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What is the Predicted CAGR for the Cancer Diagnostics Market Over the Forecast Period of 2025 to 2034?

In the last few years, the cancer diagnostics market has expanded swiftly. An expansion from $23.24 billion in 2024 to $25.73 billion in 2025 is predicted, at a compound annual growth rate (CAGR) of 10.7%. The growth during the historic period was due to factors such as increased occurrence of cancer, cancer screening initiatives, personalized medicine, and widespread public awareness.

The size of the cancer diagnostics market is anticipated to witness a swift expansion in the upcoming years, reaching a value of $40.82 billion in 2029 with a compounded annual growth rate (CAGR) of 12.2%. The expected growth during the forecast period can be credited to factors such as the evolution of emerging markets, regulatory backing, advancements in artificial intelligence (AI) and machine learning, and the emphasis on early detection and intervention. Key trends projected for this period encompass liquid biopsies, multi-omics strategies, point-of-care testing, and campaigns for screening and early intervention.

What Are the Primary Drivers Supporting the Growth of the Cancer Diagnostics Market?

The cancer diagnostics market is largely driven by the widespread occurrence of diverse kinds of cancers. This is attributed to the rising cases of various forms of cancers which results in more individuals choosing to undergo diagnosis and treatment. Furthermore, the World Health Organization (WHO) ranks cancer second in global death causes. The National Cancer Institute (NCI) projects the annual count of new cancer instances to hit 23.6 million by the year 2030.

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Who Are the Top Companies Driving Innovation and 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.

What Key Trends Are Currently Impacting the Cancer Diagnostics Market’s Development?

In the cancer diagnostics market, there is a rising trend of utilizing AI-based systems for cancer detection. AI significantly enhances the image detection precision in diagnostic procedures for lung and breast cancers, enabling the detection of these diseases in their preliminary stages. It is also instrumental in reducing the frequency of false positives in lung cancer assessments, thereby increasing the effectiveness of lung cancer identification. A notable example is a reliable solution generated by the Naval Medical Center San Diego and Google AI, which is Google’s AI research branch. Their algorithm-based solution is used for independent evaluation of lymph node biopsies and has brought about an increase in the accuracy of metastatic breast cancer detection to up to 99%.

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What Are the Key Components of the Cancer Diagnostics Market, and How Do Its Segments Perform?

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

Which Geographical Regions Are Pioneering Growth in the Cancer Diagnostics Market?

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.

How Do Experts Define the Scope of the Cancer Diagnostics Market?

Cancer diagnostics refers to the processes, tests, and technologies used to identify the presence of cancer in individuals. This field encompasses a range of methodologies designed to detect, stage, and characterize cancer, allowing for timely and effective treatment.

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