Precision cancer imaging is a technique which allows an easy detection of cancer even at the early stages. The precise location of the cancer is provided and changes related to cancer in the body are visible through this diagnostic method. Cancer imaging also assesses and delivers detailed information on improvement in the condition during or after cancer therapy. Moreover, it can be used to monitor the disease after treatment to check for any cases of recurrence.
Precision cancer imaging is used for diagnosis of cancer based upon various individual factors such as genetics and environmental conditions of patients. This form of imaging technology enables the detection of almost all types of cancer as well as the various complications that might arise during their treatment.
Cancer is the second leading cause of death worldwide. About 1 out of every 6 deaths occur as a result of cancer. It was accountable for approximately 9.6 million deaths in 2018 as suggested by the World Health Organization.
Precision cancer imaging provides accurate information about presence of cancerous tissue in the body. Growth and development of tumor can be viewed and tracked by the method, making it essential for diagnosis and regular check-ups related to cancer.
The precision cancer imaging market is anticipated to record a significant CAGR over the forecast period i.e. 2019-2027. The market is segmented by imaging technique, by end user and by region, out of which, the end user segment is further segmented into hospitals, clinics, diagnostic & imaging centers and others. On the basis of end user, the hospitals segment is anticipated to hold the largest share in the precision cancer imaging market and grow at the highest rate during the forecast period on account of increasing cases of cancer across the world. The rising demand for better diagnostic tests and procedures for cancer treatment in hospitals is estimated to increase the market share of this segment.
Rising geriatric population is another factor anticipated to contribute towards the growth of market during the forecast period. According to the American Cancer Society, the prevalence of cancer is estimated to increase among people aged 85 and older, which is estimated to account for 17% of the total cancer deaths in the United States in 2019.
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The precision cancer imaging technology enables detection of cancer in its early stages, making it easier to treat the condition along with preventing any future growth after treatment. This is one of the major factors supporting the market growth. Additionally, regular follow-ups after the treatment using imaging techniques keeps a check on recurrence of any abnormal growth in the body. Increasing demand for new and improved imaging technologies which provide faster results with higher accuracy is anticipated to lead to the growth of precision cancer imaging market.
Precision cancer imaging is a non-invasive procedure, which means that it does not require introduction of any medical device inside the body for diagnosis. This is highly desirable for patients, especially the elder population, and thus it is a significant factor that is estimated to be responsible for driving the market growth during the forecast period.
The high cost of majority of imaging techniques is negatively affecting the growth of precision cancer imaging market. According to W.H.O., around 70% deaths from cancer occur in middle and low income countries. A majority of people requiring diagnosis of cancer through imaging cannot afford it and therefore the monetary constraint is estimated to become a major restraint to the growth of the market during the forecast period.
Our in-depth analysis of the precision cancer imaging market includes the following segments:
On the basis of regional analysis, the precision cancer imaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Data presented by W.H.O. states that diagnostic and treatment services for cancer were present in more than 90% of high income countries, while less than 30% of low income countries had such facilities in 2017. This suggests that the market in developed regions such as North America is estimated to hold the largest share in precision cancer imaging market during the forecast period on account of increased availability of advanced imaging techniques for cancer in this region. This advancement can be attributed to the growing developments in healthcare devices sector in the region.
Precision cancer imaging market in Asia-Pacific region is anticipated to witness the highest growth rate during the forecast period as a result of increasing population and growing prevalence of cancer in the region. Growing advancements in healthcare sector is an additional factor responsible for driving the market growth in the region, mainly in countries such as China and India.
The precision cancer imaging market is further classified on the basis of region as follows:
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