Breast Cancer Screening Market: Globally Growing Breast Cancer Prevalence
According to The Insight Partners market research study named “Breast cancer screening Market Forecast to 2027 – Covid-19 Impact and Global Analysis by Test Type and End User,” the global breast cancer screening market is expected to reach US$ 6,209.25 Mn in 2027 from US$ 4,638.63 Mn in 2019. The market is estimated to grow at a CAGR of 4.8% from 2020 to 2027.The report mentions trends prevailing in the global breast cancer screening market along with the factors driving or hindering the markets.
Breast cancer is the most common and widely occurring type of cancer among women; it develops in breast tissues, usually in the ducts (tubes that carry milk to the nipple) and lobules (glands that make milk). It can also occur in the fatty tissue or fibrous connective tissue within breasts. Early diagnosis of breast cancer is important as it may prevent the condition from becoming critical and ensure a successful curable treatment. The screening methods for the diagnosis of breast cancer include mammography, magnetic resonance imaging (MRI), ultrasound, and others. The foremost goal of screening is to detect disease at its earliest and most treatable stage. The screening procedures identify the early signs of cancer, even before the symptoms begin to show.
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Breast Cancer Screening Market Competitive Landscape
Leading companies operating in the breast cancer screening market are Koninklijke Philips N.V.,., Hologic, Inc.,., BD, Myriad Genetics, Inc.,, Inc., Siemens Healthineers AG, Exact Sciences Corporation, Oncocyte Corporation, Poc Medical systems, Danaher, and General Electric Company, among others.
These companies are focused on adopting organic strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in June 2017, Siemens Healthineers received Food and Drug Administration (FDA) approval for its product namely syngo.via VB20 which is likely to used for Molecular Imaging (MI). This launch is a new release of the company’s established intelligent visualization software for multi-modality imaging.
Globally Growing Breast Cancer Prevalence
Breast cancer is among the prime causes of deaths in the world, and it is profoundly affecting the quality of life. Thus, it acts as a burden on society if not diagnosed and treated on time. As per the estimations by the American Cancer Society, breast cancer is the most common type of cancer in the US as it caused morbidity in ~234,087 people and lead to 41,904 deaths in 2018. Further, ~276,480 new cases are expected in the country in 2020. As per the Globocan 2019 report, in Germany, the total number of breast cancer cases in 2018 was 71,888, and around the disease lead to ~19,376 deaths in that year. Further, as per the Globocan report, in 2018, there were ~367,900 new cases of breast cancer and 97,972 deaths due to the same in China. In India, NGOs, government agencies, and charity organizations are emphasizing on breast cancer awareness among population to promote early detection, provide comprehensive treatment module, and extend support for breast cancer management. Such initiatives are a result of the increasing prevalence of this type of cancer in the country. As per the Globocan report estimation, in 2018, India reported ~162,468 new breast cancer cases and 87,090 deaths due to the same. Such growing prevalence of breast cancer in different regions around the world is raising the global demand for the screening devices for the same.
The increasing prevalence of breast cancer, growing geriatric population, and rising adoption of technologies in screening are among the major factors driving the growth of the breast cancer screening market. However, challenges associated with the use of imaging test for screening of cancer and high cost of screening procedures are restraining the growth of the market. Further, bassinet on global business due to coronavirus pandemic is likely to have a short-term negative impact on the market growth.
Breast Cancer Screening Market Segmentation Review
The breast cancer screening market, by test type, is segmented into blood marker tests, imaging test, genetic test, and immunohistochemistry test. The imaging test segment held the largest share of the market in 2019; moreover, it is also anticipated to register the highest CAGR of 5.4% during the forecast period. Thus, advancement in technology of the imaging test for screening of breast cancer is leading to boost the growth of imaging test in the breast cancer screening market
Product launches and approvals is a commonly adopted strategy by companies in the breast cancer screening market to expand their footprint worldwide and meet the growing demand by enlarging their product portfolios. They also adopt the strategy of expansion to enlarge customer base across the world, which also permits them to maintain their brand name globally. For instance, in June 2017, Siemens Healthineers received Food and Drug Administration (FDA) approval of product namely syngo.via VB20 which is likely to use for for Molecular Imaging (MI) from Siemens Healthineers — a new release of the company’s established intelligent visualization software for multi-modality imaging.
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