Brain Cancer Diagnostics Market Growing at a CAGR of 16.6% from 2021 to 2028

Molecular Testing Segment to Grow at Highest CAGR During 2021–2028

NEW YORK, UNITED STATES, February 9, 2022 /EINPresswire.com/ -- According to The Insight Partners new market research study on “Brain Cancer Diagnostics Market to 2028 – Global Analysis and Forecast – by Diagnostic Type, Cancer Type, and End User,” the market is expected to reach US$ 2,476.14 million by 2028 from US$ 844.63 million in 2021. The market is estimated to grow at a CAGR of 16.6% from 2021 to 2028. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

Strategic Insights:

Report Coverage Details
Market Size Value in US$ 844.63 Million in 2021
Market Size Value by US$ 2,476.14 Million by 2028
Growth rate CAGR of 16.6% from 2020 to 2028
Forecast Period 2020 - 2028
Base Year 2020
No. of Pages 193
No. Tables 111
No. of Charts & Figures 78
Historical data available Yes
Segments covered Type, Application, End User
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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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.

The scope of the brain cancer diagnostics market includes diagnostic type, cancer type, end user, and region. The brain cancer diagnostics market is analyzed based on regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the brain cancer diagnostics market, emphasizing various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world.

Increase in Prevalence of Brain Cancer Worldwide

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.

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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.

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 leading companies operating in the brain cancer diagnostics market.

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Sameer Joshi
The Insight Partners
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Brain Cancer Diagnostics Market: Increase in Prevalence of Brain Cancer Worldwide