Dublin, March 01, 2024 (GLOBE NEWSWIRE) -- 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 Europe cancer diagnostics market is projected to reach $12.21 billion by 2031, at a CAGR of 5.6% from 2024 to 2031.
The growth of this market is driven by the rising prevalence of cancer, supporting initiatives for early cancer diagnosis, and increasing investments and funding for cancer research. Additionally, the supporting initiatives toward precision diagnostics for cancer are expected to generate growth opportunities for the players operating in the Europe cancer diagnostics market.
However, the high cost of imaging systems restrains the growth of this market. Additionally, the lack of skilled professionals and insufficiencies in the implementation of cancer screening programs pose a significant challenge to the market's growth.
In 2023, Germany is estimated to account for the largest share of the Europe cancer diagnostics market. The market growth in Germany is attributed to the increasing prevalence of cancer, the high adoption of advanced technologies, the established healthcare systems, rising healthcare expenditures, increasing investments and funding for cancer research, and initiatives to raise awareness about cancer diagnosis.
Among the products, in 2024, the IVD segment is expected to account for the largest share of the Europe cancer diagnostics market. IVD instruments provide precise, reliable screening and diagnostic testing through simple workflows and integrated software.
Furthermore, IVD consumables assist healthcare providers in obtaining vital information regarding genetic abnormalities, tumor markers, and other diagnostic indicators to monitor disease development, guide treatment decisions, and assess therapy responses in cancer patients. The large market share of this segment is attributed to the advancements in IVD technology, the commercial availability of a diverse range of IVD reagents & consumables for the diagnosis of cancer, and the recurring use of IVD consumables.
Among the cancer types, in 2024, the breast cancer segment is expected to account for the largest share of the Europe cancer diagnostics market.
The increase in breast cancer cases, increasing healthcare expenditure, and inclusion of certain advanced technologies such as NGS in the reimbursement have propelled the demand for cancer diagnostics for breast cancer. Additionally, government initiatives promoting breast cancer awareness regarding diagnosis and treatment boost breast cancer diagnosis.
For instance, in October 2023, Galderma SA (Switzerland) launched a new breast cancer campaign called 'Facing Breast Cancer Together', this campaign focuses on providing support and education about breast cancer awareness. Galderma has partnered with the National Breast Cancer Foundation (NBCF) to promote breast cancer awareness.
Among the end users, in 2024, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the Europe cancer diagnostics market.
The large market share of this segment is attributed to the increasing cancer cases, the higher purchasing power of hospitals and diagnostic laboratories, well-equipped operating & diagnostic rooms, the presence of highly skilled healthcare professionals, ease in accessibility, better health coverage for hospital-based healthcare services from various private & group insurance plans, and the increasing number of hospitals and expansion of diagnostic laboratories.
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/seh8nw
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