LONDON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Population Screening Global Market Report 2023, the global population screening market is gearing up for substantial growth, set to rise from $25.04 billion in 2022 to $27.02 billion in 2023, showcasing a compelling compound annual growth rate (CAGR) of 7.9%. Looking ahead, the market is projected to reach $35.37 billion by 2027, maintaining a robust CAGR of 7%.
Battling Cancer - Fueling Market Expansion
An undeniable force behind the burgeoning population screening market is the escalating prevalence of cancer. As the specter of cancer looms large, population screening emerges as a critical tool in the arsenal against this formidable adversary. Detecting cancer in its early stages significantly enhances treatment efficacy and patient outcomes. With an estimated 1.96 million new cancer cases expected in the US in 2023, up from approximately 1.9 million cases in 2021, the imperative role of population screening in addressing this health challenge becomes increasingly evident.
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Major Players Shaping the Landscape
At the forefront of the population screening market are key players such as F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Siemens Healthineers AG, and Quest Diagnostics Incorporated. These industry leaders play a pivotal role in shaping market dynamics and driving innovation to address the pressing healthcare needs of today.
Tech Innovations - Paving the Way Forward
In the population screening realm, technological advancements take center stage. Leading companies are embracing innovative technologies to fortify their positions. A notable example is Evoq Technologies LLC, which introduced SmartERG, the first phone-based retinal health testing platform, in May 2021. This cutting-edge device leverages AI and machine learning to assess retinal health, identifying potential issues that may lead to vision loss or blindness. This exemplifies the transformative power of technology in enhancing healthcare diagnostics.
Strategic Acquisitions - Expanding Horizons
Strategic acquisitions contribute to the ever-evolving landscape of the population screening market. In August 2021, Illumina Inc. acquired GRAIL, reinforcing its commitment to cancer early-detection tests. GRAIL's focus on developing technologies for early cancer detection aligns seamlessly with Illumina's mission to save lives and improve health.
Regional Dynamics - North America Leading, Asia-Pacific Emerging
As of 2022, North America stands as the largest region in the population screening market. However, the forecast points toward dynamic growth in the Asia-Pacific region, reflecting evolving healthcare needs and market trends.
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To navigate the evolving landscape of the population screening market and capitalize on its growth potential, industry players can leverage the Global Population Screening Market Report. This comprehensive report provides invaluable insights into market segments, regional dynamics, major players, technological trends, and strategic acquisitions. Armed with this knowledge, businesses can make informed decisions, devise effective strategies, and position themselves for success in the competitive healthcare landscape.
Population Screening Global Market Report 2023 by The Business Research Company provides insights on the population screening market size, population screening market segments, population screening market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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