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Brain Cancer Diagnostics Market to Reach US$ 2,476.14 Globally, by 2028- Molecular Testing Segment to Grow at Highest CAGR During Forecast, Research by The Insight Partners

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The Insight Partners

30 Sep, 2021, 12:30 GMT

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PUNE, India, Sept. 30, 2021 /PRNewswire/ -- According to The Insight Partners study on "Brain Cancer Diagnostics Market to 2028 – Global Analysis and Forecast – by Diagnostic Type, Cancer Type, End User, and Geography," the 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% during 2020–2028. The growth of the market is attributed to an increase in the prevalence of brain cancer worldwide and technological advancements in brain cancer diagnostics.

Impact of COVID-19 Pandemic on Brain cancer diagnostics Market

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.  

Download the Latest COVID-19 Analysis on Brain Cancer Diagnostics Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00024461/

North America to Dominate Brain cancer diagnostics Market

The North America brain cancer diagnostics market consists of the US, Canada, and Mexico. The US is the largest market for brain cancer diagnostics, followed by Canada and Mexico. The leading position of North America in the brain cancer diagnostics market is primarily attributed to technological advancements in brain cancer diagnostics, rise in R&D activities for better diagnosis, and increase in presence of leading players. In North America, the US holds a significant share of the brain cancer diagnostics market. The country's market's growth is primarily driven by increasing prevalence of brain cancer, growing technological advancements in brain cancer diagnostics, and rising number of smokers. According to the American Society of Clinical Oncology (ASCO), in 2021, an estimated 24,530 adults (13,840 men and 10,690 women) will be diagnosed with primary cancerous tumors of the brain and spinal cord in the US. Market players based in North America are adopting organic and inorganic strategies for market development such as advanced product launches.   

The Asia Pacific brain cancer diagnostics market is mainly represented by China, Japan, India, Australia, and South Korea. The market is also evaluated for the rest of the countries in Asia Pacific. The market is driven by factors such as the increasing investments by the governments as well as the private sector of the respective countries in the region. Rising collaborations among the Asian countries and Western countries for the development of diagnostic services, increasing demand for brain cancer diagnostics, and rising prevalence of brain cancer in this region are some of the factors fueling the market growth. Japan has the world's largest diagnostic imaging market. The increasing awareness programs conducted by various organizations in Japan has supported the adoption of several diagnostic procedures for brain cancer diagnosis. For instance, the Japan Society for Neuro-Oncology (JSNO) regularly conducts conferences for building awareness among the people as well as neurosurgeons about new and innovative diagnostic procedures that can be used for accurate and precise diagnosis of brain cancer. 

Get Exclusive Sample Pages of Brain Cancer Diagnostics Market at https://www.theinsightpartners.com/sample/TIPRE00024461/

Increase in Prevalence of Brain Cancer Worldwide to Accelerate Market Growth

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.  

Brain cancer diagnostics Market: Segmental Overview

Based on diagnostic type, the brain cancer diagnostics market is segmented into imaging test, lumbar puncture, biopsy, molecular testing, and others. The imaging test segment held the largest share of the market in 2021, and the molecular testing segment is anticipated to register the highest CAGR in the market during the forecast period. The imaging test segment is further classified into magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET).

Based on cancer type, the brain cancer diagnostics market is segmented into Astrocytomas, Glioblastoma Multiforme, Ependymomas, and others. The Glioblastoma Multiforme segment held the largest share of the market in 2021, and the same segment is estimated to register the highest CAGR in the market during the forecast period. Growth of the Glioblastoma Multiforme segment is attributed to the increased prevalence of this type of brain cancer.

Based on end user, the brain cancer diagnostics market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and others. The hospitals segment held the largest share of the market in 2021. The specialty clinics segment is estimated to register the highest CAGR in the market during the forecast period.

Brain cancer diagnostics Market: Competitive Landscape and Key Developments

Thermo Fisher Scientific Inc.; Siemens Healthineers AG; GE Healthcare; MDxHealth; NantOmics; Biocept, Inc.; Koninklijke Philips N.V.; Canon Medical Systems; Hitachi, Ltd.; and Neusoft Medical Systems are among the key companies operating in the brain cancer diagnostics market. The major market players are focusing on the new product launch, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

Company Profiles

  • 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

Order a Copy of Brain Cancer Diagnostics Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00024461/

  • In April 2020, Siemens Healthineers AG completed the acquisition of Varian Medical Systems, Inc. The combined company creates a unique, highly integrated portfolio for imaging, laboratory diagnostics, and cancer treatment.
  • In June 2020, Thermo Fisher Scientific's Oncomine Precision Assay was granted by the US Food and Drug Administration (FDA) for breakthrough device designation. The test identifies low-grade glioma patients with isocitrate dehydrogenase 1 and 2 mutations. The test was developed with Agios Pharmaceuticals as a companion diagnostic for vorasidenib (AG-881), an investigational dual inhibitor of mutant IDH1 and IDH2 enzymes. 

Browse Related Reports:

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com  
Phone: +1-646-491-9876 
More Research: https://www.openpr.com/news/archive/139407/The-Insight-Partners.html

Logo: https://mma.prnewswire.com/media/1586348/The_Insight_Partners_Logo.jpg

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