Market Trends of Tumor Tracking Systems Industry
This section covers the major market trends shaping the Tumor Tracking Systems Market according to our research experts:
Breast Cancer Holds Significant Share in the Global Tumor Tracking Systems Market
For instance, according to the January 2022 update by breastcancer.org, around 1 in 8 women in the United States (about 13%) develop invasive breast cancer over their lifetime. Also, according to Cancer Facts & Figures 2023, an estimated 300,590 new cases of breast cancer are expected to be diagnosed in the United States in 2023. Also, according to the Canadian Cancer Society update, in May 2022, 28,600 Canadian women were diagnosed with breast cancer, representing 25% of all new cancer cases in women in 2022. Thus, with an increase in cancer cases such as breast cancer, the demand for its treatment increase, driving the growth of the segment.
Moreover, market players focus on growth strategies such as new product launches, partnerships, mergers, and acquisitions, which drive the segment's growth over the forecast period. For instance, in October 2021, C-RAD AB partnered with Accuray Incorporated to enhance the Accuray Radixact System's ability to treat breast cancer. The companies will partner to provide customers with a solution for deep inspiration breath hold (DIBH) using the C-RAD Catalyst+ HD and Radixact System. Such initiatives undertaken are expected to contribute to the growth of the segment.
Thus, the segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Show a Significant Share of the Market Over the Forecast Period
North America is expected to show significant growth over the forecast period due to factors such as an increase in the number of cancer cases. For instance, according to the American Cancer Society, in 2022, an estimated 268,490 new prostate cancer cases were identified in the United States. Such an increase in the prevalence of cancer is estimated to boost the demand for cancer treatment, ultimately driving the market's growth in the region.
Additionally, according to the Canadian Cancer Statistics update, in December 2022, it is estimated that 233,900 people were diagnosed with cancer in 2022. 1 in 24 people in Canada was diagnosed with cancer within the previous 25 years. Further, according to the Cancer Statistics Center, in 2023, the estimated number of new cancer cases is 11,280 in the United States. Thus, as cancer cases increase the demand for cancer treatment and tracking increases, thereby driving the growth of the market.
Moreover, market players focus on growth strategies such as new product approval, launches, partnerships, mergers, and acquisitions, which are driving the growth of the segment over the forecast period. For instance, in February 2023, RefleXion Medical received the U.S. FDA grant for the marketing clearance for its SCINTIX biology-guided radiotherapy, a cutting-edge treatment applicable for early and late-stage cancers. Such development is expected to drive the growth of the regional market
Thus, all the aforementioned factors are expected to drive market growth in the North American region over the forecast period.
