Cancer diagnostics devices range from biopsy devices, imaging systems, and molecular diagnostic tests that aid in examination and diagnosis of cancer indications. Advancements in biopsy devices and imaging technologies are enhancing the ability to identify and locate tumors at an early stage, thus improving clinical outcomes.
The global cancer diagnostics market is estimated to be valued at US$ 68.09 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the cancer diagnostics market are Borg Automotive A/S, Budweg Caliper A/S, Caterpillar Inc., LuK Unna GmbH & Co. KG, Valeo SA, Schouw & Co., ZF Friedrichshafen AG, Monark Automotive GmbH, Carwood Group, Robert Bosch GmbH, and Meritor, Inc. These players are focusing on new product launches and strategic collaborations to expand their market share.
The growing incidence of cancer across the world is driving the demand for effective diagnostic devices and tests. According to the World Cancer Research Fund, approximately 18 million new cancer cases were reported globally in 2018. Early detection improves treatment outcomes significantly, thus amplifying focus on cancer screening and diagnostics.
Rising healthcare expenditure on Cancer Diagnosis Market Size and widening access to health insurance are fueling the global expansion of the cancer diagnostics market. Industry players are investing in emerging markets of Asia Pacific and Latin America to tap the growth opportunities offered by these regions. Partnerships with local diagnostic service providers are augmenting overseas expansion.
Market Key Trends
The growing popularity of personalized medicine is one of the key trends shaping the cancer diagnostics market. Advancements in molecular diagnostic technologies enable analysis of genetic variations associated with cancer. This information helps identify effective treatment pathways customized to individual patient profiles. Companies are investing in development of novel molecular diagnostic tests for customized therapeutic management of cancers.
Introduction of liquid biopsy-based tests is another significant trend. Liquid biopsy performs non-invasive blood tests to detect circulating tumor cells or tumor DNA to aid early cancer screening and detection. Liquid biopsy offers advantages over tissue biopsies and enables continuous monitoring of treatment response through serial blood draws without discomfort to patients. This has garnered significant interest from industry players.
Porter’s Analysis
Threat of new entrants: High capital investments and R&D required to enter the cancer diagnostics market pose high entry barriers.
Bargaining power of buyers: Individual customers have low bargaining power due to lack of substitutes and life-threatening nature of cancer. However, large hospitals and diagnostic chains have high bargaining power.
Bargaining power of suppliers: Suppliers of diagnostic equipment, devices, reagents and other consumables have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: New non-invasive techniques like liquid biopsies and imaging technologies pose threat of substitution to existing diagnostic methods.
Competitive rivalry: Intense competition exists among existing players to introduce new products, obtain regulatory approvals and increase market share.
In terms of value, North America dominates the cancer diagnostics market owing to large disposable income, healthcare expenditure and higher adoption of advanced diagnostic technologies. The United States accounts for the maximum market share in the region.
Asia Pacific is the fastest growing region for the cancer diagnostics market mainly due to increasing awareness, healthcare reforms, growing private sector investment and rising per capita income in developing countries like India and China. Rising obesity along with changing lifestyle leading to higher incidence of cancer also supports market growth in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it

About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn