Meticulous Research®, a leading global market research firm, has unveiled its latest 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 (Hospitals, Imaging Centers, Pharmaceutical) – Global Forecast to 2031.”

The report projects that the Europe cancer diagnostics market will achieve $12.21 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2024 to 2031. This growth is attributed to the increasing incidence of cancer, supportive early diagnosis initiatives, rising investments in cancer research, enhanced awareness, and advancements in diagnostic technologies. Additionally, advancements in diagnostic technologies are fueling market growth.

However, the high cost of imaging systems presents a challenge to market expansion. Conversely, the high cost of imaging systems and a shortage of skilled professionals, combined with inconsistencies in cancer screening program implementation, are significant hurdles.

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Market Segmentation and Insights
The Europe cancer diagnostics market is categorized by product type, cancer type, end user, and geography:
Product Types:
o In Vitro Diagnostics (IVD): Includes instruments (PCR, microarray, immunoassay, sequencers), consumables (kits & assays, reagents), and software & services.
o Diagnostic Imaging: Encompasses instruments (CT, MRI, mammography, ultrasound), consumables (syringes, contrast agents), and software & services.
The IVD segment is anticipated to grow at the highest CAGR during 2024-2031, driven by advancements in technology, increasing demand for precision oncology, declining genome sequencing costs, and supportive regional initiatives. For example, F. Hoffmann-La Roche AG introduced the LightCycler PRO System in November 2023 to enhance molecular diagnostic testing.

Cancer Types:
o Breast Cancer
o Lung Cancer
o Colorectal Cancer
o Prostate Cancer
o Other Cancer Types
The breast cancer segment is expected to hold the largest market share in 2024, supported by the rising incidence of breast cancer, government awareness initiatives, and increased healthcare spending. Notably, Galderma SA launched the ‘Facing Breast Cancer Together’ campaign in October 2023, in collaboration with the National Breast Cancer Foundation (NBCF), to promote breast cancer awareness.

End Users:
o Hospitals & Diagnostic Laboratories
o Diagnostic Imaging Centers
o Pharmaceutical & Biotechnology Companies
o Academic & Research Institutes
Hospitals and diagnostic laboratories are projected to dominate the market in 2024, driven by factors such as increased cancer cases, higher purchasing power, well-equipped facilities, and expanding diagnostic capabilities.

Geographic Analysis
The report provides a detailed analysis of key 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, thanks to a high prevalence of genetic diseases, enhanced early diagnosis initiatives, government support for genetic testing, and the presence of leading market players.
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Key Market Players
The prominent 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), Hologic, Inc. (U.S.).

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