Europe Cancer Diagnostics Market Sees Promising Growth Amid Rising Demand for Precision Diagnostics - Forecasts to 2031

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Mar 01, 2024, 18:15 ET

DUBLIN, March 1, 2024 /PRNewswire/ -- The "Europe Cancer Diagnostics Market by Product (IVD [Microarray, Immunoassay, PCR, Sequencing], Imaging [CT, MRI, Mammography, Ultrasound]), Cancer Type (Breast, Lung, Colon, Prostate), and End User (Hospital, Imaging Center, Pharmaceutical) - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.

The comprehensive market study indicates a compounded annual growth rate of 5.6% leading up to 2031, highlighting the escalating urgency to tackle the diverse types of cancer more effectively. A surge in cancer research funding, combined with a solid backing of initiatives aimed at promoting early detection, are key factors enhancing the market's potential. Specialists are particularly bullish about the strides in precision diagnostics, presenting ground-breaking opportunities within the sector.

The latest report on the Europe cancer diagnostics market projects a robust growth trajectory for the industry, setting high expectations for advancements in cancer care across the continent. Detailed analysis points to significant market expansion, driven by the increasing incidence of cancer and a potent rise in the region's readiness to adopt cutting-edge diagnostic technologies.

Key Market Dynamics Shaping Europe's Cancer Diagnostics

Despite the optimism, the market faces challenges such as the high costs associated with imaging systems and a pronounced skills gap that hinders optimum implementation of comprehensive screening programs.

Products and Innovations: Spotlight on the IVD Segment

The predictive analytics within the report signposts the In Vitro Diagnostics (IVD) as the dominant sector. Its substantial market share is directly linked to technological advancements and the broad spectrum of reagents and consumables enabling clinicians to navigate cancer diagnosis with enhanced accuracy and efficiency.

Breast Cancer Diagnosis Leads the Cancer Type Segments

Breast cancer diagnostics stands as a notable segment bolstered by growing healthcare investment and reimbursement adjustments for cutting-edge technologies like Next-Generation Sequencing (NGS). Notably, an increase in awareness programs led by renowned medical establishments is significantly influencing the diagnostics landscape.

End Users: Hospitals & Diagnostic Laboratories at the Forefront

Hospitals and diagnostic laboratories are envisaged to maintain a stronghold in the end-user segment. Their significant market share is a testament to their pivotal role in harnessing advanced diagnostics, scaling up cancer care protocols, and the extension of their state-of-the-art infrastructural facilities.

Regional Insights: Germany Leads Amidst High Growth in European Countries

Among the EU nations, Germany is anticipated to command the lion's share of the market. Factors such as the country's proactive approach to cancer awareness, widespread acceptance of advanced diagnostic solutions, and robust healthcare expenditure contribute to this leadership stance.

Forecasts Through 2031:

The market size, segment analysis, and country-wise breakdowns encapsulated in the report provide investors, healthcare providers, and policymakers with a comprehensive understanding of the current trends and future projections in cancer diagnostics. The document acts as a crucial guide in strategic planning and resource allocation across Germany, France, the UK, Italy, Spain, Switzerland, the Netherlands, and the rest of the European region.

Notable stakeholders in the market, such as industry-leading healthcare companies and tech innovators, continue to push the envelope in diagnostic precision, striving to make early and accurate cancer detection more accessible to patients across Europe.

The insights gained through this report empower stakeholders to navigate the market with greater clarity, optimize their operational models, and ultimately, contribute to the betterment of cancer diagnostics outcomes for patients throughout Europe.

In-depth analysis and growth forecasts till 2031
Strategic insights on cancer type trends including breast, lung, colon, and prostate
Comprehensive overview of product innovations, and end-user market influence
Regional market analysis with a spotlight on Germany's lead

Key questions answered in the report:

What is the current value of revenue generated by cancer diagnostic products in Europe?
At what rate is the demand for cancer diagnostic products in Europe projected to grow for the next 5-7 years?
What is the historical market size and growth rate for cancer diagnostic products in Europe?
What are the major factors impacting the growth of this market at the regional level? What are the major opportunities for existing market players and new entrants in the market?
Which segments are creating major traction for the vendors in this market in terms of product, cancer type, and end user?
What are the key geographical trends in this market? Which countries are expected to offer significant growth opportunities for the vendors operating in the Europe cancer diagnostics market?
Who are the major players in the Europe cancer diagnostics market? And what are their specific products offered in the cancer diagnostic industry?
What recent developments have taken place in the Europe cancer diagnostics market, and how these strategic developments are creating an impact in this market?

Market Insights

Factors Affecting Market Growth

Rising Cancer Prevalence Coupled with Technological Advancements Fueling the Market Growth
Supporting Initiatives for Early Cancer Diagnosis and Creating Awareness Driving the Market Growth
Growing Adoption and Supporting Initiatives for Precision Cancer Diagnostics Creating Opportunities for the Market Players
Insufficiencies in the Implementation of Cancer Screening Programs: A Challenge for Cancer Diagnosis in Europe

Trends

Regulatory Analysis

Regulatory Analysis for IVD Technologies
Regulatory Analysis for Diagnostic Imaging Devices

Porter's Five Forces Analysis: Diagnostic Imaging Technologies for Cancer Screening

Porter's Five Forces Analysis: IVD Technologies for Cancer Screening

Pricing Analysis

Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments, SWOT Analysis)

F. Hoffmann-La Roche Ltd (Switzerland)
Thermo Fisher Scientific Inc. (U.S.)
QIAGEN N.V. (Netherlands)
Abbott Laboratories (U.S.)
Illumina Inc. (U.S.)
Siemens Healthineers AG (Germany)
GE HealthCare Technologies Inc. (U.S.)
Koninklijke Philips N.V (Netherlands)
FUJIFILM Holdings Corporation (Japan)
Canon Medical Systems Corporation (a subsidiary of Canon Inc.) (Japan)
Hologic Inc. (U.S.)

Competition Analysis

Overview
Key Growth Strategies
Competitive Benchmarking
Market Share Analysis (2023)
Europe Cancer IVD Market Share Analysis (2023)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (U.S.)
- Illumina, Inc. (U.S.)
Europe Diagnostic Imaging Market Share Analysis (2023)
- GE Healthcare Technologies Inc. (U.S.)
- Siemens Healthineers AG (Germany)
- Hologic, Inc. (U.S.)

Scope of the Report:

In Vitro Diagnostics
(Other IVD instruments include in-situ hybridization, hematology analyzers, and clinical chemistry analyzers)

Diagnostic Imaging
(Other imaging instruments include Positron Emission Tomography (PET) and X-ray)

Contrast Agents
Syringes and Injectors
Contrast Delivery Systems
Skin Markers
Phantoms
Other Imaging Consumables

(Other imaging consumables include films, gels, transducers, and probes, among others)

Imaging Software and Services

Europe Cancer Diagnostics Market Size & Trend Analysis - by Cancer Type

Breast Cancer
Lung Cancer
Colorectal Cancer
Prostate Cancer
Other Cancer Type

Note: Other cancer types include leukemia, lymphoma, stomach, ovarian, melanoma, kidney, and cervical cancers.

Europe Cancer Diagnostics Market Size & Trend Analysis - by End User

Hospital & Diagnostics Laboratories
Diagnostic Imaging Centers
Pharmaceutical & Biotechnology Companies
Academic & Research Institutes

Europe Cancer Diagnostics Market Size & Trend Analysis - by Country

Germany
France
Italy
U.K.
Spain
Switzerland
Netherlands
Rest of Europe

For more information about this report visit https://www.researchandmarkets.com/r/9uj181

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