Brain Cancer Diagnostics Market is Forecasted to Surge USD 2.5 billion by 2031: Transparency Market Research Inc.

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Nov 16, 2023, 10:01 ET

Technological advancements in non-invasive techniques are expected to bolster the global brain cancer diagnostics market size during the forecast period.

WILMINGTON, Del., Nov. 16, 2023 /PRNewswire/ -- The global brain cancer diagnostics market stood at US$ 1.76 billion in 2023 and is projected to reach US$ 2.5 billion in 2031. The global industrial humidifier market is anticipated to expand at a CAGR of 5.9% between 2023 and 2031.

The surge in the prevalence of neurological disorders & cancer owing to the rise in several individuals who smoke is driving the global brain cancer diagnostics industry. This escalating health concern necessitates developing and adopting advanced diagnostic solutions to address these challenges effectively. Rise in awareness and increase in screening programs for brain cancer are the other factors propelling market expansion. Developing more advanced, accurate, and efficient diagnostic techniques offers market players lucrative opportunities. Companies focus on developing non-invasive diagnostic tools that provide rapid and secure means to visualize the brain's internal structures.

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Brain Cancer Diagnostics Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2021
Size in 2022	US$ 1.5 Bn
Forecast (Value) in 2031	More than US$ 2.5 Bn
Growth Rate (CAGR)	5.9 %
No. of Pages	180 Pages
Segments covered	Diagnostic Technique, Brain Cancer Type, End-user

Key Takeaways of Market Report

Global brain cancer diagnostics market to generate absolute dollar opportunity worth US$ 2.5 million until 2031.
Global brain cancer diagnostics market from 2023 to 2031 is 5.9%
The global brain cancer diagnostics market is valued at US$ 1.76 million in 2023.
The global brain cancer diagnostics market stood at US$ 1.5 million in 2022.

Brain Cancer Diagnostics Market: Growth Drivers

The global brain cancer diagnostics market demand has experienced robust growth in the past few years. This is ascribed to a surge in the prevalence of brain tumors, particularly malignant glioblastoma, and a rise in awareness about early detection facilitated by government-backed screening programs. The incidence of brain tumors is increasing as the global population continues to age. Moreover, persisting risk factors, such as smoking and environmental exposure, contribute to an increase in demand for accurate diagnostic tools. Public awareness campaigns have highlighted the significance of identifying brain tumors at early, more treatable stages. These initiatives encourage individuals to proactively seek regular check-ups and screenings, enhancing the chances of early diagnosis and promoting general health consciousness.
Technological advancements in non-invasive diagnostic techniques drive the global brain cancer diagnostics industry. These innovations contribute to the ongoing demand for brain cancer diagnostics and hold great promise for the future of healthcare. The development of noninvasive diagnostic techniques is a significant factor bolstering the global brain cancer diagnostics market value. These techniques offer a patient-friendly approach that reduces the need for invasive procedures such as biopsies.

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Brain Cancer Diagnostics Market: Regional Landscape

North America dominated the global industry in 2022. This is ascribed to an increase in the incidence of brain cancer cases across the region. The high prevalence of brain cancer necessitates advanced diagnostic tools to improve early detection and treatment outcomes. Ongoing clinical trials conducted by multiple companies in North America also contribute to market expansion. These trials aim to develop more effective treatments, emphasizing the importance of early and accurate diagnosis as the first step in managing brain cancer.
As per the brain cancer diagnostics market forecast, the industry in the Asia Pacific is driven by a rise in the incidence of brain cancer, improved diagnostic technologies, and growing awareness about early cerebral tumor detection. Moreover, key players such as GE Healthcare and Siemens Healthineers offering innovative diagnostic solutions are expected to fuel the brain cancer diagnostics industry revenue in Asia Pacific during the forecast period. Furthermore, an increase in healthcare investment, a rise in research & development activities, and a surge in the elderly population are driving market growth in the region.

Brain Cancer Diagnostics Market: Key Players

In September 2022, GE Healthcare received the U.S. FDA 510(k) clearance for its breakthrough AIR Recon DL for 3D and PROPELLER imaging sequences. By expanding AIR Recon DL to 3D and PROPELLER, GE Healthcare closed the gaps to provide improved image quality and patient experience to all patients across exam types, particularly for brain imaging.
In October 2022, Royal Philips announced two new improvements in MR-only workflows to advance head and neck cancer radiotherapy imaging and simulation. The company's artificial intelligence (AI) enabled MRCAT Head and Neck radiotherapy application, which allows the use of MR as the sole or primary imaging modality for radiotherapy planning in the treatment of soft tissue tumors in the head and neck, along with the brain, pelvis, and prostate, received FDA 510(k) clearance and is commercially available in the U.S.

Brain Cancer Diagnostics Market: Segmentation

Diagnostic Technique
- Imaging Techniques
  - Magnetic Resonance Imaging (MRI),
  - Computed Tomography (CT) Scan
  - PET Scan or PET-CT Scan
  - Single-photon Emission Computed Tomography (SPECT) Scan
- Tissue Sampling/Biopsy
- Molecular Diagnostics
- Others
Brain Cancer Type
- Gliomas
- Meningiomas
- Pituitary tumors
- Others
End-user
- Hospitals
- Diagnostic Laboratories
- Cancer Hospitals/Centers
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa

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