Brain Tumor Diagnosis and Treatments Market is Projected to Soar at a Value CAGR of 8.5% from 2017 t
Global Brain Tumor Diagnosis and Treatments Market: Snapshot
The demand in the global market for brain tumor diagnosis and treatments is anticipated to increase at a potent CAGR of 8.5% during the forecast period of 2017 to 2025. The prosperity of this market is primarily a reflection of innovations in drug delivery to brain cancer cells, increasing prevalence of brain cancer, rising aging population, and growing incidences of cancer via chemical exposure. On the other hand, exponentially high cost of diagnostic as well as treatment is the most prominent hindrance over this market. The global for brain tumor diagnosis and treatments market was worth US$406.0 mn in 2016, and is estimated to reach a valuation of US$840.7 mn by the end of the forecast period, which is 2025.
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CT-Scan Remains High-Demand Diagnosis Segment
Based on product-type, the global brain tumor diagnosis and treatments market has been segmented into primary brain tumor and secondary brain tumor. The primary brain tumor segment, which accounted for 74.7% of the overall demand in 2016, has been sub-segmented into common tumors such as meningioma, astrocytomas, gliomas, and pituitary tumors. Along all sub-segments, meningioma continues to be most prevalent across the world, including Asia Pacific and Europe. It has been observed that in these two regions, CNS and brain tumors are the third most common cancer among young adults and juveniles, causing most of the cancer-related deaths in this age group. The report projects the segment of primary brain tumor to witness an incrementing demand at CAGR of 8.7% during the forecast period from 2017 to 2025.
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On the basis of diagnosis type, the global brain tumor diagnosis and treatments market has been bifurcated into CT-Scan, MRI, Molecular Testing, PET-CT Scan, and EEG, with the former accounting for more than 35% share of global market in 2016. It has been noted that CT-Scan remain the most preferred choice of brain cancer diagnosis, owing to their ability to effectively differentiate between bone masses and elaborate soft tissues, besides offering the option to click 3D images in a series at multiple angle. In addition to that, upcoming technological advancements in innovative mobile CT-Scan devices are also expected to aid to the growth of the CT-Scan diagnosis segment during the forecast period. Treatment-wise, surgery category has remained the most preferable primary treatment for brain tumor. It has identified as the first and the only treatment for most type of the brain tumors. That being said, radiation therapy is projected for a strong growth rate during forecast period of 2017 to 2025, a result of growing awareness regarding noninvasive novel treatment due to technological advancements.
Europe Projected for the Best Growth Rate
In 2016, North America accounted for the most prominent share of the demand for brain tumor diagnosis and treatments. The U.S. dominated the brain tumor diagnosis and treatments market in North America, serving about 89.3% share in of North America market in 2016. This dominance is essentially due to the factors such as large number of people diagnosed with brain tumor, extensive research and development activities, technological advancements, and increasing healthcare awareness about the treatment and management of brain tumor are driving market growth. On the other hand, Europe is projected for the best CAGR among all regions during the forecast period, gaining substantial demand from the countries of Germany and The U.K. Rising prevalence of brain tumors disease, escalating percentage of geriatrics among the European population, and government’s initiative regarding growing awareness of advanced technologies are some of the key factors driving the brain tumor diagnosis and treatments market in Europe.
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Pfizer, Inc., Toshiba Medical Systems, GE Healthcare, AstraZeneca, Merck & Co., Inc., Siemens Healthineers, Carestream Health, Hitachi Medical Corporation, Philips Healthcare, and Shimadzu Corporation are some of the key companies currently operating in the global brain tumor diagnosis and treatments market.
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