Rising Cancer Prevalence Rate In Cancer Diagnostics Market Emerges as a Core Driver of the Cancer Diagnostics Market in 2025

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What Is the Expected CAGR for the Cancer Diagnostics Market Through 2025?
The scale of the cancer diagnostics market has been expanding swiftly over the past few years. The market, which was valued at $23.24 billion in 2024, is projected to rise to $25.73 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.7%. Factors such as the surge in cancer cases, efforts in cancer screenings, the advent of personalized medicine, and heightened public awareness have contributed to the market's growth over the historical timeframe.

What's the Projected Size of the Global Cancer Diagnostics Market by 2029?
The market size for cancer diagnostics is anticipated to experience swift expansion in the coming years. It is projected to reach $40.82 billion in 2029, with a compound annual growth rate (CAGR) of 12.2%. Factors contributing to the growth during the projected period include development in emergent markets, regulatory backing, advancement in artificial intelligence (AI) and machine learning, as well as early detection and intervention. During this period, significant trends such as liquid biopsies, multi-omics methodologies, point-of-care testing, amongst others take precedence, alongside campaigns focusing on screening and early intervention.

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Top Growth Drivers in the Cancer Diagnostics Industry: What's Accelerating the Market?
The cancer diagnostics market is largely propelled by the high incidence rate of different types of cancers. The escalating instances of various kinds of cancers have caused more individuals to seek diagnosis and treatments. The World Health Organization (WHO) reports that cancer was the second major cause of death globally. Projections from the National Cancer Institute (NCI) indicate that by 2030, the estimated yearly new cancer cases will hit 23.6 million.

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What Trends Will Shape the Cancer Diagnostics Market Through 2029 and Beyond?
The rising occurrence of AI-integrated cancer identification systems is a significant trend in the domain of cancer diagnostics. Artificial Intelligence enables improvements in the precision of image identification involved in diagnostic procedures for conditions such as lung and breast cancer by enabling early stage detection. Additionally, AI also minimizes the occurrences of false positive results during lung cancer screenings, thereby enhancing the accuracy in recognizing lung cancer. For example, an effective solution including cancer-identifying algorithms for independent assessment of lymph node biopsies has been jointly developed by the Naval Medical Center San Diego and Google's AI research branch, Google AI. This AI innovation has augmented the precision of metastatic breast cancer detection to 99%.

What Are the Main Segments in the Cancer Diagnostics Market?
The cancer diagnostics market covered in this report is segmented -

1) By Products: Companion Diagnostics, Molecular Diagnostics
2) By Method: Biopsy, Endoscopy, Tumor Biomarker Tests, Imaging
3) By Application: Cervical Cancer, Breast Cancer, Liver Cancer, Blood Cancer, Kidney Cancer, Colorectal Cancer, Pancreatic Cancer, Ovarian Cancer, Melanoma, Other Applications
4) By End-User: Cancer Research Institutes, Diagnostic Laboratories, Hospitals, Other End Users

Subsegments:
1) By Companion Diagnostics: Biomarker-Based Companion Diagnostics, Genetic Testing-Based Companion Diagnostics, Immunohistochemistry-Based Companion Diagnostics, PCR-Based Companion Diagnostics, Other Companion Diagnostics,
2) By Molecular Diagnostics: Polymerase Chain Reaction (PCR) Diagnostics, Next-Generation Sequencing (NGS) Diagnostics, In Situ Hybridization Diagnostics, Microarray-Based Diagnostics, DNA Or RNA Extraction Kits, Other Molecular Diagnostics

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Which Top Companies are Driving Growth in the Cancer Diagnostics Market?
Major companies operating in the cancer diagnostics market include 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.

Which Regions Will Dominate the Cancer Diagnostics Market Through 2029?
North America was the largest region in the cancer diagnostics market in 2023. Asia-Pacific was the second-largest region in the global cancer diagnostics market. The regions covered in the cancer diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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