Meticulous Research®, a global leader in market research, has released a comprehensive report titled “Europe Cancer Diagnostics Market by Product (IVD [Microarray, Immunoassay, PCR, Sequencing], Imaging [CT, MRI, Mammography, Ultrasound]), Cancer Type (Breast, Lung, Colon, Prostate), End User (Hospitals, Imaging Centers, Pharmaceuticals) – Global Forecast to 2031.”

The report forecasts that the Europe cancer diagnostics market will reach $12.21 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

Market Drivers and Restraints
The expansion of the Europe cancer diagnostics market is primarily driven by the increasing incidence of cancer, supportive initiatives for early diagnosis, rising investments in cancer research, growing public awareness, and technological advancements in diagnostics. However, the high cost of imaging systems poses a significant challenge to market growth.

Furthermore, the push towards precision diagnostics for cancer is anticipated to create new growth opportunities for market participants. Nonetheless, the shortage of skilled professionals and challenges in the national implementation of cancer screening programs are major obstacles that need to be addressed.

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Market Segmentation
The Europe cancer diagnostics market is segmented by product type, cancer type, end user, and geography.
Product Segment:
• In Vitro Diagnostics (IVD): Comprising instruments (PCR, microarray, immunoassay, sequencers), consumables (kits & assays, reagents), and software & services.
• Diagnostic Imaging: Covering instruments (CT, MRI, mammography, ultrasound), consumables (syringes, contrast agents), and software & services.
The IVD segment is expected to experience the highest growth rate during the forecast period, driven by advancements in technology, the increasing demand for precision oncology, decreasing costs of genome sequencing, and supportive regional initiatives. For instance, F. Hoffmann-La Roche AG launched the LightCycler PRO System in November 2023, enhancing molecular diagnostic testing for cancer and infectious diseases.

Cancer Type Segment:
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Other Cancer Types
The breast cancer segment is projected to hold the largest market share in 2024, supported by rising breast cancer cases, government awareness initiatives, and increased healthcare expenditure. Campaigns like Galderma SA’s ‘Facing Breast Cancer Together,’ launched in partnership with the National Breast Cancer Foundation in October 2023, exemplify efforts to promote awareness and education.

End User Segment:
• Hospitals & Diagnostic Laboratories
• Diagnostic Imaging Centers
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutes
Hospitals and diagnostic laboratories are anticipated to dominate the market in 2024, driven by factors such as the rising number of cancer cases, higher purchasing power, well-equipped facilities, skilled healthcare professionals, and better insurance coverage for hospital-based services. The growing demand for precision oncology further supports this segment's growth.

Geographic Insights
The report provides an in-depth analysis of major European regions, including Germany, France, the U.K., Italy, Spain, Switzerland, the Netherlands, and the Rest of Europe. Germany is expected to lead the market in 2024, owing to the high prevalence of genetic diseases, heightened awareness of early diagnosis, government support for genetic testing in hereditary cancers, and the presence of key industry players.
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Key Industry Players
The major players in the Europe cancer diagnostics market include 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 (Japan), and Hologic, Inc. (U.S.).

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