DUBLIN--(BUSINESS WIRE)--The "Brain Cancer Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Diagnostic Type, Cancer Type, and End User; and Geography" report has been added to ResearchAndMarkets.com's offering.
The brain cancer diagnostics market was valued at US$ 844.63 million in 2021 and is projected to reach US$ 2,476.14 million by 2028; it is expected to grow at a CAGR of 16.6 % from 2021 to 2028.
The growth of the brain cancer diagnostics market is attributed to factors such as an increase in the prevalence of brain cancer worldwide and technological advancements in brain cancer diagnostics. However, the market is likely to get impacted by the high cost involved in brain cancer diagnostics.
Brain cancer is caused due to extracellular growth of the cells in the brain that causes tumors. Tumors can be primary brain tumors and secondary brain tumors. Primary brain tumors are formed in the brain and do not spread to other body parts, whereas secondary tumors, also known as metastases, are those cancers that began in another part of the body. Symptoms of brain cancer include headaches, nausea, fatigue, drowsiness, and many more.
Cancer of the brain and nervous system is the tenth highest cause of mortality in men and women. According to the American Society of Clinical Oncology (ASCO), in 2021, around 24,530 adults (13,840 men and 10,690 women) are likely to be diagnosed with primary cancerous tumors of the brain and spinal cord in the US. In a person's lifetime, the chances of having this form of tumor are lesser than 1%. Most primary central nervous system (CNS) malignancies are brain tumors, which account for 85% to 90% of all cases. Brain tumors can be fatal, have a severe impact on the quality of life, and ultimately turn a patient's and their family's lives.
Similarly, Cancer Research UK estimated that around 12,100 new cases of brain, other CNS, and intracranial tumors are diagnosed in the UK each year, which makes it around 33 cases per day (2015-2017). Brain tumors and other central nervous systems and intracranial tumors are the ninth most common malignancies in the UK, accounting for 3% of all new cancer cases (2017). Also, it is the eighth most common cancer in females in the UK with around 6,100 new cases in 2017. In males in the UK, brain, other CNS, and intracranial tumors are the eleventh most common cancer, with about 5,800 new cases in 2017. Incidence rates for brain tumors are projected to rise by 6% in the UK between 2014 and 2035, to 22 cases per 100,000 people by 2035.
The COVID-19 pandemic has become the most significant challenge across the world. It has disturbed various trades and businesses across the world. As a result of the COVID-19 pandemic, many diagnostic departments have experienced a rapid decline in imaging case volumes. This has important implications on the short-term and long-term economic stability of neurological procedures across all healthcare practice settings. Due to lockdowns imposed by governments across the world, many neurological procedures were delayed, and supply chain restrictions limited the availability of resources needed to deliver brain cancer diagnostic services.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Brain Cancer Diagnostics market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global Brain Cancer Diagnostics market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Market Dynamics
Drivers
- Increase in Prevalence of Brain Cancer Worldwide
- Rise in Number of Cigarette Smokers
Restraints
- High Cost of Diagnosis
Opportunities
- Increasing Opportunities in Emerging Economies
Future Trends
- Use of Stimulated Raman Histology Artificial Intelligence to Enhance Brain Tumor Diagnosis During Surgery
Companies Mentioned
- Thermo Fisher Scientific Inc.
- Siemens Healthineers AG
- GE Healthcare
- MDxHealth
- NantOmics
- Biocept, Inc.
- Koninklijke Philips N.V.
- Canon Medical Systems
- Hitachi, Ltd.
- Neusoft Medical Systems
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