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The rise in biosensor device innovation has shifted scientific attention toward the creation of advanced biosensor technologies and tools. Presently, these devices have gained significant traction across critical sectors, including biomedicine, drug development, food quality assurance, and environmental assessment. Despite the relative simplicity of diagnostic tests, challenges persist in achieving reliable early detection and monitoring of cancer, as well as in evaluating anticancer chemotherapeutic agents. This review focuses on showcasing the application of biosensors as diagnostic tools and exploring their prospective future roles. Historical advancements in biosensor development have paved the way for researchers to refine biosensing components, aiming to enhance their sensitivity and specificity—particularly crucial in cancer diagnostics, where continuous efforts are needed to identify and validate new biomarkers, engineer ligands targeting them, and improve sample processing techniques. Furthermore, there is a growing demand for multichannel biosensors capable of simultaneously detecting multiple cancer markers. Looking ahead, the future landscape for biosensor technology appears highly promising, but realizing its full potential will depend on a concerted, multi-disciplinary strategy that emphasizes cost-effective innovations to transition biosensor systems from experimental settings to widespread commercial use.