Brain Tumor Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The brain tumor diagnostics market studied was anticipated to grow with a CAGR of 3.3%, during the forecast period. The significant factor attributing market growth is the rising incidence of brain cancer and increasing technological advancement in diagnostics devices. The increasing geriatric population across the globe also drives the brain tumor diagnostics market. There are more than 79,000 new cases of primary brain tumors diagnosed in 2019, with about one percent (around 23,880) of which were malignant, as per the American Cancer Society. The median age of diagnosis is 59 however most often occur in children and older people. Exposure to ionizing radiation, both medical (disease treatment) and atomic bomb exposure, has been linked with the occurrence of some forms of major brain tumors, including gliomas, meningiomas, and sarcomas, specifically when the exposure occurred during childhood. All these factors are expected to boost the growth of the brain tumor diagnostics market during the forecast period.

Key Market Trends

MRI segment is Expected to Hold the Largest Market Share in the Brain Tumor Diagnostics Market

• Dominant share is retained by the MRI segment owing to the attributes such as high application in the diagnosis of brain tumor. The rising prevalence of brain cancer cases across the world is expected to drive the demand for brain tumor diagnostics market over the forecast period. As per the Central Brain Tumor Registry of the United States report 2018, an additional 86,970 new cases of primary malignant and non-malignant brain and other CNS tumors are anticipated to be diagnosed in the United States in 2019. It represents an estimated 26,170 primary malignants and 60,800 non-malignants anticipated to be diagnosed in the United States in 2019.
• Additionally, development is fueled by developments in scanning technologies such as open MRI devices, development in software, and superconductive magnets. Advances in contrasting agents such as the gadolinium-DTPA, paramagnetic contrasting agents are used as an intravenous injection to provide clear, reliable, and precise pictures in 20 minutes to 1 hour.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to maintain its supremacy in the overall brain tumor diagnostics market, throughout the forecast period. This is owing to factors such as the rising prevalence of brain cancer and the growing geriatric population. In the United States in 2018, the incidence of all primary malignant and non-malignant brain and other CNS tumors is 23.03 cases per 100,000, for a total count of 392,982 tumor incidences. Moreover, the excellently-established healthcare infrastructure coupled with rising awareness regarding advanced technologies among the population in this region and strong acceptance of developed diagnostics methods are also some of the key factors ensuring the dominance of the region.

Competitive Landscape

The brain tumor diagnostics market is competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making collaborations, acquisition, and launching new products with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are GE Healthcare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Fujifilm Corporation, and Hitachi, Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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