healthcare infrastructure and government policies which support cancer screening programs also boost the lung cancer diagnostics market growth. 

Analysis by End User

Hospitals are estimated to be the largest shareholder in the cancer diagnostic markets. This is due to increasing cancer-associated expenditures in developed nations such as U.S. and U.K. In developed nations and some the developing nations, medical services such as hospitalizations, outpatient hospital services, physician/supplier services, infusion or injectable drugs, durable medical equipment, hospice care, and home health care are now the part of healthcare expenditure & reimbursements for the chronic disease including cancers. Thus, the hospital segment is also expected to grow faster during the forecast period. 

On the other hand, the diagnostic laboratories segment is the fastest growing in the Cancer Diagnostics Market. This growth is driven by the increasing demand for advanced and specialized diagnostic tests, which are often more extensively available in dedicated diagnostic laboratories than in hospital settings. This segment is also growing very fast since the hospitals and clinics also outsource their diagnostic service requirements to specialized laboratories, to save costs and make efficient use of resources. There is a trend towards early detection and personalized medicine, adding to the increase in demand for the diagnostic services provided by these laboratories.

Global Cancer Diagnostics Market By End User (%)

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Cancer Diagnostics Market Regional Insights

The cancer diagnostics market was predominantly dominated by the North America region and contributed to more than 37% of the market share in the year 2023. This is due to the increasing incidences of cancers in the U.S., and Canada which is as a result of aging population, unhealthy lifestyles, rising rate of obesity and others. This has the leading bio-technology and pharmaceutical companies hence promoting development in cancer diagnosis. Further, a sound legal environment for healthcare, coupled with above-average research spending, allows for the swift adoption and approval of new screening technologies. Whereas, additional legislation and reimbursement frameworks in the developed countries of the region also fuel the growth of the market.   

The Asia-Pacific region is seeing a sharp rise in cancer incidence, largely due to lifestyle changes, aging populations, and growing urbanization. Cancer diseases are more vicious compared to those in the West in developing countries. Additionally, due to heavy investments by governments and healthcare organizations in this region in healthcare infrastructure and cancer research, better diagnostic facilities and services are emerging. The growth of medical tourism in nations such as India, China, and South Korea, which offer cost-effective and quality diagnostics, also provides an impetus to the cancer diagnostics market.

Global Cancer Diagnostics Market By Region
  • Largest
  • Fastest

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Cancer Diagnostics Market Dynamics

Cancer Diagnostics Market Driver

Increasing Government Initiatives to Spread Awareness about the Benefits of Early Diagnosis: 

  • Increasing government initiatives to spread awareness about the benefits of early diagnosis will boost cancer diagnostics market growth in the coming future. The awareness and availability of cancer diagnostic products are lower in developing and underdeveloped regions. To improve this, private as well as government organizations are conducting awareness campaigns to educate people regarding the importance of early diagnosis. 

Growing Prevalence of Cancer Cases: 

  • Growing number of cancer cases and rising prevalence of cancer across the globe is the major factor driving the growth of the Cancer Diagnostics Market . This large number is majorly attributed to the factors such as unhealthy eating habits and changing lifestyles and are further expected to boost the incident cases soon and expected to have a significant positive impact on demand for a better cancer diagnostic market. 

Restraints 

Side Effects of Radiation 

  • Being exposed to radiation that is produced by CT, and X-rays is dangerous to the body and the tendency of developing fatal diseases such as cancer is higher. Such side effects can hamper patient compliance and acceptance of radiation therapy hence may also affect the general use of radiation in cancer diagnosis and treatment. 

Higher Diagnostics Costs 

  • The spending on diagnosis is high which is unaffordable for patients especially in developing nations, thereby reducing diagnosis possibilities for patents. As per Skyquest’s in-depth analysis, the spend on the diagnosis reaches an average of $25000 per year in United States. These costs can result in differences in the diagnosis and management of diseases, which affects the outcomes of patient care and the availability of molecular imaging technologies.

