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Ovarian Cancer Diagnostics Global Market Rising Trends, Industry Size, Share Report, Growing Demand and Business Opportunities And Forecast 2024-2033
Ovarian Cancer Diagnostics Global Market
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According to The Business Research Company's, The ovarian cancer diagnostics market size has grown strongly in recent years. It will grow from $2.62 billion in 2023 to $2.82 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to growth in biomarker discovery and validation, transvaginal ultrasound adoption, brca gene mutations awareness, research on tumor markers, screening programs and guidelines.
The ovarian cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to early detection initiatives, increasing incidence of ovarian cancer, integration of artificial intelligence (ai), personalized medicine approaches, emergence of novel biomarkers, genomic and proteomic profiling. Major trends in the forecast period include biosensor technologies for early detection, digital pathology integration, innovations in imaging modalities, improved imaging technologies, advancements in pathology techniques.
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Market Drivers and Trends:
The rise in the prevalence of ovarian cancer is expected to propel the growth of the ovarian cancer diagnostics market going forward. Ovarian cancer is a malignant tumor that develops in the ovaries, the female reproductive organs responsible for producing eggs and hormones. This shift has resulted from increased longevity, delayed childbearing, and lifestyle changes. Ovarian cancer diagnostics can help reduce the prevalence of ovarian cancer by enabling early detection and intervention, leading to timely treatment and improved outcomes. For instance, in February 2022, according to the World Ovarian Cancer Coalition, a Canada-based not-for-profit organization, ovarian cancer affected 313,959 women worldwide in 2020. This will have increased by 42% by 2040 to 445,721; between 2020 and 2040, there will be a 51% increase in the number of women dying from ovarian cancer, from 207,252 to 313,617. Therefore, the rising prevalence of ovarian cancer is driving the growth of the ovarian cancer diagnosis market.
Advanced diagnostic technology is a key trend gaining popularity in the ovarian cancer diagnostics market. Companies operating in the ovarian cancer diagnostic market are adopting advanced diagnostic technologies to sustain their position in the market. For instance, in November 2022, Hoffmann-La Roche AG, a Switzerland-based pharmaceutical and healthcare company, received FDA approval for the VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, the first (immunohistochemistry) IHC-based companion diagnostic test kit for the identification of ovarian cancer patients eligible for ELAHERE, which is a prescription medication for ovarian cancer. This test is specifically designed to get critical insights and obtain detailed clinical information about the ovarian cancer condition, which helps deliver improved disease management and patient outcomes.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline plc, Eli Lilly and Company, GE HealthCare Technologies Inc., Quest Diagnostics Incorporated, Agilent Technologies Inc., Hologic Inc., Illumina Inc., PerkinElmer Inc., Sysmex Corporation, Bio-rad Laboratories Inc., Qiagen N.V., Natera Inc., The American Cancer Society, Myriad Genetics Inc., ArcherDX Inc., Invitae Corporation, Guardant Health, Luminex Corporation, NanoString Technologies Inc., Siemens Healthcare Private Limited, Menarini Silicon Biosystems S.p.A., Precipio Inc., Angle plc
Ovarian Cancer Diagnostics Market 2024 Key Insights:
• The ovarian cancer diagnostics market size is expected to see strong growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Prevalence Of Ovarian Cancer To Drive Market Growth
• Innovative Diagnostic Technologies Transforming The Market
• North America was the largest region in the ovarian cancer diagnostic market in 2023
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