Market Highlights
The global heart tumor market is expected to register a CAGR of6.31% during the forecast period and is expected to hit USD 1,360.12 million by 2030.
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 tumor75%are benign. Secondary cardiac tumor most frequently develops in people with lung cancer, breast cancer, melanoma, renal cell carcinoma, or lymphoma and are 2030 times more likely than primary cardiac tumor.
The growth of the global heart tumor market is attributed togrowing 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 marketis mainly segmented into tumor type, and diagnosis treatment.On the basis oftumor type, ithas been bifurcated into primary tumors and secondary tumors. On the basis ofdiagnosis treatment, it has been segmented into diagnosis and treatment.
Market Key Players
The global Heart Tumor Market Players 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).
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 1,360.12 million by 2030 at a CAGR of 6.31% during the forecast period.
- Based ontumor 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 areKoninklijke 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).
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