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Cancer Diagnostics Market Competitive Landscape

The cancer diagnostics market is still emerging and highly competitive with the presence of key players such as Roche, Abbott Laboratories, Thermo Fisher Scientific, and QIAGEN dominating the market. Firms are planning for new product developments and other strategies that they need to offer improved equipment to their consumers and grow their organizations internationally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability. The market's competitive landscape is driven by technological advancements and the increasing demand for early and accurate cancer detection.

Cancer Diagnostics Market Top Player's Company Profiles

  • Abbott Laboratories
  • Agilent Technologies (US) 
  • Becton, Dickinson and Company (BD) (US) 
  • bioMérieux SA (France) 
  • Danaher Corporation (US) 
  • F. Hoffmann-La Roche Ltd. (Switzerland) 
  • GE Healthcare (US) 
  • Hologic, Inc. (US) 
  • Illumina, Inc. (US) 
  • Koninklijke Philips N.V. (Netherlands) 
  • Merck KGaA (Germany) 
  • Myriad Genetics, Inc. (US) 
  • QIAGEN N.V. (Netherlands) 
  • Siemens Healthineers AG (Germany) 
  • Sysmex Corporation (Japan) 
  • Thermo Fisher Scientific Inc. (US) 
  • Exact Sciences Corporation (US) 
  • Guardant Health, Inc. (US) 
  • Caris Life Sciences (US) 
  • Foundation Medicine, Inc. (US)

Cancer Diagnostics Market Recent Developments

  • In April 2024, QIAGEN introduced QIAcuity dPCR PanCancer Kits which enable researchers to utilise QIAcuity dPCR system of QIAGEN to simultaneously detect multiple hallmark mutations of EGFR and BRAF with extraordinary sensitivity. 

  • In June 2023, FDA granted its approval for POSLUMA by Blue Earth Diagnostics. It's a high-affinity radio hybrid (rh) Prostate-Specific Membrane Antigen (PSMA)-targeted PET imaging agent with which it is possible to image accurately and precisely to detect and localize prostate cancer with potential therapeutic applications. 

  • In April 2023, Quest Diagnostics acquired Haystack Oncology. The objective of this was to expand their suite of services in Minimal Residual Disease Testing; an initiative concentrated on colorectal, breast and lung cancer only at the outset however aimed at later encompassing other types too. It was mainly intended to improve patient outcomes by enhancing prompter MRD detection after treatment.

Cancer Diagnostics Key Market Trends

  • Increasing Focused on Early detection: The demand for the early detection of cancers by a simple blood test, often called a liquid biopsy, is another side of diagnostics that has been gaining traction. Some recent studies have shown that a blood test that assesses multiple potential markers, including both genes and proteins, may be sensitive enough to potentially diagnose cancer.  

  • Integration with Digital Health: Many aspects of cancer diagnostics can be integrated within digital health, like telemedicine and mobile health applications. That way, there would be increased access to diagnostic services, with the guarantee that such patients are remotely monitored and managed consequently. The real-time sharing of data and personalized care would result in better care for the patient. The continuous engagement and follow-up of patients would reduce the overload in healthcare facilities.

Cancer Diagnostics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research. 

According to our Cancer Diagnostics Market analysis in 2023, the North America region led the cancer diagnostics market which accounts for more than 37% of global revenue and Asia-Pacific accounted the share that is more than 30% of cancer diagnostics market. Moreover, governments in this region are taking active steps to prevent and match the survival rates are best in the world. This high growth of Asia Pacific is attributed to unhealthy living habits by the world’s largest population pool. On the other hand, breast cancer is said to be the leading segment due to growing number of cases. Additionally, hospitals are estimated to be the largest shareholder of the cancer diagnostic markets. This is due to increasing government initiatives to spread awareness about the benefits of early diagnosis will boost cancer diagnostics market growth in coming future.

