Cancer diagnostics involve detection and characterization of
cancer in its initial stages through various techniques and devices such as
medical imaging and biomarkers. Advance diagnostic technologies enables
accurate detection and diagnosis of cancer, which helps clinicians to develop
effective treatment plans.
Market key trends:
Advancement in diagnostic technologies is one of the major trends driving the
growth of the cancer therapy market. Development of innovative imaging
technologies such as PET scanners, CT scanners, and MRI scanners provide high
resolution images that help doctors to precisely detect the location and size
of tumors. These advanced imaging modalities have significantly improved the
detection of small tumors and metastatic cancers. Furthermore, introduction of
novel biomarkers is also supporting the early detection of cancer. Biomarkers
help identifies specific cancer types as well as patient response to specific
therapies. Rapid innovation in cancer diagnostic technologies is expected to
strengthen early detection and diagnosis of cancer, thereby fueling the demand
for effective treatment options in the market.
Segment
Analysis
The global cancer therapy market is segmented by treatment
type, application, end user and region. By treatment type, radiation therapy
segment held a dominant market share of over 35% in 2023 owing to its wide
acceptance and being a key treatment option for almost 50% of all cancer
patients. Radiation therapy uses high-energy rays or particles (radiation) to
destroy cancer cells and shrink tumors. It may be used alone or combined with
other treatments for cancer. By application, breast cancer segment is expected
to remain the most dominant as it accounted for 30% of market share in 2023.
Breast cancer is the leading cause of death among women globally and many
companies are concentrating on developing targeted therapies for its treatment.
Key Takeaways
The Global
Cancer Therapy Market Demand is expected to witness high growth. The global Cancer
Therapy Market is estimated to be valued at US$ 201103.55 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
Regional analysis related content comprises North America is
projected to dominate the market and account for over 40% share during the
forecast period owing to technological advancements, increasing research
funding and presence of key players in the region.
Key players operating in the cancer therapy market are GE
Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V.,
Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies,
Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH
(Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED
OY, and Barco.
Key players operating in the cancer therapy market are
focusing on new product launches, mergers & acquisitions and collaborations
to strengthen their market position. For instance, in May 2022, GE Healthcare
and Frontier Medical Group announced a strategic collaboration to accelerate
AI-powered diagnostic solutions for radiology.
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