The cancer diagnostics market is anticipated to increase due to the rise in cancer incidence, fueled by aging populations, sedentary lifestyles, and environmental factors, significantly drives demand for early and accurate diagnostics. As cancer cases increase worldwide, there's a pressing need for advanced diagnostic technologies that enable timely detection, ultimately improving patient outcomes and reducing mortality rates.
WESTFORD, Mass., Aug. 28, 2025 /PRNewswire/ -- SkyQuest Technology Consulting published a report, titled, Cancer Diagnostics Market - Global Opportunity Analysis and Industry Forecast, 2025-2032", valued at USD 23.63 Billion in 2024. With a projected CAGR of 9.4% from 2025 to 2032, the market is expected to reach USD 48.49 Billion by the end of 2032. Innovations in diagnostic technologies, including liquid biopsies, next-generation sequencing (NGS), and AI-enabled imaging, are transforming cancer diagnostics. These advancements enhance accuracy, reduce diagnostic time, and enable non-invasive procedures. The integration of digital pathology, and personalized medicine further accelerates market growth by supporting tailored treatment strategies based on precise diagnosis.
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Cancer Diagnostics Market Key Growth Drivers
The cancer diagnostics market has experienced significant growth owing to growing demand for point-of-care cancer diagnostics, particularly in developing regions with limited access to centralized healthcare. These portable, user-friendly tools enable faster diagnosis and treatment initiation. The convenience and accessibility of such testing methods are driving market expansion, especially in rural and underserved areas globally.
Another key factor driving the market growth is the governments across the globe are increasing investments in cancer screening programs, and research initiatives to combat the growing cancer burden. Public health campaigns, subsidies for diagnostic tools, and partnerships with private firms are boosting awareness and access, thereby stimulating the adoption of advanced cancer diagnostic methods in healthcare systems.
Recent Developments in Cancer Diagnostics Market
- In June 2025, Guardant Health's Shield multi-cancer detection blood test received Breakthrough Device designation from the FDA. This recognition accelerates review for its methylation-based assay targeting eight cancer types. With 98.6% specificity and 75% sensitivity, this marks a milestone in multi-cancer early detection from a single blood draw.
- In May 2025, Guardant Health unveiled a comprehensive immunohistochemistry (IHC) testing suite for solid tumors, including key biomarkers like c-MET. Integrated with Guardant360 Tissue profiling, the extension helps oncologists identify tumor subtypes and match targeted therapies-enhancing treatment personalization across various cancers.
- In May 2025, Guardant Health launched its Hereditary Cancer test, a germline panel covering 82 genes across 12+ tumor types. The blood-based assay detects inherited variants guiding treatment and family screening. Results are delivered within 2-3 weeks, bolstering prevention and personalized oncology care.
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Major Challenges in Cancer Diagnostics Industry
Cancer diagnostic devices and tests, must undergo rigorous regulatory approvals, including clinical validations and compliance with international standards. These lengthy and costly approval processes delay product launches and discourage innovation, especially among smaller companies, ultimately hampering market growth and the timely availability of advanced diagnostic solutions.
In many developing and underdeveloped regions, lack of awareness about cancer symptoms and the benefit of early diagnosis restricts the demand for diagnostic services. Insufficient national screening programs and cultural stigma associated with cancer, further contribute to late-stage detection, reducing the effectiveness of diagnostics and negatively impacting market expansion.
Competitive Landscape
The global cancer diagnostics market is highly competitive, with key players including Guardant Health, Roche, Thermo Fisher Scientific, Siemens Healthineers, and Illumina. Companies focus on strategies such as product innovation, partnerships, and geographic expansion. For example, Guardant Health emphasizes liquid biopsy innovations, while Roche invests in AI-integrated diagnostics. Illumina enhances genomic sequencing capabilities through collaborations, strengthening their positions in early cancer detection and precision oncology.
