Rising number of cancer research & funding, and increasing number of strategic initiatives are likely boost the growth of the global heart tumor market at a CAGR of 6.04% during the forecast period of 2024 to 2032.
Heart Tumor Market Size to Reach USD 1.73 billion at 6.04% CAGR by 2032| MRFR
Market Research Future (MRFR) has published a cooked research report on the “Global Heart Tumor Market” that contains the information from 2024 to 2032.
Market Highlights
The global heart tumor market is expected to register a CAGR of 6.04% during the forecast period and is expected to hit USD 1.73 billion by 2032.
An abnormal growth of heart tissue is referred to as a cardiac tumor, which can be either cancerous (malignant) or non-cancerous. Cardiac Tumor can also be categorized as primary (coming from the heart itself) or secondary. Primary cardiac tumor is extremely uncommon, affecting just around 1 in 3000 people. The majority of initial heart tumor—75%—are benign. Secondary cardiac tumor most frequently develops in people with lung cancer, breast cancer, melanoma, renal cell carcinoma, or lymphoma and are 20–30 times more likely than primary cardiac tumor.
The growth of the global heart tumor market is attributed to growing prevalence of cardiac tumors and rising number of strategic initiatives and increasing number of cancer research and funding. Furthermore, the increasing initiatives by public and private organizations to drive awareness regarding heart tumor provides growth opportunities for the market during the future. However, lack of skilled radiologists and lack of awareness among people are restraining factor for market growth.
Segment Analysis
The global heart tumor market is mainly segmented into tumor type, and diagnosis & treatment. On the basis of tumor type, it has been bifurcated into primary tumors and secondary tumors. On the basis of diagnosis & treatment, it has been segmented into diagnosis and treatment.
Market Key Players
MRFR recognizes the following companies as the key players in the global Heart Tumor Market— Koninklijke Philips N.V (The Netherlands), FUJIFILM Corporation (Japan), GE Healthcare (US), Siemens (Germany) Amneal Pharmaceuticals llc (US), Shimadzu Corporation (Japan), TomTec Imaging Systems GmbH (Germany), Toshiba Corporation (Japan), Boston Scientific Corporation (US), and Terumo cardiovascular systems corporation (US).
Explore In-depth Market Details [Table of Content, List of Figures, List of Tables] of Heart Tumor Market Research Report
Regional Analysis
The global heart tumor market has been segmented on the basis of region into the North America, Europe, Asia-Pacific, and the Rest of the World. The North America held the largest market share of 40.72% based on region and is anticipated to dominate the overall heart tumor market during the forecast period.
North America held the largest market share in 2021. This is due to factors such as the major use of cardiac biopsies and high prevalence of PCTs in the region,
Europe held a second largest share in the global heart tumor market owing to the presence of several major players such as Siemens AG (Germany), Philips (Netherlands), and Bayer AG (Germany) drives the market in the region.
Asia-Pacific is anticipated to register the highest CAGR of 8.06% over the forecast period. This is due to factors like presence off several key companies and they are actively investing and expanding through acquisitions, mergers, expansion, and product launches in the region.
The Rest of the World (ROW) comprises of Middle East, Africa, and Latin America. The countries in these regions have experienced slower growth in this market due to a lack of medical facilities, awareness of tumor diagnosis, and limited access to diagnostic technology. However, increasing prevalence of cancer in the region and increasing awareness for regular health check-up is anticipated to provide significant growth opportunities for the heart tumor market.
Key Findings of the Study
- The global heart tumor market is expected to reach USD 1.73 billion by 2032 at a CAGR of 6.04% during the forecast period.
- Based on tumor type, the secondary tumor segment accounted for the largest market share of 76.61% % in 2021.
- Based on diagnosis & treatment, the treatment segment dominated the market with a share of 61.80% in 2021.
- The North America region accounted for the largest share of the global market, which is majorly attributed to the major use of cardiac biopsies and high prevalence of PCTs in North America.
- Some of the key players operating in the heart tumor market are Koninklijke Philips N.V (The Netherlands), FUJIFILM Corporation (Japan), GE Healthcare (US), Siemens (Germany), Amneal Pharmaceuticals llc (US), Shimadzu Corporation (Japan), TomTec Imaging Systems GmbH (Germany), Toshiba Corporation (Japan), Boston Scientific Corporation (US), and Terumo cardiovascular systems corporation (US).