Breast Cancer Diagnostics Market Sales Set to grow by 4.7% to surpass US$ 2000 Mn by 2022-end: Fact.MR

Leading players are focusing on developing and using hybrid imaging instruments to offer enhanced accuracy for the early detection of cancer

Leading players are focusing on developing and using hybrid imaging instruments to offer enhanced accuracy for the early detection of cancer

Fact.MR, New York: Award winning market research company Fact.MR has conducted a research study on the global breast cancer diagnostics market for the forecast period of 2021 to 2031. As per its analysis, the market is expected to register a moderate growth, primarily underpinned by the growing cases of breast cancer. Growth prospects for the upcoming decade are also positive, as the market is forecast to register 4.7% CAGR through 2021 and beyond.

According to Fact.MR, the market is poised to benefit immensely on the back of technological advancement in the diagnostic platforms. Introduction of hybrid imaging instruments and the adoption of artificial intelligence in the field is expected to yield positive response for the breast cancer diagnostics market. Furthermore, increasing cases of breast cancer among older female population is augmenting the market growth.

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According to U.S. breast cancer statistics for 2021, an estimated 281,500 new cases of invasive breast cancer are expected to be diagnosed in the women within United States, along with 49,290 new cases of non-invasive breast cancer. Additionally, around 3.8 million women were recorded with the history of breast cancer in January 2021. Hence, with rising burden of these new cases, the market is expected to register a steady growth through 2021 and beyond.

“With the number of breast cancer cases rising, requirement for accurate and efficient early diagnosis imaging devices is expected to drive the breast cancer diagnostics market over the upcoming decade,” says the Fact.MR analyst.

Key Takeaways

  • BRCA test type is expected to remain dominant in the market throughout the forecast period
  • CA test type is expected to witness highest growth by 2022-end, followed by ER & PR test
  • In terms of end-user, hospital associated labs will remain the largest end-users through 2021
  • HER 2 is anticipated to be the second largest segment among the test type
  • United States is expected to be one of the most lucrative market backed by the increased cases of breast cancer in the country
  • Advancement in technology and development of imaging diagnostic cost-effective centers in countries such as India, China and Brazil will propel the demand

Prominent Drivers

  • Rising incidence of breast cancer and growth in the number of diagnostic cancers will propel the market growth
  • Growing focus on personalized medicine coupled with the adoption of artificial intelligence for the imaging devices will be a strong driving factor
  • Increasing preference for non-invasive procedures and availability for funding of liquid biopsy are some of the factors accelerating the growth

Key Restraints

  • High investments and low cost benefit ratio for biomarkers will likely act as restraint for the breast cancer diagnostics market
  • High cost of diagnostic imaging systems is expected to hamper the demand
  • Inadequate infrastructure and low awareness in the low-income economies is likely to be a challenge for the market players
  • Dearth of skilled professionals and increased adoption of refurbished diagnostic imaging systems will restrict the growth

Discover more about the breast cancer diagnostics market with 69 figures, 185 data tables and the table of contents.

Competitive Landscape

Key players operating in the breast cancer diagnostics market profiled by Fact.MR includes Abbott Laboratories, Roche Holding AG, Thermo Fischer Scientific Inc., GE Healthcare, Siemens AG, Bio-Rad Laboratories Inc., Illumina Inc., Biocept Inc., Epigenomics AG, Astra Zeneca PLC, Myriad Genetics Inc. and Quest Diagnostics Incorporated.

On February 22nd 2021, Medifirst Solutions Inc., announced a clinical study for a breast cancer medical device for real-time margin detection to provide direct support during lumpectomy cancer surgery.

Also, in March 2021, Celcuity Inc., a clinical storage biotechnology company announced the breast cancer clinical trial collaboration with MD Anderson, Novartis, and Puma Biotechnology to identify new targeted therapeutic options for cancer patients through new drug study regimen.

Furthermore, Koios Medical Inc., a fast-growing developer of artificial intelligence software for physicians announced the CE Mark approval and European Market Launch on 16th March 2021, for breast cancer detection AI software.

More Insights on the Breast cancer diagnostics Market

In its latest study, Fact.MR offers an unbiased analysis on global breast cancer diagnostics market for the upcoming decade. The study gives detailed insights on the major trends and growth opportunities that the market is expected to witness over the forecast period of 2021 to 2031. To get a better hindsight, the market is segmented on the basis of test type (BRCA, ER & PR, CEA, KRAS Mutation, HER 2, PSA, CA Test, EGFR Mutation Test, Immunohistochemistry, and others), end-user (hospital associated labs, independent diagnostic laboratories, cancer research institutes and others), and across major regions (North America, Latin America, Europe, Asia Pacific excluding Japan, Japan and Middle East & Africa).

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Source: Fact.MR