The growth of the Cancer Diagnostics Market is greatly fuelled by the perpetual launch of innovative products and the rising requirements for early diagnosis of different ailments. Endoscopic Examination for the diagnosis of early gastric cancer has been widely recognized as a beneficial and greatly accurate examination. Cancer genetic testing is beneficial to conclude the likelihood of acquiring genes of a blood relative with cancer. Genetic and Genomic blood tests are becoming more crucial and connected to cancer treatment assessment. An endometrial biopsy is the most typical and precise test utilized to diagnose endometrial cancer. Mammograms are regular medical tests that are utilized to discover breast cancer. During colonoscopies, the physician investigates for abnormalities or ailments in the large intestine, specifically the colon. The Cancer Diagnostics Market size is estimated to reach $241.7 billion by 2027, growing at a CAGR of 6.3% during the forecast period 2022-2027.
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Cancer Diagnostics Market Growth Drivers:
Increasing Application of Endoscopic Examination is Driving the Growth of the Cancer Diagnostics Industry:
Endoscopic examinations are utilized to look within the body utilizing a thin, tube-like device termed an endoscope. As per certain investigations, an endoscopic examination was normal in 42% of patients and the most repeated endoscopic finding was hiatal hernia (132 patients, 36%). Investigations involving endoscopic examination of the colon and rectum distal to a colostomy disclosed abnormal findings in 80% of the patients. Colonoscopies permit the healthcare provider to perceive the complete length of the large intestine (colon). Colonoscopies can be utilized to look into the esophagus, stomach, duodenum, colon, rectum or additional organs. Colonoscopies can also be utilized to take tissue from the body for testing termed a biopsy. The increasing application of Endoscopic Examination is therefore driving the growth of the Cancer Diagnostics Industry, thereby contributing to the Cancer Diagnostics Industry Outlook.
Rising Significance of Genetic Testing and Applications of Mammograms is Propelling the Growth of the Cancer Diagnostics Market:
Genetic testing assists in the detection of certain genetic alterations that can raise the danger of developing cancer. Genetic testing is a tool that can be utilized to acquire information regarding inherited cancer risks. Genetic testing seeks differences in genes that are connected with a raised risk of cancer. The National Cancer Institute assesses that inherited gene variants contribute to 5 to 10 percent of all cancers. Mammograms can be utilized to look for breast cancer. Screening mammograms are utilized to look for signs of breast cancer in women. Diagnostic mammograms are utilized if a woman has breast symptoms or if something different is observed on screening mammograms. The rising significance of Genetic Testing and applications of Mammograms are therefore propelling the growth of the Cancer Diagnostics Market.
In February 2022, BD (Becton, Dickinson and Company) declared that it has finished the acquisition of Cytognos. Cytognos is a privately held firm headquartered in Salamanca, Spain.
Cancer Diagnostics Market: Competitive Landscape
Key companies holding major shares in the Cancer Diagnostics Market are GE Healthcare, Abbott, Hoffmann-La Roche Ltd., Siemens Healthineers, Becton Dickinson & Company, Illumina, Inc., Koninklijke Philips N.V., Hologic, Inc., Thermo Fisher Scientific Inc. and Qiagen.
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