Brain Cancer Diagnostics Market to Grow with a CAGR of 3.36% through 2028
Rising incidence of brain cancer and technological
innovations are expected to drive the Global Brain Cancer Diagnostics Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Brain Cancer
Diagnostics Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Brain Cancer Diagnostics Market
stood at USD 2.56 billion in 2022 and is anticipated to grow with a CAGR of 3.36% in the forecast period, 2024-2028. This can be attributed to investment
in research and development. The commitment of both public and private sectors
to research and development in brain cancer diagnostics has led to breakthrough
discoveries and advancements. Investments in innovative technologies, biomarker
discovery, and clinical trials are driving progress in the field.
Moreover, liquid biopsy technologies are also
influencing the design and execution of clinical trials for brain cancer
treatments. These tests allow for real-time monitoring of treatment responses
and the identification of patients who may benefit from targeted therapies.
Liquid biopsy-based clinical trials are expected to accelerate the development
of new treatments and diagnostic tools.
The brain tumor diagnostics market was significantly
impacted by the COVID-19 pandemic. Initially, diagnostic procedures were
delayed as hospitals and surgeons were advised to postpone or cancel elective
surgeries and examinations due to the pandemic. For example, a study published
in the Computational and Structural Biotechnology Journal in January 2021
highlighted that malignant juvenile brain tumors, known for their rapid growth,
require early detection and treatment. Consequently, delaying diagnosis could
reduce its effectiveness and lower patient survival rates. This delay had a
negative effect on the brain tumor diagnostics market during the pandemic.
Brain Tumor Research, a research organization, also reported substantial delays
in the diagnosis and treatment of various brain tumor types, including
chemotherapy and radiotherapy. However, as COVID-19 cases decline, the market
is gradually stabilizing, and normal demand levels for brain tumor diagnostics
are returning. Therefore, COVID-19 is expected to have a significant impact on
the brain tumor diagnostics market in the foreseeable future.
Several factors, including the increasing prevalence
of neurological disorders and cancers, as well as a growing number of smokers,
are expected to drive market growth in the coming years. For instance,
according to estimates from the American Cancer Society, in 2023, approximately
24,810 malignant brain or spinal cord tumors will be diagnosed in the United
States. This rise in cancer cases is projected to boost the overall brain tumor
diagnostics market. Glioblastoma, an aggressive form of brain tumor primarily
affecting adults but rarely occurring in children, necessitates swift diagnosis
and treatment due to its fatal nature. Furthermore, there is a global increase
in brain cancer prevalence. As per an article published by netmed.com in June
2022, around 330,000 children and adults worldwide were diagnosed with Central
Nervous System cancer annually. In India, Central Nervous System (CNS) cancer
accounts for 5 to 10 cases per 100,000 people, with a rising trend,
representing 2% of all cancers. Consequently, the growing incidence of brain
tumors is a significant driver of market growth.
Browse over XX market data Figures spread
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The Global Brain Cancer Diagnostics Market is
segmented into diagnostic type, tumor type, end user, regional distribution,
and company.
Based on its diagnostic type, it is anticipated that
the Imaging Tests sector will maintain a significant market share. Magnetic
resonance imaging (MRI) is a radiological medical imaging method used to
generate images of anatomical structures and physiological processes within the
body. These images play a crucial role in identifying and diagnosing
abnormalities within the body. The MRI segment stands out as the dominant
player in this market due to its extensive use in the diagnosis of brain
tumors. The increasing global incidence of brain cancer cases is expected to
fuel the demand for brain tumor diagnostics in the foreseeable future. As an
example, according to the Canadian Cancer Society's May 2022 update, it was
projected that in 2022, 3,200 Canadians would receive diagnoses of brain and
spinal cord cancer, with 1,850 cases among men and 1,350 among women.
Furthermore, in February 2023, Case
Western Reserve University received a USD 3 million grant to advance innovative
MRI technology and software for the diagnosis of brain tumors. This development
is expected to enable personalized treatment planning, ultimately leading to
improved outcomes for patients.
Based on tumor type, Glioblastoma, a highly aggressive
and malignant form of brain cancer, is poised to exert a dominant influence on
the Global Brain Cancer Diagnostics Market. Several key factors contribute to
this prominence. Firstly, glioblastoma represents a substantial portion of all
brain cancer cases, making it a focal point for diagnostic advancements and
research. Additionally, the complex nature of glioblastoma necessitates
advanced diagnostic tools and technologies, driving innovation within the
market. Furthermore, the rising global incidence of glioblastoma cases
underscores the critical need for accurate and early diagnosis, which in turn
fuels the demand for brain cancer diagnostics. As healthcare providers and
researchers continue to focus on enhancing detection methods and treatment
options for glioblastoma, its dominant position in the Global Brain Cancer
Diagnostics Market is expected to persist and even grow in the coming years.
Major companies operating in Global Brain Cancer
Diagnostics Market are:
- GE Healthcare Inc
- Koninklijke Philips NV
- Siemens Healthineers AG
- Fujifilm Corp
- Hitachi, Ltd.
- Hologic Inc
- NantOmics LLC
- Thermo Fisher Scientific Inc
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“The global brain cancer diagnostics market is on the
cusp of transformative change. Emerging trends such as precision medicine,
liquid biopsies, AI, and patient-centric care are reshaping the landscape,
offering new hope for early detection and improved treatment outcomes. As these
trends continue to evolve, the future of brain cancer diagnostics holds promise
for enhanced accuracy, accessibility, and personalized care for patients
battling this challenging disease. Collaboration among stakeholders and ongoing
research efforts will be key in realizing the full potential of these trends in
the coming years,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Brain Cancer Diagnostics Market By
Diagnostic Type (Imaging Test, Lumbar Puncture,
Biopsy, Molecular Testing, Others), By Tumor Type (Metastatic, Meningioma,
Glioblastoma, Pituitary Endoma, Others), By End User (Hospitals, Diagnostics
Centers, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Brain Cancer Diagnostics Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Brain
Cancer Diagnostics Market.
Contact
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Techsci Research LLC
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