Precision Cancer Diagnostic Test Market Report 2024-2034: Market to Surpass $12.09 Billion in 2024, Amid Rising Adoption of Liquid Biopsies and Technological Advancements

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Jan 25, 2024, 11:30 ET

DUBLIN, Jan. 25, 2024 /PRNewswire/ -- The "Precision Cancer Diagnostic Test Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.

World revenue for the Precision Cancer Diagnostic Test Market is forecast to surpass US$ 12.09 billion in 2024, with strong revenue growth through to 2034.

Increasing Adoption of Liquid Biopsies Propels Market Growth

The increasing adoption of liquid biopsies in cancer diagnosis has significantly intensified market competitiveness, with companies actively entering this domain viewed as key drivers of clinical advancements. LabCorp's introduction of a novel blood test in June 2023 for detecting cancer-related biomarkers exemplifies this trend, potentially expediting effective treatments.

Liquid biopsy, particularly valuable for those unable to undergo tissue biopsies, is gaining traction, notably in diagnosing advanced and metastatic cancer cases. Breakthroughs, such as the detection of cancer in diverse bodily fluids through liquid biopsy in March 2022, highlight the technology's expanding applications. The ongoing development of non-invasive liquid biopsies focusing on circulating tumor DNA and other markers holds promise for transforming cancer diagnostics by enabling real-time monitoring and early detection. Industry efforts to integrate liquid biopsy with advanced AI technologies, as seen in collaborations like GC Genome Corporation with KAIST, underscore the commitment to enhancing DNA mutation analysis.

Noteworthy company initiatives, including Qiagen's acquisition of Verogen and BillionToOne's precise liquid biopsy device launch, highlights the industry's focus on growth, technological advancements, and product innovation, driving market expansion.

Challenges Posed by High Cost of Precision Cancer Diagnostic Test

Precision cancer diagnostic tests utilize advanced technologies, such as next-generation sequencing (NGS) or mass spectrometry, which can be associated with high costs, posing challenges for accessibility, especially in resource-constrained regions.

The elevated expenses linked to precision cancer diagnostics may act as a hindrance to market growth, restricting patient access to these advanced diagnostic tools. Despite the significant advantages offered by precision cancer diagnostics, including more accurate diagnoses and personalized treatment plans, the financial implications associated with these tests presents a formidable challenge for both healthcare systems and patients. For example, the FoundationOne CDx, priced at approximately US$5,800.0 per biopsy, delivers valuable information for treatment decisions but can impose a substantial financial burden on patients and healthcare systems.

Guardant360, a liquid biopsy test by Guardant Health analyzing circulating tumor DNA, comes with a cost ranging from US$5,000 to US$6,500 per biopsy. While liquid biopsies are less invasive than tissue biopsies, their pricing remains a concern, potentially limiting access for certain patients, particularly those lacking comprehensive insurance coverage, and leading to potential delays in diagnosis and treatment decisions.

Key Market Dynamics

Market Driving Factors

Advancements in Genomic Research
High Demand for Personalized Healthcare
Rising Prevalence of Cancer

Market Restraining Factors

Regulatory Hurdles
High Cost of Precision Cancer Diagnostic Tests

Market Opportunities

Integration of AI and Machine Learning for Cancer Diagnosis
Rising Adoption of Liquid Biopsies

Forecasts to 2034 and other analyses reveal commercial prospects

In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising precision cancer diagnostic test prices and recent developments.

Segments Covered in the Report

Product & Services Outlook

Products
Services

Test Type

Cancer Imaging
Computed Tomography
Magnetic Resonance Imaging
Digital & Analog Mammography
Positron Emission Tomography
Digital Breast Tomosynthesis
Molecular Breast Imaging
Others
Molecular Cancer Testing
Polymerase Chain Reaction (PCR)
Next-Generation Sequencing (NGS)
Liquid Biopsies
Immunohistochemistry (IHC)
Fluorescence In Situ Hybridization (FISH)
Others
Tumour Marker Immunoassays
POC Colon Cancer Tests
Others

Biopsy Method

Liquid Biopsy
Tissue Biopsy

Application

Breast Cancer
Lung Cancer
Colorectal Cancer
Melanoma
Pancreatic Cancer
Other Cancers

End-user

Diagnostic Laboratories
Hospitals
Cancer Centers and Clinics
Research Institutions

The report also includes profiles for the following leading companies, with a focus on this segment of these companies' operations:

Abbott
Agilent Technologies, Inc.
Bayer AG
bioMerieux SA
F. Hoffmann-La Roche Ltd.
Illumina, Inc.
Myriad Genetics, Inc.
QIAGEN N.V.
Siemens Healthineers
Thermo Fisher Scientific

The report provides you with the following knowledge:

Revenue forecasts to 2034 for Precision Cancer Diagnostic Test Market, 2024 to 2034 Market, with forecasts for product, test type, application, biopsy method, and end-user, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2034 for five regional and 18 key national markets - See forecasts for the Precision Cancer Diagnostic Test Market, 2024 to 2034 market in North America, Europe, Asia Pacific, Latin America, and MEA. Also includes forecast for the market in the U.S., Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market - including company profiles for 10 of the major companies involved in the Precision Cancer Diagnostic Test Market, 2024 to 2034.

For more information about this report visit https://www.researchandmarkets.com/r/5q727n

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