Cancer Diagnostics Market Size & Share, by Product (Platform Based and Instruments); Application (Breast Cancer, Melanoma, Colorectal Cancer, Lung Cancer); End User (Hospitals, Cancer Research Institute) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Rising Incidence Rates of Cancer and Sedentary Lifestyle

Rising sedentary lifestyles of people living in the developing and developed countries has led to an increase in the number of head, lung and neck cancer cases as a result of improper posture. Additionally, the surge in consumption of tobacco & alcohol is estimated to result in a higher number of cancer cases. Further, the increasing awareness about diagnostics among the masses is predicted to be the main growth driver for the market. Some developing countries following traditional cancer treatment are now looking to adopt modern cancer diagnostic methods for earlier detection. Owing to these factors market is expected to grow during the forecast period.

• Growing Geriatric Population

Increasing life expectancies in different countries across the world has led to significant growth in the older population. Countries such as Japan and China contain a larger number of elderly populations as a result of improved healthcare, political, economic and social conditions. Consequently, complexity of diagnosis has also increased along with the demand for cancer diagnostics. Owing to these factors, market is expected to grow during the forecast period.

• Need for Evidence Based Approach towards Cancer Diagnosis

There is substantial evidence available through randomized controlled trials concluding that the adoption of cancer diagnostics could significantly reduce the mortality rate caused by cancer. Additionally, people are becoming more inclined towards evidence based treatments with higher accuracy so that the entire process is swifter and has minimum side effects. On the back of these factors, cancer diagnostics market is anticipated to grow over the next few years.

• Increasing Research and Development Activities

Extensive research and development activities being carried out by the government organizations and research universities are estimated to open up more opportunities for the sector along with increase the market growth over the forecast period.

• Technological Advancements

Technological advancements in the fields that lead to the development of highly advanced medical products, equipment and treatments such as endoscopy, biomarkers, biopsy and imaging are predicted to drive the market growth in future.

Challenges

• Radiation risks from imaging tests

The radiations emitted from various imaging tests could increase the risk of developing a cancer later in the life of the person. This is estimated to negatively affect the market growth over the forecast period. However, newer diagnostic methods are being developed that are better and are anticipated to make this risk negligible.

• Lack of skilled professionals

Cancer diagnostics require technically skilled professionals. As there is already a dearth of healthcare professionals across the world, it is predicted to hamper the market growth in the forecast period.