Meticulous Research®, a globally recognized market research firm, has published a new 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 (Hospital, Imaging Center, Pharmaceutical)–Global Forecast to 2031."

According to the report, the Europe cancer diagnostics market is expected to reach $12.21 billion by 2031, growing at a CAGR of 5.6% during the forecast period from 2024 to 2031.

Market Growth Drivers
The growth of the Europe cancer diagnostics market is fueled by several factors, including the rising prevalence of cancer, supportive initiatives for early cancer diagnosis, increasing investments in cancer research, growing awareness about cancer, and advancements in diagnostic technologies. However, the high cost of imaging systems remains a significant barrier to market expansion.

Additionally, initiatives supporting precision diagnostics for cancer present new growth opportunities for market players. On the other hand, challenges such as a lack of skilled professionals and inefficiencies in the national implementation of cancer screening programs continue to impede market growth.

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Market Segmentation Overview
The report segments the Europe cancer diagnostics market by product, cancer type, end user, and geography.
Product Segment:
• In Vitro Diagnostics (IVD): Instruments (PCR, microarray, immunoassay, sequencers), consumables (kits & assays, reagents), software & services.
• Diagnostic Imaging: Instruments (CT, MRI, mammography, ultrasound), consumables (syringes, contrast agents), software & services.
The IVD segment is expected to experience the fastest growth during the forecast period, driven by advancements in IVD technology, the growing demand for precision oncology, declining genome sequencing costs, and supportive regional initiatives. For example, in November 2023, F. Hoffmann-La Roche AG launched the LightCycler PRO System, a next-generation qPCR system aimed at advancing molecular diagnostic testing for cancer and infectious diseases.

Cancer Type Segment:
• Breast Cancer
• Lung Cancer
• Colorectal Cancer
• Prostate Cancer
• Other Cancer Types
In 2024, the breast cancer segment is anticipated to hold the largest share of the Europe cancer diagnostics market. This is due to the increasing incidence of breast cancer, government initiatives promoting breast cancer awareness, and rising healthcare expenditures. For instance, in October 2023, Galderma SA launched a new breast cancer campaign titled ‘Facing Breast Cancer Together’ in collaboration with the National Breast Cancer Foundation (NBCF) to enhance awareness and education.

End User Segment:
• Hospitals & Diagnostic Laboratories
• Diagnostic Imaging Centers
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutes
Hospitals and diagnostic laboratories are expected to dominate the market in 2024, driven by the rising incidence of cancer, the purchasing power of hospitals, the presence of skilled healthcare professionals, and the increasing demand for precision oncology. These facilities are equipped to provide advanced diagnostic and treatment services, supported by better health coverage and the expansion of diagnostic laboratories.

Geographic Analysis
The report provides a comprehensive analysis of major European markets, including Germany, France, the U.K., Italy, Spain, Switzerland, the Netherlands, and the Rest of Europe. In 2024, Germany is expected to account for the largest share of the Europe cancer diagnostics market. The country's dominance is attributed to the high incidence of genetic diseases, awareness about early diagnosis, government support for genetic testing in hereditary cancers, and the presence of major industry players.

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Key Market Players
Leading companies 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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