Europe Cancer Diagnostics Market to be Worth $12.21 Billion by 2031

Europe Cancer Diagnostics Market by Product (IVD [Microarray, Immunoassay, PCR, Sequencing], Imaging [CT, MRI, Mammography, Ultrasound]) Cancer Type (Breast, Lung, Colon, Prostate), End User (Hospital, Imaging Center, Pharmaceutical) - Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Europe Cancer Diagnostic Market by Product (IVD [Microarray, Immunoassay, PCR, Sequencing], Imaging [CT, MRI, Mammography, Ultrasound]), Cancer Type (Breast, Lung, Colon, Prostate), End User (Hospital, Imaging Center, Pharmaceutical)–Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the Europe cancer diagnostics market is projected to reach $12.21 billion by 2031, at a CAGR of 5.6% during the forecast period 2024–2031. The Europe cancer diagnostics market is driven by the rising prevalence of cancer, supporting initiatives for early cancer diagnosis, increasing investments and funding for cancer research, rising awareness about cancer, and advancements in cancer diagnostics technology. However, the high cost of imaging systems restrains the growth of this market.

Furthermore, supporting initiatives toward precision diagnostics for cancer are expected to generate growth opportunities for the players operating in the Europe cancer diagnostics market. However, the lack of skilled professionals and insufficiencies in the national implementation of cancer screening programs are major challenges impacting the market growth.

Key Players:

The key players operating in Europe cancer diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Netherlands), Abbott Laboratories (U.S.), Illumina, Inc. (U.S.), Siemens Healthineers AG (Germany), GE HealthCare Technologies Inc. (U.S.), Koninklijke Philips N.V (Netherlands), FUJIFILM Holdings Corporation (Japan), Canon Medical Systems Corporation (a subsidiary of Canon Inc.) (Japan), and Hologic, Inc. (U.S.).

Europe Cancer Diagnostics Market: Future Outlook

The Europe cancer diagnostics market is segmented by product (In vitro diagnostics [instruments {polymerase chain reaction (PCR), microarray, immunoassay, sequencers, and other instruments}, consumables {kits & assays and reagents}, software & services], diagnostic imaging [instruments {computed tomography (CT), magnetic resonance imaging (MRI), mammography, ultrasound, and other instruments}, consumables {syringes and injectors, contrast delivery systems, phantoms, skin markers, contrast agents, and other consumables}, software & services]), cancer type (breast cancer, lung cancer, colorectal cancer, prostate cancer, other cancer types), end user (hospitals & diagnostic laboratories, diagnostic imaging centers, pharmaceutical & biotechnology companies, academic & research institutes) and geography. The study also evaluates industry competitors and analyzes the market at country levels.

Based on product, the Europe cancer diagnostics market is segmented into in vitro diagnostics (IVD) and diagnostic imaging. The IVD segment is expected to grow at the fastest CAGR during the forecast period of 2024-2031. The advancements in IVD technology, growing demand for precision oncology, the decline in genome sequencing costs, supportive initiatives for IVD in the region, and the focus of market players on new product launches are the factors driving the segment growth. For instance, In November 2023, F. Hoffmann-La Roche AG (Switzerland) launched the LightCycler PRO System, a next-generation qPCR system, to advance clinical needs in molecular diagnostic testing for cancer and infectious disease and address public health challenges.

Based on cancer type, the Europe cancer diagnostics market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, and other cancer types. In 2024, the breast cancer segment is expected to account for the largest share of the Europe cancer diagnostics market. The large market share of this segment is attributed to the increase in breast cancer cases, government initiatives promoting breast cancer awareness regarding diagnosis and treatment, and the increasing healthcare expenditure.

Governments and organizations are actively implementing breast cancer screenings, breast cancer awareness programs, and raising breast cancer funding to boost cancer research. For instance, In October 2023, Galderma SA (Switzerland) launched a new breast cancer campaign called ‘Facing Breast Cancer Together’, this campaign focuses on providing support and education about breast cancer awareness. Galderma has partnered with the National Breast Cancer Foundation (NBCF) to promote breast cancer awareness.

Based on end user, the Europe cancer diagnostics market is segmented into hospitals & diagnostic laboratories, diagnostics imaging centers, academic & research institutes, and pharmaceutical & biotechnology companies. In 2024, the hospitals & diagnostic laboratories segment is expected to account for the largest share of the market. The large market share of this segment is attributed to factors such as increasing cancer cases, higher purchasing power of hospitals and diagnostic laboratories, well-equipped operating & diagnostic rooms, the presence of highly skilled healthcare professionals, ease in accessibility, better health coverage for hospital-based healthcare services from various private & group insurance plans, the increasing number of hospitals and expansion of diagnostic laboratories, growing demand for precision oncology.

Precision medicine is an approach to medical treatment that considers individual differences in genes, environment, and lifestyle. Treatment with targeted cancer therapy mainly involves diagnostic testing for analyzing the biological samples, such as blood and tumor tissue, obtained from patients to identify and evaluate specific biomarkers and deliver a specific treatment accordingly. Precision diagnostics in cancer enable medical practitioners to figure out a patient's risk of developing cancers, diagnose and classify tumors, predict prognoses, select specific treatments when accessible, and track their patient's disease burden continuously.

Geographic Review:

This research report analyzes major geographies and provides a comprehensive analysis of Europe (Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, and the Rest of Europe). Based on geography, in 2024, Germany is expected to account for the largest share of the Europe cancer diagnostics market. The large market share of Germany is attributed to the increased cases of genetic diseases, awareness about early genetic disease diagnosis, the government promoting certain genetic testing in case of hereditary cancers and newborn screening, and the presence of major market players.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5787

Key questions answered in the report:

What is the current value of revenue generated by cancer diagnostic products in Europe?
At what rate is the demand for cancer diagnostic products in Europe projected to grow for the next 5-7 years?
What is the historical market size and growth rate for cancer diagnostic products in Europe?
What are the major factors impacting the growth of this market at the regional level? What are the major opportunities for existing market players and new entrants in the market?
Which segments are creating major traction for the vendors in this market in terms of product, cancer type, and end user?
What are the key geographical trends in this market? Which countries are expected to offer significant growth opportunities for the vendors operating in the Europe cancer diagnostics market?
Who are the major players in the Europe cancer diagnostics market? And what are their specific products offered in the cancer diagnostic industry?
What recent developments have taken place in the Europe cancer diagnostics market, and how these strategic developments are creating an impact in this market?

Contact Us:
Meticulous Research^®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research