Increasing Applications of Magnetic Resonance Imaging and Artificial Intelligence enabled MRI are Projected to Drive the Growth of Cancer Diagnostics Market

HYDERABAD, TELANGANA, INDIA, September 20, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that 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. Cancer Diagnostics includes tests and processes to ratify the existence of ailment and recognize the precise tumor type, location, extent and phase. Magnetic resonance imaging (MRI) is a test that can be utilized to detect a tumor in the body and to assist in discovering whether a tumor is cancerous. Artificial Intelligence enabled MRI results in improved MRI scans. Circulating tumor cells (CTCs), symbolize a comparably effortlessly achievable sample of the cancer tissue signifying the actual state of cancer. The expanding population of the elderly requiring magnetic resonance imaging is set to drive the Cancer Diagnostics Market. The augmenting collaborative and independent actions directed by governments and firms are set to propel the growth of the Cancer Diagnostics Industry during the forecast period 2022-2027. This represents the Cancer Diagnostics Industry Outlook. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Report/15739/cancer-diagnostics-market.html

Key takeaways:

1. Geographically, North America accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the increasing predominance of cancer requiring magnetic resonance imaging in the North American region.

2. Cancer Diagnostics Market growth is being driven by the rising penetration of technologically progressive laboratory systems enhancing oncological screening yielding precise outcomes and application of Artificial Intelligence enabled MRI. However, binding regulatory framework, dearth of universal health coverage and high-priced diagnostic procedures are some of the major factors hampering the growth of the Cancer Diagnostics Market.

3. Cancer Diagnostics Market Detailed Analysis of the Strength, Weaknesses and Opportunities of the prominent players operating in the market will be provided in the Cancer Diagnostics Market report.

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Segmental Analysis:

1. Breast Cancer Segment held the largest Cancer Diagnostics market share in 2021. This growth is owing to the increasing predominance of breast cancer. Breast cancer is cancer that establishes in the breast cells and advances in phases. The rising application of mammograms is further propelling the growth of the Breast Cancer segment.

2. Lung Cancer segment is estimated to grow with the fastest CAGR of 8.1% during the forecast period 2022-2027 owing to the proliferating count of smokers worldwide and the rising risk of lung cancer in people who have never smoked.

3. Diagnostic Imaging Centers segment is estimated to grow with the fastest CAGR of 8.3% during the forecast period 2022-2027 owing to the crucial role played by diagnostic imaging in initial cancer diagnosis, treatment planning and corrective therapies by way of interventional therapies and cancer monitoring.

4. North America held the largest Cancer Diagnostics market share with 35% of the overall market in 2021. The growth of this region is owing to the directed research endeavors in oncology in the North American region.

Competitive Landscape:

The top 5 players in the Cancer Diagnostics industry are -

1. GE Healthcare

2. Abbott

3. Hoffmann-La Roche Ltd.

4. Siemens Healthineers

5. Becton Dickinson & Company

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A. Cancer Immunotherapy Market
https://www.industryarc.com/Report/15741/cancer-immunotherapy-market.html

B. Anti-Cancer Drugs Market
https://www.industryarc.com/Report/17434/anti-cancer-drugs-market.html

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