Brain Cancer Diagnostics Market Revenue to Cross $7.37 Bn Globally, by 2028 at 28.5.% CAGR – Exclusive Report by The Insight Partners

New York, July 15, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Brain Cancer Diagnostic Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Diagnostic Type, Cancer Type, End User, Tumor Size, and Geography,” the report highlights the key factors driving the brain cancer diagnostic market growth and prominent players with their developments in the brain cancer diagnostic market.

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Brain Cancer Diagnostics Market Report Scope & Strategic Insights:

Brain Cancer Diagnostic Market: Competition 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.; Neusoft Medical Systems; KITZ HEIDELBERG; GENPATH; NVIDIA CORPORATION; ONCORA MEDICAL; BIOMIND; SOPHIA AND ONCODNA; Clinspec Diagnostics; Raindance Technologies, Inc; ROCHE DIAGNOSTICS; and Illumina, Inc are among the key companies operating in the brain cancer diagnostic market.

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Companies operating in the brain cancer diagnostic market adopt product innovation strategies to meet the evolving customer demands worldwide, which also permits them to maintain their brand name in the global market. For instance, in September 2021, BioReference Laboratories, Inc., an OPKO Health company, and its specialty oncology division, GenPath, announced the launch of OnkoSight AdvancedTM, a next-generation sequencing (NGS) assay that enables revolutionary deoxyribonucleic acid (DNA) mutational profiling of tumor samples.

Also, the companies in the market create partnerships, collaborations, and contracts with hospitals, diagnostic centers, specialty clinics, and clinics to further drive the revenue and brain cancer diagnostic market share. For instance, in June 2020, Thermo Fisher Scientific announced a strategic partnership with Agios Pharmaceuticals. The CDx was utilized globally to identify low-grade glioma (LGG) patients with IDH1 and IDH2 mutations.

Brain cancers are caused due to extracellular growth of the cells in the brain that causes tumors. The tumor includes 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. Brain tumors are categorized into 40 major types that are further classified into two major groups, including benign, that is, slow-growing and have less possibility to spread, and malignant, that is., cancerous, and more likely to spread.

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According to the American Society of Clinical Oncology (ASCO), in 2021, around 24,530 adults (13,840 men and 10,690 women) were 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 fewer 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, severely impact the quality of life, and ultimately transform a patient’s and their family’s lives. Similarly, Cancer Research UK estimated that around 12,288 new cases of brain, other CNS, and intracranial tumors are diagnosed in the UK each year, which makes it around 34 cases per day (2016–2018). Brain tumors, other central nervous systems, and intracranial tumors are the ninth most common malignancies in the UK, accounting for 3% of all new cancer cases (2016–2018). Also, it is the 7th most common cancer in females in the UK, with around 6,400 new cases during 2016–2018. Similarly, in males, brain, other CNS, and intracranial tumors are the 11th most common cancer, with about 5,800 new cases in the UK during 2016–2018. Incidence rates for brain tumors are highest in people aged 85 to 89 (2016-2018) in the UK.

According to the American Association of Neurological Surgeons, glioblastoma is the most common malignant brain and other CNS tumor, accounting for 47.7% of all cases; the incidence of glioblastoma is 3.21 per 100,000 people. According to Cancer Australia, around 1,879 new cases of brain cancer were diagnosed in Australia in 2020. Early detection of tumors often provides more treatment options. Advanced imaging technology can pinpoint the location of brain tumors. Intraoperative MRI can also guide tissue biopsy and tumor resection during surgery. Magnetic resonance spectroscopy (MRS) is used to examine the chemical characteristics of tumors. Thus, the increase in the prevalence of brain cancer worldwide highly demands brain cancer diagnostic tools.

The North American region holds the largest market share; however, Asia Pacific is the fastest growing region. The brain cancer diagnostics market in North America is expected to grow due to the increasing aging population and the growing number of product approvals and developments, which is expected to create growth opportunities for the market’s growth.

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Brain Cancer Diagnostic Market: Segmental Overview

Based on diagnostic type, the brain cancer diagnostics market is segmented into imaging test, lumbar puncture, biopsy, molecular testing, platform and services, cerebral arteriogram, neurological and hearing tests/neurocognitive assessments, electroencephalography (EEG), and others. Furthermore, the imaging test is sub-segmented into MRI, CT Scan, PET, and others. Similarly, the platform and services is sub-segmented into sample slide, autosampler unit, solutions and platform, and services. In 2022, the imaging test segment will likely account for the market’s largest share. However, the platform and services segment is anticipated to register the highest CAGR in the market during the forecast period of 2022 to 2028.

The global brain cancer diagnostic market, based on cancer type, is segmented into acoustic neuroma, astrocytomas, craniopharyngiomas, ganglioneuromas, glioblastoma multiforme, ganglioneuroma, meningiomas, ependymomas, oligodendroglioma, low-grade tumors, and other brain cancer types. In 2022, the glioblastoma multiforme segment is likely to hold the largest share of the market. Moreover, the same segment is also expected to witness growth in its demand at the fastest CAGR from 2022 to 2028, owing to the rise in the incidence of glioblastoma multiforme globally.

The global brain cancer diagnostic market, based on tumor size, is segmented into 0.2 cm3 to 100 cm3, 101 cm3 to 200 cm3, and above 200 cm3. In 2022, the 0.2 cm3 to 100 cm3 segment is likely to hold the largest share of the market. Moreover, the 0.2 cm3 to 100 cm3 segment is also expected to witness growth in its demand at the fastest CAGR from 2022 to 2028, owing to the rise in the detection and diagnosis of various medical conditions globally.

Based on end user, the brain cancer diagnostic market is segmented into hospitals, specialty clinics, ambulatory surgical centers, diagnostic centers & research institutes, and others. In 2022, the hospitals segment is likely to hold the largest share of the market. Moreover, the specialty clinics segment is expected to witness growth in its demand at the fastest CAGR of 29.4% from 2022 to 2028, owing to the adoption of advanced technologies for brain cancer diagnosis by hospitals globally.

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