The market is expected to pose lucrative growth over the forecast period, owing to increasing incidence of various brain cancers, particularly glioblastoma, coupled with rising geriatric population.
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The global brain tumor diagnosis and therapeutics market is expected to reach USD 773.1 million by 2025, according to a new report by Grand View Research, Inc.
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Increasing Public-Private Partnerships (PPPs) in the health sector, which are modernizing diagnostic imaging and radiology services, are supporting the expansion of this industry. Emerging technologies like Sodium Magnetic Resonance Imaging(23Na MRI), Positron Emission Tomography (PET), and Chemical Exchange Saturation Transfer (CEST) are used to detect the response of brain tumors in multicenter clinical trial settings.
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These technologies have the potential to extend MRI beyond anatomical imaging by providing information on physiology and cellular metabolism, thereby increasing the efficiency of diagnosis. Hence, the market is expected to witness productive growth over the forecast period.
Moreover, ongoing research in molecular diagnostics to understand cell biology at cellular level of malignancy and identification of gene mutations associated with malignancy is anticipated to significantly contribute toward the growth of the industry.
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On the other hand, high cost of diagnosing brain tumors, which ranges from USD 450 to 12,200, is likely to hinder the growth of the global brain tumor diagnosis market.
Further Key Findings From the Study Suggest:
CT scan segment held a lucrative revenue share in 2015 and is also likely to grow at a significant rate during the forecast period
Chemotherapy is anticipated to witness the fastest growth over the forecast period owing to presence of a large research pipeline by the industry players.
North America is expected to dominate the brain tumor diagnosis and therapeutics market, owing to developed healthcare infrastructure coupled with rising awareness regarding advanced technologies amongst the population in this region. In addition, increasing consumer disposable income supported by healthcare insurance and reimbursement policies in the U.S. is expected to spur growth.
Some of the key players for the brain tumor diagnosis and therapeutics market are GE Healthcare; Hitachi, Ltd.; Philips Healthcare; Siemens Healthineers; Toshiba Corporation; Fujifilm Corporation; Shimadzu Corporation; Carestream Health; Merck & Co.; Astra Zeneca; Bristol Myer Squibb; Novartis; and Roche Diagnostics.
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