The Europe cancer diagnostics market exhibits several key characteristics that contribute to its growth and development. Such as the increasing healthcare spending on cancer treatment presents a significant opportunity for the market, as it fuels the demand for advanced diagnostic technologies, and the growing senior population in Europe, who are more susceptible to cancer and infectious diseases, drives the need for accurate and timely diagnostic tests. The Europe cancer diagnostics market also benefits from the rising demand for early disease diagnosis, as it enables better treatment outcomes. Furthermore, the introduction of new and innovative diagnostic products by manufacturers enhances the capabilities and efficiency of cancer diagnostics in Europe, further propelling the market growth.
According to Data Bridge Market Research, the Europe Cancer Diagnostics Market accounted for USD 17.2 billion in 2021, and is expected to reach the value of USD 29.11 billion by 2029, and is expected to undergo a CAGR of 6.8% during the forecast period 2022 to 2029.
“Growth in the number of private diagnostic centers drive the market”
As the demand for diagnostic imaging services continues to rise, public hospitals often struggle to meet the increasing need with limited imaging modalities. This has resulted in the growth of private diagnostic centers worldwide. In line with this trend, FUJIFILM Corporation launched NURA, a specialized medical screening center for cancer screening, in Bangalore, India. The center, established in collaboration with FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare (DKH), aims to provide advanced diagnostic imaging services. The partnership between FUJIFILM and DKH combines expertise and resources to offer high-quality healthcare solutions, addressing the growing demand for diagnostic services in India and the Middle East.
What restraints the growth of the Europe cancer diagnostics market?
“Increasing adoption of refurbished diagnostic imaging systems”
The increasing adoption of refurbished diagnostic imaging systems acts as a significant restraint on the Europe cancer diagnostics market. As healthcare facilities strive to manage costs and improve efficiency, they often opt for refurbished equipment, including diagnostic imaging systems. This trend negatively impacts the market for new cancer diagnostic systems, as it reduces the demand for new installations. Additionally, the availability of refurbished systems at lower prices attracts budget-conscious healthcare providers, thereby limiting the growth potential of the Europe cancer diagnostics market.
Segmentation: Europe Cancer Diagnostics Market
The cancer diagnostics market is segmented on the basis of type, product, technology, distribution channel, application, and end-user.
- On the basis of product type, the cancer diagnostics market is segmented into instrument, consumables and accessories, software, and service.
- On the basis of test type, the cancer diagnostics market is segmented into imaging, biopsy, tumor biomarkers tests, genetic tests, endoscopy, immunohistochemistry, and others.
- On the basis of technology, the cancer diagnostics market is segmented into instrument based, platform-based, tumor biomarker tests.
- On the basis of application, the cancer diagnostics market is segmented into breast cancer, prostate cancer, colorectal cancer, lung cancer, skin cancer, kidney cancer, blood cancer, pancreatic cancer, ovarian cancer, cervical cancer, and others.
- On the basis of age group, the cancer diagnostics market is segmented into adult, and pediatric.
- On the basis of end user, the cancer diagnostics market is segmented into hospitals, oncology speciality clinics, diagnostic laboratories, cancer research institutes, and others.
- On the basis of distribution channel, the cancer diagnostics market is segmented into direct tenders, and retail sales.
Regional Insights: Germany dominates the Europe cancer diagnostics market
Germany has emerged as a dominant player in the healthcare diagnostics market due to several factors. The country has a high prevalence of cancer, which drives the demand for diagnostic systems and consumables and Germany boasts a well-developed healthcare infrastructure with advanced diagnostic facilities readily accessible to the population. These factors contribute to Germany's largest market share in the healthcare diagnostics sector, reflecting the country's commitment to quality healthcare and diagnostic services.
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Recent Developments in Europe Cancer Diagnostics Market
- In March 2020, Siemens Healthineers AG announced the CE mark approval for their AI-Pathway Companion Prostate Cancer, a digital companion used in the clinical pathway of prostate cancer. This approval allowed the company to market and sell their product throughout Europe, providing healthcare professionals with an advanced tool for managing prostate cancer patients.
- In November 2021, Siemens Healthineers introduced the Naeotom Alpha, the world's first photon-counting CT scanner with enhanced resolution and a significant reduction in radiation exposure. This innovative technology offers ultra-high resolution scans while minimizing the potential risks associated with radiation exposure, providing safer and more accurate diagnostic imaging for patients.
The Prominent Key Players Operating in the Europe Cancer Diagnostics Market Include:
- General Electric (U.S.)
- Abbott (U.S.)
- Hologic Inc. (U.S.)
- Agilent Technologies Inc.(U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- FUJIFILM Corporation (Japan)
- Danaher (U.S.)
- DiaSorin S.P.A. (Italy)
- Myriad Genetics Inc. (U.S.)
- Siemens Healthcare GmbH (Germany)
- BD (US), bioMérieux (France)
- Bio-Rad Laboratories Inc. (U.S.)
- Cancer Diagnostics Inc. (U.S.)
- Vela Diagnostics (Singapore)
- AMOY Diagnostics CO. LTD. (China)
- Quidel Corporation (U.S.)
- Bio SB (U.S.)
- Biocartis (Belgium)
- Exact Science (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Europe cancer diagnostics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Europe Cancer Diagnostics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
