Cancer Diagnostics Global Market Report Competitive And Growth Analysis 2033

"The Business Research Company recently released a comprehensive report on the Global Cancer Diagnostics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cancer diagnostics market size has grown rapidly in recent years. It will grow from $21.38 billion in 2023 to $23.84 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increasing cancer incidence, cancer screening programs, personalized medicine, public awareness.

The cancer diagnostics market size is expected to see rapid growth in the next few years. It will grow to $37.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to emerging markets growth, regulatory support, artificial intelligence (ai) and machine learning, early detection and intervention. Major trends in the forecast period include liquid biopsies, multi-omics approaches, point-of-care testing, screening and early intervention campaigns.

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Market Drivers and Trends:

A high prevalence rate of various types of cancers is a major driver of the cancer diagnostics market. This is because the increasing incidences of various types of cancers are leading to a greater number of people opting for diagnosis and treatment. In addition, according to the World Health Organization (WHO), cancer was the second-leading cause of death worldwide. The National Cancer Institute (NCI) has estimated the number of new cancer cases per year to reach 23.6 million by 2030.

The AI-based cancer detection system is an emerging trend in the cancer diagnostics market. AI helps in improving the accuracy of image detection in diagnostic processes such as breast cancer and lung cancer diagnostics, by detecting the cancers in early stages. AI also reduces the instances of false positives in lung cancer screening, thus, improving lung cancer detection accuracy. For instance, researchers at the Naval Medical Center San Diego and Google's AI research division Google AI developed a reliable solution comprised of cancer-detecting algorithms used for autonomous evaluation of lymph node biopsies. This AI solution improved the accuracy of metastatic breast cancer detection to 99%.

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Major Key Players of the Market:

Abbott Laboratories, Becton Dickinson and Company, Hologic, GE Healthcare Ltd., Thermo Fisher Scientific, Siemens Healthcare GmbH, Accuray, Elekta AB, C.R. BardInc., Biogenex Laboratories, Eckert & Ziegler BEBIG, Veracyte, PathAI, Bio-Rad Laboratories, Biochain, DiagnoCure, Illumina, Myriad Genetics, CompanionDx, Epic Sciences, Eli Lilly and Co, Genomic Health, Affymetrix, Agilent Technologies, Adaptive Biotechnologies, Biocartis, Biocept, Cancer Genetics Inc., Caris Life Sciences, Cepheid, Epigenomics AG, Exact Sciences, Foundation Medicine, GenMark Diagnostics, Guardant Health, HalioDX, IBA group, Invitae Corporation, Medtronic plc, NanoString Technologies, Natera, NeoGenomics, Oncura Inc., PerkinElmer, Personal Genome Diagnostics, Qiagen, Roche Diagnostics, Theragenics Corporation, Varian Medical SystemsInc.

Cancer Diagnostics Market 2024 Key Insights:

• The cancer diagnostics market size is expected to see rapid growth in the next few years. It will grow to $37.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Rising Cancer Prevalence Rate In Cancer Diagnostics Market
• Innovations In Artificial Intelligence (AI) For Cancer Diagnostics Devices Market
• North America was the largest region in the cancer diagnostics market in 2023

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