The major players in the cancer diagnostics industry include,
- Abbott Laboratories (USA)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Siemens Healthineers (Germany)
- Thermo Fisher Scientific Inc. (USA)
- GE Healthcare (USA)
- Hologic Inc. (USA)
- Illumina Inc. (USA)
- Bio-Rad Laboratories Inc. (USA)
- Agilent Technologies Inc. (USA)
- bioMérieux SA (France)
- Myriad Genetics Inc. (USA)
- Qiagen N.V. (Netherlands)
- PerkinElmer Inc. (USA)
- Danaher Corporation (USA)
Cancer Diagnostics Market Segmental Analysis
The cancer diagnostics market is segmented based on product type, technology, application, and region. By product type, the market is bifurcated into consumables and instruments. By technology, the market is trifurcated into IVD testing, imaging, and biopsy technique. By application, the market is segmented into breast cancer, lung cancer, colorectal cancer, melanoma, and other cancers.
- By product type, consumables segment includes reagents, antibodies, kits, and other testing materials used in cancer diagnostics. Consumables are repeatedly required for ongoing diagnostic procedures, making them essential for both routine and advanced testing. Their recurring demand, especially in hospitals and diagnostic labs, makes this the dominating segment in terms of market share.
- By technology, IVD testing includes molecular diagnostics, immunoassays, and lab-based blood or tissue testing. IVD is widely used for early detection, genetic profiling, and monitoring. Due to its broad applicability, high accuracy, and integration in routine cancer screening, IVD is the dominating sub-segment in terms of market share.
- By application, breast cancer diagnostics benefit from widespread awareness, national screening programs, and advanced imaging and biopsy techniques. The high global incidence of breast cancer and early detection initiatives make this the dominating sub-segment in terms of market share.
Regional Outlook
North America holds a dominant position in the global cancer diagnostics market due to its advanced healthcare infrastructure, high cancer prevalence, and strong government support for early screening programs. The region benefits from robust research funding, widespread adoption of cutting-edge diagnostic technologies, and a well-established regulatory framework. Major players like Thermo Fisher Scientific and Roche maintain a strong presence, while rising demand for non-invasive tests and personalized medicine continues to drive growth across the U.S. and Canada.
The United States is at the forefront of redefining cancer diagnostics with innovations not only addressing rising cancer incidence but also setting the global gold standard in early detection and personalized medicine.
Why Demand for Cancer Diagnostics is High in the United States?
Surge in prevalence of different cancer indications and emphasis on early detection of cancer are helping the country lead global cancer diagnostics demand. Advances in molecular testing, liquid biopsies, and imaging technologies are also expected to play a crucial role in helping cement the dominance of the United States going forward. Rising use of personalized medicine and gene therapies for the treatment of cancer is also expected to create new business scope for cancer diagnostics companies. High awareness among patients and physicians about preventive screening drives the use of advanced testing methods. Launch of new efforts to improve cancer mortality rates and reducing overall burden on healthcare systems are also expected to boost revenue for cancer diagnostics providers.
Key Recent Developments in the U.S. Cancer Diagnostics Market
- Guardant Health (CA): Launched hereditary cancer test covering 82 genes across 12+ tumor types (May 2025).
- Roche (U.S. operations): Investing heavily in AI-driven imaging for early tumor detection.
- Illumina (CA): Expanding partnerships to accelerate genomic sequencing for personalized oncology care.
- Thermo Fisher Scientific (MA): Strengthening its liquid biopsy and NGS portfolio for clinical use.
Asia Pacific is the fastest-growing region in the global cancer diagnostics market, driven by rising cancer incidence, growing healthcare expenditure, and increasing awareness about early detection. Expanding medical infrastructure in countries like China, India, and Japan supports wider access to diagnostic services. Government-led cancer screening programs and foreign investment in healthcare innovation further boost regional growth. Additionally, the demand for affordable, non-invasive diagnostic technologies is rising, making Asia Pacific a key focus for international market players.
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