North America Cancer Diagnostics Market Size Set Expands at Significant CAGR of 6.11% During 2024–2030 to Reach USD 23.48 Billion by 2030

Published | 02 February 2024

North America cancer diagnostics market is flourishing due to the growing aging population, proactive government initiatives for cancer screening programs, and continuous research and development efforts in the healthcare sector. Innovative diagnostic tools and personalized medicine approaches are further contributing to the North America cancer diagnostics market growth.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the North America Cancer Diagnostics Market size at USD 19.23 Billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the North America Cancer Diagnostics Market size to expand at a CAGR of 6.11% reaching a value of USD 23.48 Billion by 2030. The North America Cancer Diagnostics market is experiencing significant growth, propelled by an aging population, significant government initiatives for cancer screening programs, and ongoing research and development efforts in the healthcare industry. As per the 2023 which has been provided by the American Cancer Society, Inc., the National Breast and Cervical Cancer Early Detection Program (NBCCEDP) offers free and low-cost breast and cervical cancer screening services to those who cannot afford them. This initiative not only enhances accessibility to vital screening services but also highlights the commitment to reducing the burden of these specific cancers. Moreover, ongoing research and development efforts within the healthcare industry have contributed to the advancement of diagnostic technologies, further bolstering the market's growth trajectory.

Opportunity: Increasing Development in the Healthcare Infrastructure

Increasing development in the healthcare infrastructure will likely create lucrative opportunities for the growth of the North America cancer diagnostics market. The U.S. Department of Health & Human Services' 2023 report highlights significant strides, particularly with the Advanced Research Projects Agency for Health (ARPA-H), a division dedicated to advancing biomedical health solutions. With a substantial investment exceeding $330 million, ARPA-H is committed to fostering innovations in healthcare through strategic support for innovative platforms, skills, and resources. The agency focuses on areas that possess the potential to revolutionize medicine and health, exceeding the capabilities of traditional research or commercial endeavors. Notably, as part of the Unity Agenda, the President collaborated with Congress to establish and fund ARPA-H, specifically emphasizing its role in increasing advancements in cancer prevention, detection, and treatment. This intensive effort highlights the commitment to transformative healthcare solutions, paving the way for lucrative opportunities and robust growth in the North America cancer diagnostics market.

Impact of Geopolitical Tensions on the North America Cancer Diagnostics Market

The escalating geopolitical tensions are significantly impacting the cancer diagnostics market in North America. The healthcare sector, including cancer diagnostics, is intricately linked to political stability, economic conditions, and global trade dynamics. The uncertainty and volatility associated with geopolitical tensions can lead to disruptions in the supply chain, affecting the availability of crucial diagnostic technologies, equipment, and pharmaceuticals. Furthermore, increased geopolitical tensions may result in a redirection of financial resources towards defense and security measures, potentially leading to reduced funding for healthcare initiatives and research. This could impede advancements in cancer diagnostics and limit access to innovative technologies. Additionally, geopolitical instability may contribute to fluctuations in currency values and trade policies, impacting the cost of imported medical technologies and affecting the overall affordability of cancer diagnostics for patients. The North America Cancer Diagnostics Market, being a critical component of the healthcare system, may face challenges in maintaining its growth trajectory and providing optimal patient care amidst the uncertainties brought about by geopolitical tensions.

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North America Cancer Diagnostics Market

Segmental Information

North America Cancer Diagnostics Market - By Application

Based on point of sales, the North America cancer diagnostics market is segmented into breast cancer, cervical cancer, lung cancer, blood cancer, kidney cancer, pancreatic cancer, ovarian cancer, liver cancer, and others (including skin cancer, colorectal cancer, prostate cancer, etc.). The breast cancer segment is expected to hold a significant share of the North America cancer diagnostics market owing to its high prevalence. According to data provided by the National Cancer Institute (NCI) in 2023, breast cancer emerges as the most common type of cancer, with a staggering 300,590 new cases projected in the United States for the same year. This alarming statistic highlights the critical role of advanced diagnostic tools and technologies in early detection, facilitating timely interventions, and improving patient outcomes. As such, the prominence of the breast cancer segment within the North America cancer diagnostics market.

North America Cancer Diagnostics Market – By End User

Based on application, the North America cancer diagnostics market is segmented into hospitals, cancer research institutes, diagnostic laboratories, and others. The hospital segment is anticipated to cover a major market share due to its essential role in providing comprehensive and specialized diagnostic services. The hospital houses advanced imaging technologies, state-of-the-art laboratories, and a multidisciplinary team of healthcare professionals, enabling efficient and accurate cancer diagnosis. The centralized nature of hospital settings facilitates seamless coordination among various diagnostic modalities, leading to instant and integrated patient care. Moreover, hospitals often serve as key hubs for cancer treatment, further solidifying their prominence in the cancer diagnostics landscape in North America.

North America Cancer Diagnostics Market - By Country

Based on Country, the North America cancer diagnostics market is segmented into United States and Canada. Canada country is expected to be the fastest-growing segment in the market due to cutting-edge technological advancements, and a commitment to innovative research. Renowned for its high-quality healthcare system, Canada boasts a comprehensive network of medical facilities and skilled healthcare professionals, contributing significantly to the early detection and diagnosis of cancer. The country has embraced innovative diagnostic technologies, including advanced imaging modalities, molecular diagnostics, and genetic testing, ensuring precision and accuracy in cancer detection. Moreover, the collaborative efforts between the government, private sector, and research institutions have created a dynamic ecosystem that drives the growth of the cancer diagnostics market in North America.

Competitive Landscape

The North America Cancer Diagnostics Market is fragmented, with numerous players serving the market. The key players dominating the North America Cancer Diagnostics Market include Roche Diagnostics, Cancer Diagnostics, Inc., Agilent Technologies, BD, Telix Pharmaceuticals Limited, Abbott, NeoGenomics Laboratories, Inc., Telerad Tech, The, Menarini Group, Hologic, Inc., Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Epredia and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity in the North America Cancer Diagnostics Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the North America Cancer Diagnostics Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the North America Cancer Diagnostics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.

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