Market Size of Brain Tumor Diagnostics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.27 Billion |
| Market Size (2029) | USD 3.36 Billion |
| CAGR (2024 - 2029) | 8.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brain Tumor Diagnostics Market Analysis
The Brain Tumor Diagnostics Market size is estimated at USD 2.27 billion in 2024, and is expected to reach USD 3.36 billion by 2029, growing at a CAGR of 8.30% during the forecast period (2024-2029).
The COVID-19 pandemic had a major impact on the brain tumor diagnostics market. Diagnostic procedures were postponed at the beginning of the pandemic as the hospitals and surgeons were advised to postpone or cancel elective procedures. For instance, according to the study published by Computational and Structural Biotechnology Journal in January 2021, malignant juvenile brain tumors are known for their rapid growth, necessitating early detection and treatment. As a result, delaying diagnosis may damage its effectiveness, lowering patient survival rates. This has further impacted the growth of the brain tumor diagnostics market during the pandemic.
Moreover, Brain Tumor Research, a research organization, reported a drastic delay in the diagnosis and treatment approaches, such as chemotherapy and radiotherapy for different types of brain tumors. However, the market is gradually stabilizing as COVID-19 cases are declining, resulting in the return of the normal demand levels for brain tumor diagnostics. Thus, COVID-19 is expected to significantly impact the brain tumor diagnostics market over the forecast period.
Factors such as the increasing prevalence of neurological disorders and cancers and the rising number of smokers are expected to drive the growth of the market over the forecast period. For instance, according to the estimates of the American Cancer Society, in 2023, about 24,810 malignant tumors of the brain or spinal cord will be diagnosed in the United States. This increase in cancer cases is expected to drive the overall brain tumor diagnostics market. Glioblastoma is an aggressive form of a brain tumor which occurs mostly in adults. It can also occur in children, but very rarely. It grows fast and spreads quickly. Quick diagnosis and treatment are necessary, as it is a fatal disorder.
Moreover, there is a rising prevalence of brain cancer across the world. For instance, according to an article published by netmed.com, in June 2022, around 330,000 children and adults globally were diagnosed with cancer of the Central Nervous System in a year. In India, central nervous system (CNS) cancer ranges from 5 to 10 per 100,000 people, with a rising trend and accounts for 2% of cancer. Thus, the increasing prevalence of brain tumors is one of the major factors augmenting the growth of the market.
Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However, high cost associated with diagnosis are projected to hamper the market growth slightly over the forecast period.
