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Global Oncology Diagnostics Market to Reach $101.5 Billion by 2029

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News provided by

BCC Research LLC

31 Jul, 2025, 18:42 GMT

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"With Cancer Projected to Become the Leading Cause of Premature Deaths by 2030 and a Global Economic Burden of $25.2 Trillion by 2050, Rising Investments, Strategic Innovations, and Growing Demand Are Powering the Expansion of the Global Oncology Diagnostics Market."

BOSTON, July 31, 2025 /PRNewswire/ -- According to the latest study from BCC Research, the "Oncology Diagnostics: Global Markets" is projected to increase from $77.6 billion in 2024 to $101.5 billion by 2029, at a compound annual growth rate (CAGR) of 5.5% from 2024 through 2029.

This report offers an in-depth look at the oncology diagnostics market, highlighting its major segments, applications, and end users. It examines market dynamics such as growth drivers, challenges, and opportunities, and includes regional and country-level analyses across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Additionally, it provides profiles of the leading companies with insights into their products, revenues, and recent moves, helping industry stakeholders make informed decisions about product development, investment, and strategy.

This report is particularly relevant now because cancer remains a major global health challenge and the second leading cause of death. It highlights the importance of advanced diagnostic technologies and screening programs that support early detection, which is crucial for effective treatment. The report also emphasizes the role of molecular diagnostics in guiding personalized treatment based on the genetic profile of cancer patients, helping improve outcomes and optimize healthcare resources.

The factors driving the market's growth include:

Rising Incidence of Cancer: The global increase in cancer cases, driven by factors like environmental exposure, lifestyle changes, and genetic predispositions, is increasing the demand for oncology diagnostics. As more people are diagnosed, healthcare systems are experiencing increased investments in accurate and early detection tools to manage the growing burden.

Demand for Earlier Intervention and Preventive Diagnostic Screening: There is a growing emphasis on catching cancer early, when treatment is most effective. This has led to a surge in preventive screening programs and advanced diagnostic technologies, as healthcare providers and patients prioritize early intervention to improve survival rates and reduce treatment costs.

Growing Adoption of Companion Diagnostics: Companion diagnostics are increasingly used to tailor cancer treatments to individual patients, especially in the  new era of personalized medicine. These tests help identify which therapies will be most effective based on a patient's genetic profile, leading to better outcomes and more efficient use of targeted drugs.

Increasing Aging Population Worldwide: As the global population ages, the incidence of age-related cancers is rising. Older adults are more susceptible to cancer, which is driving demand for regular screenings and diagnostic services. This demographic trend ensures a steady and growing need for oncology diagnostics in the years ahead.

Request a sample copy of the global market for oncology diagnostics report.

Report Synopsis

Report Metric

Details

Base year considered

2023

Forecast period considered

2024-2029

Base year market size

$73.9 billion

Market size forecast

$101.5 billion

Growth rate

CAGR of 5.5% for the forecast period of 2024-2029

Segments covered

Product Type, Application, End User, Region

Regions covered

North America, Europe, Asia-Pacific, South America, Middle East and Africa

Countries covered

U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Switzerland, Denmark, Norway, Poland, Belgium, Austria, the Netherlands, Sweden, Russia, China, India, Japan, Australia, New Zealand, Taiwan, Singapore, Malaysia, Thailand, the Philippines, Indonesia, Brazil, Argentina

Market drivers

 

 

 

  •  Rising Incidence of Cancer Cases
  •  Demand for Earlier Intervention and Preventive Diagnostic Screening
  •  Growing Adoption of Companion Diagnostics
  •  Increasing Aging Population Worldwide

Interesting facts:

  •  Revolution in Early Cancer Detection: Blood-based cancer tests like Grail's Galleri are transforming diagnostics by enabling the detection of over 50 types of cancer, including hard-to-diagnose pancreatic and liver cancer, years before symptoms appear. This noninvasive method marks a shift from traditional, complex tissue biopsies to a simpler, more accessible approach.
  •  AI-Powered Diagnostic Precision: Artificial intelligence is rapidly enhancing cancer diagnostics by analyzing medical imaging such as mammograms and MRIs with greater accuracy. These AI systems can detect subtle patterns that may be missed by the human eye, leading to faster, more reliable diagnoses and potentially saving lives through earlier intervention.

Emerging startups:

  •  Biotome
  •  Tempus AI
  •  Visiopharm A/S
  •  C the Signs Ltd
  •  b-rayZ AG

The report addresses the following questions:

  1. What is the projected size and growth rate of the market?

    - The global market for oncology diagnostics was valued at $73.9 billion in 2023 and is projected to reach $101.5 billion by the end of 2029. The market is expected to grow at a CAGR of 5.5% during forecast period.

  2. Which factors are driving the growth of the market?

    - The factors driving the growth of the market include the increasing number of cancer cases globally; cancer screening initiatives in countries such as U.S., Canada, U.K., and Japan, increasing demand for personalized medicine for targeted therapy and immunotherapies and growing awareness of the importance of early cancer detection and its positive effect on survival rates.

  3. Which market segments are covered in the report?

    - The market is segmented into Diagnostic imaging, tumor biomarker tests, endoscopy, biopsy, hematoxylin and eosin (H&E) staining, Immunohistochemistry (IHC), in situ hybridization (ISH), polymerase chain reaction (PCR), and next generation sequencing (NGS).

  4. Which technology segment will be dominant through 2029?

    - Diagnostic Imaging will be the dominant in the oncology diagnostics market 
    through the forecast period.

  5. Which region has the largest market share?

    - North America has 44% of the oncology diagnostics market.

Market leaders include:

  •  ABBOTT
  •  AGILENT TECHNOLOGIES INC.
  •  BECTON DICKINSON
  •  BIOMERIEUX
  •  BIO-RAD LABORATORIES INC.
  •  DANAHER CORP.
  •  F. HOFFMANN-LA ROCHE LTD.
  •  GE HEALTHCARE
  •  ILLUMINA INC.
  •  KONINKLIJKE PHILIPS N.V.
  •  MERCK KGAA
  •  MYRIAD GENETICS INC.
  •  QIAGEN
  •  SIEMENS HEALTHINEERS AG
  •  THERMO FISHER SCIENTIFIC INC.
  •  ZYTOVISION GMBH

Related reports:

Medical Imaging: A BCC Research Outlook: This report reviews the medical imaging market, covering various technologies such as X-ray, ultrasound, MRI, CT, nuclear imaging, and newer methods like optical and photoacoustic imaging. It includes revenue projections segmented by product type, application, and end user. The report also analyzes key industry players, regional trends, market drivers, innovations, and ESG initiatives along with the emerging technologies shaping the future of medical imaging.

Artificial Intelligence (AI) in Cancer: This report explores the market potential of AI technology in cancer-related applications, analyzing key drivers, challenges, and opportunities. It segments the market by application (such as screening, diagnosis, therapy, and drug development), cancer type (including breast, lung, prostate, and brain), and end users (hospitals and research institutions). It also provides regional insights across North America, Europe, and Asia Pacific, along with competitive analysis and company profiles detailing financials, products, and recent developments.

Purchase a copy of the report direct from BCC Research.

For further information on any of these reports or to make a purchase, contact info@bccresearch.com.    

About BCC Research

BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts' goal is to help you make informed business decisions free of noise and hype.

Contact Us

Corporate HQ: 50 Milk St., Ste. 16, Boston, MA 02109, USA
Email: info@bccresearch.com
Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Any data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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