The global cancer imaging systems market is projected to be worth USD 12.24 Billion by 2027, according to a current analysis by Emergen Research. The cancer imaging systems market is expected to grow at a CAGR of 5.2% from 2020 to 2027. The increasing number of cancer cases, technological advancements in the field, and rising awareness are the primary drivers of market growth.
Cancer imaging helps in early detection of cancer, which is crucial for treatment and survival. Technological advancements have resulted in the development of more sensitive and specific imaging modalities, which has increased the accuracy of cancer diagnosis. For instance, PET/CT scans are considered to be more accurate than CT scans for detecting small lesions. Similarly, MRI is considered to be more effective than ultrasound for detecting brain tumors.
The rising incidence of cancer is one of the major drivers of market growth. According to the World Health Organization (WHO), the global incidence of cancer is expected to increase by about 70% over the next two decades. The main reasons for this increase are the aging population and the changing lifestyle patterns. The WHO estimates that approximately 14 million new cancer cases were diagnosed in 2012 and that this number is expected to increase to 24 million by 2035.
The increasing awareness about cancer and the availability of early detection and treatment options are also driving the growth of the cancer imaging systems market. In addition, the government support in terms of funding and initiatives is expected to contribute to market growth. For instance, the National Cancer Institute (NCI) in the U.S. provides funds for cancer research, which has resulted in the development of new imaging modalities and therapies.
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Growing technological advancements in the field of medical imaging and rising awareness among people regarding early diagnosis of cancer are the major factors driving the growth of the global cancer imaging systems market. Also, increasing investments, government initiatives, and favorable reimbursement policies are fuelling the market growth. However, the high cost of imaging modalities and the lack of trained personnel are expected to restraint market growth to a certain extent.
Some Key Highlights from the Report
- Top players are focusing on various strategies such as product launches, partnerships, collaborations, and mergers and acquisitions to stay competitive in the market. For instance, in 2020, Philips announced the launch of its new ultrasound system Ingenia Elition 3.0T, which provides clinicians with high-quality images for cancer detection.
- In 2021, Fonar Corporation (US) announced the opening of its new facility, The National Pediatric Imaging Research and Innovation Center in Florida, US. The new center will focus on developing and evaluating imaging technologies for children with cancer.
- In 2021, Siemens Healthineers (Germany) announced the launch of its new ultrasound system ACUSON Sequoia E, which is designed for cancer detection.
- In2022, Koninklijke Philips N.V. (Netherlands) announced the launch of its new MRI system Ingenia Elition 3.0T, which is designed to provide clinicians with high-quality images for cancer detection.
- On the basis of modality, the market is segmented into X-ray/computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, positron emission tomography (PET), and computed tomography angiography (CTA). The X-ray/CT segment is expected to hold the largest market share over the forecast period. This is attributed to the wide availability of this modality and its relatively lower cost as compared to other modalities.
- On the basis of application, the market is segmented into brain cancer, breast cancer, colorectal cancer, lung cancer, prostate cancer, and others. The brain cancer segment is expected to grow at the fastest CAGR over the forecast period. This is due to the increasing incidence of brain cancer and the lack of effective treatment options.
- On the basis of end-user, the market is segmented into hospitals, diagnostic centers, and others. The hospitals segment is expected to hold the largest market share over the forecast period. This is attributed to the increasing number of cancer cases and the availability of sophisticated imaging modalities in hospitals.
- On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest market share over the forecast period due to the availability of sophisticated imaging modalities, the presence of major market players, and the increasing number of cancer cases.
- Europe is expected to be the second-largest market over the forecast period. This is attributed to the government initiatives for cancer awareness and treatment, the presence of leading market players, and the availability of reimbursement policies.
- Key participants include GE Healthcare, Hitachi Medical, Becton, Dickinson, and Company, Thermo Fisher Scientific Inc., CR Bard Inc., Agilent Technologies, Abbott, Illumina Inc., Roche, and Philips Healthcare, among others.
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Emergen Research has segmented the global cancer imaging systems market on the basis of imaging systems, application, end-users, and region:
Imaging Systems Outlook (Revenue, USD Billion; 2017-2027)
- Mammography
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Positron Emission Tomography (PET)
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- Melanoma
- Others
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Diagnostic Centers
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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