Cancer: One of the biggest threats to mankind, with an almost constant gain in new research happening every day. When it comes to the cancer game, much time is invested and an ample amount of money is often thrown at it. Though not curable and resistible to treatment for cancer patients, there is unprecedented progress that poses a new way of doing this significant cause for survival. This new method encompasses early detection and proper treatment which may be more successful than ever before. It makes headlines across every international publication as a powerful tool in diagnosis prowess.

Artificial intelligence in the healthcare industry has led to breakthroughs in cancer detection. The technology highlights potential changes in the way cancer is diagnosed which translates into the cancer diagnostics market. It is touted as a key discovery for cancer treatment for early detection and earlier treatment of the disease which, in turn, decreases many related death beats and reduces life-cycle costs. This report provides the latest industry data, enabling readers to identify the market trends and share of niche. It also assists them in understanding the key factors driving or restraining this market.

Market Segmentation

Cancer diagnosis is one of the treatment options that suffer major setbacks due to inadequate diagnostic tools. The Cancer Diagnostics Market Size was assessed at USD 160.2 billion in 2021 and is expected to rise from USD 170.9 billion in 2022 to USD 269.1 billion by 2030, with a compound yearly growth rate (CAGR) of 6.70% during the forecast period (2022- 2030). The market is divided into three groups based on the types of products available in this industry today:

●       Imaging testing

●       Biomarkers testing

●       In-vitro diagnostics testing

●       Biopsy

Depending on the types of technological applications, the entire market is segregated into:

●       Lung Cancer

●       Breast Cancer

●       Colorectal Cancer

●       Melanoma Cancer

●       Prostate Cancer

●       Liver Cancer

End users to whom these might be marketed include:

●       Hospitals and Clinics

●       Diagnostics Centers

●       Research instituites

The United States, Europe, China, Japan, India, and the Rest of the World are among the prominent market sectors.

Regional Classification

There are multiple models available for cancer testing around the world and across different regions.The U.S. was responsible for market share on a global basis primarily because of the large number of clinical trial establishments that are present in the region and the high level of diagnostic significance across economically developed countries. Ontario and Nevada were primarily responsible for total worldwide market share on a regional basis. The market has evolved from the stage of disease detection to post-diagnostic care to eliminate the unknown dangers associated with cancer treatment.

Key Players –

Major players in the cancer diagnostics market are heavily investing in research and development to expand their product lines, fostering further growth in the market. These market participants are strategically engaging in initiatives such as new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments, and collaborations to enhance their global presence. In this highly competitive and growing market, competitors must offer cost-effective solutions to thrive.

A key business strategy adopted by manufacturers in the cancer diagnostics market research is local manufacturing to reduce operational costs. In recent years, this industry has delivered significant advancements in medicine. Key players in the cancer diagnostics market include Exact Sciences Corporation, Arquer Diagnostics Ltd, BioMark Diagnostics Inc., Biotheranostics, Agilent Technologies, Thermo Fisher Scientific, Illumina, Becton Dickinson and Company (BD), GE Healthcare, QIAGEN N.V, and Abbott Laboratories.

Agilent Technologies, Inc., an American corporation, is headquartered in Santa Clara, California. Agilent plays a crucial role in supporting researchers in 110 countries, facilitating cutting-edge life science studies, patient diagnoses, and testing to ensure the safety of drugs, food, and water supplies. In October 2021, Agilent Technologies Inc. announced the European Union's approval of its PD-L1 IHC 22C3 pharmDx test for Triple-Negative Breast Cancer (TNBC).

Another major player, GE Healthcare, a multinational provider of medical technology, is headquartered in Chicago, Illinois. In 2020, GE Healthcare partnered with GenesisCare to enhance patient outcomes in cancer and heart disease, two health issues with high mortality rates. GE Healthcare will provide CT, MRI, PET/CT, SPECT, digital mammography, and ultrasound technology to GenesisCare's 440+ cancer and cardiovascular disease treatment centers across Australia, the US, the UK, and Spain.

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