Breast Cancer Diagnostics Market to Drive Growth 7.3% by 2030

According to industry experts, the global breast cancer diagnostics market is projected to register a CAGR of 7.3% from 2021 to 2030and to reach valuation of US$ 7.1 Bn by the end of 2030.

As per the American Cancer Society, 281,550 new instances of breast cancer were detected in 2021, with approximately 49,290 fatalities projected in the U.S. alone. According to the World Health Organization, breast cancer was the most frequent cancer worldwide in 2021, with 2.3 million new and latest cases. Thus, the growing prevalence of breast cancer is driving the growth of global breast cancer diagnostics market.

In addition, the surge in demand for technologically cutting-edge products is contributing towards the breast cancer diagnostics market growth. For example, 23andMe’s first direct to consumer test for BRCA testing was approved by the Food and Drug Administration in 2018. It’s one of the first direct to consumer testing for BRCA gene abnormalities, which raise the risk of breast cancer. As a result, the expansion of global breast cancer diagnostics market is expected in coming years.

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Regional Snapshot

North America is the largest segment for breast cancer diagnostics market in terms of region.The U.S. is dominating the breast cancer diagnostics market in the North America region. The growth of breast cancer diagnostics market in North America is being driven by technological developments, existence of major market players, and favorable government policies.

Asia-Pacific region is the fastest growing region in the breast cancer diagnostics market. China holds the highest market share in the Asia-Pacificbreast cancer diagnostics market. The breast cancer diagnostics market in Asia-Pacific region is growing due to the favorable reimbursement policies and expansion of healthcare industry.

Market Dynamics

Drivers

Technological developments

The market players are adopting innovative and latest technologies such as artificial intelligence, blockchain, and internet of things for the breast cancer diagnostics and treatment. These technologies are increasing efficiency and effectiveness of treatment. Thus, technological developments are driving the growth of global breast cancer diagnostics market.

Restraints

Risk related with high radiation exposure affecting use of CT scanner

The diagnostics CT treatments usually produce effective dosages of 1 to 10 mSv. This band is similar to the modest dosages of 5 to 20 mSv. These radiations have adverse effects on the health and body of breast cancer patients. As a result, risk related with high radiation exposure affecting use of CT scanner is restricting the breast cancer diagnostics market growth.

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Opportunities

Growing prevalence of breast cancer

According to Cancer.net, breast cancer in women has now exceeded lung cancer as the most frequent diagnosed cancer globally. In 2020, the projected 2,261,419 new cases in female would be diagnosed over the world. Breast cancer is diagnosed in more women in the U.S. than any other type of cancer except skin cancer. Every year, 1 in 3 new female malignancies are caused by this condition. Thus, growing prevalence of breast cancer is contributing towards the expansion of global breast cancer diagnostics market.

Challenges

High cost of diagnostic imaging system

The growing number of breast cancer patients is emphasizing the importance of breast cancer treatment and diagnostics. The cost of diagnostic imaging system is increasing due to technological advancements and adoption of innovative technologies. Thus, high cost of diagnostic imaging system is a major challenge for the growth of global breast cancer diagnostics market.

Report Highlights

• On the basis of product, instrument-based products segment holds the largest market share in the global breast cancer diagnostics market. The growing awareness about breast cancer is driving the growth of the segment. In addition, the government is taking constant initiatives for creating awareness among the people.

• On the basis of type, imaging segment holds the largest market share in the global breast cancer diagnostics market. The imaging is considered as best type for the treatment and diagnostics of breast cancer. Various imaging techniques are used for breast cancer diagnostics such as molecular breast imaging and tomosynthesis.

• On the basis of application, diagnostics and predictive segment holds the largest market share in the global breast cancer diagnostics market. The growing trend of genetic testing is supporting the growth of diagnostics and predictive segment. According to a report, over 25% of women received cancer genetic testing in 2019. Thus, the segment expansion is expected in near future.

• On the basis of end use, hospitals and clinics segment holds the largest market share in the global breast cancer diagnostics market. The segment is growing due to the growing prevalence of breast cancer globally. In addition, the growing hospital visits is also driving the segment growth.

Recent Developments

• In October 2021, Capital Blue Cross and WellSpan Health collaborated to introduce a movable mammography motor coach to raise breast cancer awareness, as part of their mission to improve breast cancer screening across 5 nations.
• Hologic Inc. purchased Biotheranostics and SOMATEX Medical Technologies GmbH in January 2021. The firm was able to broaden its breast health product line and boost its position in the breast cancer diagnostics market by acquiring these organizations.

Some of the key players in the breast cancer diagnostics market include:

• Genomic Health
• NanoString Technologies Inc.
• Paragon Biosciences LLC
• Devicor Medical Products Inc.
• AstraZeneca
• Quest Diagnostics Incorporated
• Koninklijke Philips N.V.
• Siemens AG
• Biocept Inc.
• Epigenomics Inc.

Market Segmentations:

By Type

• Imaging
• Biopsy
• Genomic Tests
• Blood Tests
• Others

By Product

• Platform-based Products
• Instrument-based Products

By Application

• Screening
• Diagnostic and Predictive
• Prognostic
• Others

By End Use

• Hospitals & Clinics
• Diagnostic Centers& Medical Laboratories
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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