ALBANY, New York, August 22, 2017 /PRNewswire/ --
A fresh study by Transparency Market Research (TMR) has detected that the global brain tumor diagnosis and treatments market is fragmented among a large number of International players and a few regional vendors. In the near future, the report anticipates the competitive landscape to remain divided, although the players with financial might will continue to hold a significantly larger share of the pie. The report identifies GE Healthcare, Pfizer, Inc., AstraZeneca, Carestream Health, Merck & Co., Inc., Siemens Healthineers, Hitachi Medical Corporation, Philips Healthcare, Shimadzu Corporation, and Toshiba Medical Systems as some of the most prominent companies currently operating in the global brain tumor diagnosis and treatments market.
The TMR report projects the demand in the global brain tumor diagnosis to increment at a healthy CAGR of 8.5% during the forecast period of 2017 to 2025, estimating it to be worth US$840.7 mn by 2025, mounting substantially from its evaluated valuation of US$406.0 mn in 2016. As far as the strategies of market leaders is concerned, the report expects investments in research and development of new products, geographical expansion, mergers and acquisitions, aggressive pricing, and collaborations to be at a forefront. The launch of new Vantage Galan 3T MR scan by Toshiba Corporation in November 2016 is a one such example of innovative product introduction. This product, which finds application in neurological cancer diagnosis, offers advanced imaging technique via improved high-quality imaging.
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Based on product-type, the segment of primary brain tumor diagnosis and treatments serve the maximum demand, accounting for nearly 74.7% of the global demand in 2016, with meningioma the most common product type. CT-Scan remains most profitable diagnosis category, whereas surgery is the most preferred primary treatment for brain tumor. Geographically, North America is most lucrative region, gaining most of the demand from the developed country of the U.S., although this report on the brain tumor diagnosis and treatments market projects Europe for the best growth rate among all regions.
Prevalence of Brain Cancer Driving Demand
Increasing prevalence of brain cancer, innovations in drug delivery to brain cancer cells, and expanding market for the treatment of brain cancer associated symptoms are some of the key factors augmenting the demand in the global brain tumor diagnosis and treatments market. In addition to these factors, the healthcare sector is witnessing increasing public-private partnerships (PPPs), which is advancing the diagnostic imaging and radiology services. The advent of technologies such as Positron Emission Tomography (PET), Sodium Magnetic Resonance Imaging (23Na MRI), and Chemical Exchange Saturation Transfer (CEST) are now frequently employed to detect the response of brain tumors in multicenter clinical trial settings.
The TMR report notes that these technologies can potentially extend MRI beyond anatomical imaging by enabling information on physiology and cellular metabolism. These advancements altogether will increase the efficiency of diagnosis, and thereby aid to the market expansion during the forecast period. Furthermore, ongoing research in molecular diagnostics to identify gene mutations associated with malignancy and understand the cell biology at cellular level of malignancy will also favor the growth of the market for brain tumor diagnosis and treatments.
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High Cost of Treatment Hindering Growth
On the other hand, exceptionally high cost of treatment is the most glaring restraint over the proper prosperity of the global brain tumor diagnosis and treatments market. Cost factors are restricting the expansion of the market in the emerging countries, despite them improving their healthcare infrastructure. Availability of only a few brain cancer specific drugs and increasing use of generics in chemotherapy are other two challenges faced by the global market for brain tumor diagnosis and treatments.
The information presented in this review is based on a Transparency Market Research report, titled, "Brain Tumor Diagnosis and Treatments Market (Product Type -Primary Brain Tumor (Meningioma, Gliomas, Astrocytomas, and Pituitary Tumors) and Secondary Brain Tumor; Diagnosis Type - CT Scan, MRI, PET-CT Scan, Molecular Testing, and EEG; Treatment Type - Surgery, Radiation Therapy, Targeted Therapy, Chemotherapy, and Immunotherapy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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Key Segments of the Global Brain Tumor Diagnosis and Treatments Market
Brain Tumor Diagnosis and Treatments Market, by Product Type
- Primary Brain Tumor
- Pituitary Tumors
- Secondary Brain Tumor
Brain Tumor Diagnosis and Treatments Market, by Diagnosis Type
- CT Scan
- PET-CT Scan
- Molecular Testing
Brain Tumor Diagnosis and Treatments Market, by Treatment Type
- Radiation Therapy
- Targeted Therapy
Brain Tumor Diagnosis and Treatments Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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