Report Metric Details
Market size value in 2022 USD 112.3 Billion
Market size value in 2031 USD 204.55 Billion
Growth Rate 6.89%
Base year 2023
Forecast period 2024–2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Consumables (Antibodies, Kits & Reagents, Probes, Others), and Instruments (Pathology-Based Instruments [Slide Staining Systems, Tissue Processing Systems, Cell Processors, PCR Instruments, NGS Instruments, Microarrays, Others], Imaging Instruments [CT Systems, Ultrasound Systems, MRI Systems, Mammography Systems, Nuclear Imaging Systems], and Biopsy Instruments)
  • Technology
    • IVD Testing (Polymerase Chain Reaction, In Situ Hybridization, Immunohistochemistry, Next-Generation Sequencing, Immunoassay, Microarray, Flow Cytometry, Others), Imaging Technologies (Magnetic Resonance Imaging, Computed Tomography, Nuclear Imaging, Mammography, Ultrasound), and Biopsies
  • Application
    • Breast Cancer, Lung Cancer, Colorectal Cancer, Melanoma, and Others
  • End User
    • Hospitals, Diagnostic Laboratories, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Abbott Laboratories
  • Agilent Technologies (US) 
  • Becton, Dickinson and Company (BD) (US) 
  • bioMérieux SA (France) 
  • Danaher Corporation (US) 
  • F. Hoffmann-La Roche Ltd. (Switzerland) 
  • GE Healthcare (US) 
  • Hologic, Inc. (US) 
  • Illumina, Inc. (US) 
  • Koninklijke Philips N.V. (Netherlands) 
  • Merck KGaA (Germany) 
  • Myriad Genetics, Inc. (US) 
  • QIAGEN N.V. (Netherlands) 
  • Siemens Healthineers AG (Germany) 
  • Sysmex Corporation (Japan) 
  • Thermo Fisher Scientific Inc. (US) 
  • Exact Sciences Corporation (US) 
  • Guardant Health, Inc. (US) 
  • Caris Life Sciences (US) 
  • Foundation Medicine, Inc. (US)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cancer Diagnostics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cancer Diagnostics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Cancer Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cancer Diagnostics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cancer Diagnostics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cancer Diagnostics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Cancer Diagnostics Market was valued at USD 112.3 Billion in 2022 and is expected to rise from USD 120.04 Billion in 2023 to reach a value of USD 204.55 Billion by 2031, at a CAGR of 6.89% during the forecast period (2024–2031). 

The cancer diagnostics market is still emerging and highly competitive with the presence of key players such as Roche, Abbott Laboratories, Thermo Fisher Scientific, and QIAGEN dominating the market. Firms are planning for new product developments and other strategies that they need to offer improved equipment to their consumers and grow their organizations internationally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability. The market's competitive landscape is driven by technological advancements and the increasing demand for early and accurate cancer detection. 'Abbott Laboratories', 'Agilent Technologies (US) ', 'Becton, Dickinson and Company (BD) (US) ', 'bioMérieux SA (France) ', 'Danaher Corporation (US) ', 'F. Hoffmann-La Roche Ltd. (Switzerland) ', 'GE Healthcare (US) ', 'Hologic, Inc. (US) ', 'Illumina, Inc. (US) ', 'Koninklijke Philips N.V. (Netherlands) ', 'Merck KGaA (Germany) ', 'Myriad Genetics, Inc. (US) ', 'QIAGEN N.V. (Netherlands) ', 'Siemens Healthineers AG (Germany) ', 'Sysmex Corporation (Japan) ', 'Thermo Fisher Scientific Inc. (US) ', 'Exact Sciences Corporation (US) ', 'Guardant Health, Inc. (US) ', 'Caris Life Sciences (US) ', 'Foundation Medicine, Inc. (US)'

Increasing government initiatives to spread awareness about the benefits of early diagnosis will boost cancer diagnostics market growth in the coming future. The awareness and availability of cancer diagnostic products are lower in developing and underdeveloped regions. To improve this, private as well as government organizations are conducting awareness campaigns to educate people regarding the importance of early diagnosis. 

The cancer diagnostics market was predominantly dominated by the North America region and contributed to more than 37% of the market share in the year 2023. This is due to the increasing incidences of cancers in the U.S., and Canada which is as a result of aging population, unhealthy lifestyles, rising rate of obesity and others. This has the leading bio-technology and pharmaceutical companies hence promoting development in cancer diagnosis. Further, a sound legal environment for healthcare, coupled with above-average research spending, allows for the swift adoption and approval of new screening technologies. Whereas, additional legislation and reimbursement frameworks in the developed countries of the region also fuel the growth of the market.   

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