Market Trends of Brain Tumor Diagnostics Industry
MRI segment is Expected to Hold a Significant Share in the Brain Tumor Diagnostics Market
Magnetic resonance imaging (MRI)is a medical imaging technique used in radiology to produce pictures of the anatomy and the body's physiological processes. These pictures are further used to diagnose and detect the presence of abnormalities in the body. Dominant share is retained by the MRI segment owing to the attributes such as high application in the diagnosis of brain tumors. The rising prevalence of brain cancer cases worldwide is expected to drive the demand for the brain tumor diagnostics market over the forecast period. For instance, according to the Canadian Cancer Society, updated in May 2022, It was estimated that in 2022, 3,200 Canadians will be diagnosed with brain and spinal cord cancer, including 1,850 men and 1,350 women.
Furthermore, the increasing adoption of MRI systems is due to the establishment of new facilities in different countries worldwide. For instance, in November 2021, a sophisticated MRI facility was launched at the National Brain Research Centre (NBRC), Manesar, in Haryana, India. The National Brain Research Centre (NBRC) is India's premier institute dedicated to neuroscience research and education, and the MRI Scanner PRISMA 3T MRI from Siemens was installed at the facility.
Moreover, in February 2023, Case Western Reserve University was awarded a grant of USD 3 million to advance novel MRI and software technology for brain tumor diagnosis. This will eventually allow personalized treatment planning to improve patient outcomes.
Therefore, the factors mentioned above are expected to drive segmental growth in the market during the forecast period.
North America is Anticipated to Register a Significant Growth in Brain Tumor Diagnostics Market
The North American brain tumor diagnostics market is projected to have a significant share over the forecast period. The United States is anticipated to lead the market. This is attributed to the developed healthcare industry, coupled with rising awareness regarding advanced technologies among the population in this region. For instance, according to the American Brain Tumor Association, more than 84,000 people were diagnosed with a primary brain tumor in 2021, and approximately 18,000 people died in 2021 as a result of a primary malignant brain tumor. In addition, according to the same source, more than 28,000 children in the United States will be diagnosed with a brain tumor in 2021. The rising prevalence of brain tumors is expected to drive the growth of this region.
Further, the introduction and launch of new and advanced diagnostics devices in the country by the key market players in the area are expected to augment the growth of the market in the region. For instance, in December 2021, ADM Diagnostics Inc. received FDA clearance for CorInsights MRI. CorInsights MRI provides quantitative information about brain tissue volume for radiologists, neurologists, and clinical researchers. Such launches are propelling the growth of the market in the region.
Thus, owing to the aforementioned factors, the North American brain tumor diagnostics market will likely grow significantly during the forecast period.