Fact.MR predicts the global sales of breast cancer diagnostics to surpass US$ 7.9 Bn by registering a CAGR of 7% in the forecast period 2022-2032. Demand for cost-effective, technologically advanced, efficient, and accurate diagnostic solutions is anticipated to be a major trend in the industry over the decade.
Historically, from 2017 to 2021, demand for breast cancer diagnostics flourished at a CAGR of 6%. Healthcare infrastructure all over the globe took a hit when coronavirus became a global pandemic in the first quarter of 2020. Every nation had to reassess their healthcare strategies, and this resulted in major reforms all across the globe. With rising prevalence of cancer cases all over the globe, demand from the general population for effective measures to treat and diagnose breast cancer increased, and governments are focusing on extensively providing these solutions in a cost-effective manner.
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Breast cancer diagnostics providers are focusing on developing new instruments and devices that facilitate the early detection of breast cancer, which is vital in combating the disease effectively. Investments in research are also anticipated to see a major increase over the next ten years as focus is on treating and combating breast cancer.
Key Takeaways from the Market Study
- By test type, CEA test expected to hold more than 45% market share for breast cancer diagnostics
- By end user, hospital based labs expected to hold more than 50% market share for breast cancer diagnostics market.
- Breast cancer diagnostics industry expected to possess nearly 45% market share throughout North America.
- Breast cancer diagnostics industry expected to possess nearly 40% market share throughout Asia Pacific.
- Global market for breast cancer diagnostics to reach US$ 4 Bn by the end of 2022
Key Segments Covered in the Breast Cancer Diagnostics Report
- By Test Type
- CA Tests for Breast Cancer
- BRCA Test for Breast Cancer
- ER & PR Test for Breast Cancer
- CEA Test for Breast Cancer
- KRAS Mutation Test for Breast Cancer
- HER 2 Test for Breast Cancer
- PSA Test for Breast Cancer
- EGFR Mutation Test for Breast Cancer
- Immunohistochemistry for Breast Cancer
- By End User
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Cancer Research Institutes
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- Scientists and experts at the RCSI University of Medicine and Health Sciences in Dublin, in a trial funded by Breast Cancer Now, are experimenting on curing secondary breast cancer, which is regarded as incurable as of now. They are studying an existing drug called talazoparib. If the trial is a success, it would change breast cancer treatment radically.
- In October 2021, Allergan Aesthetics started its “The Power of You” campaign, which consists of various events and partnerships in order to create an impact in the fight against breast cancer. The campaign is expected to be carried on into the first quarter of 2022. The campaign is anticipated to help organizations in creating awareness as well as raining funds to fight breast cancer.
Key Companies Profiled
- Bio-Rad Laboratories Inc.
- Illumina Inc.
- Biocept Inc.
- Epigenomics AG
- AstraZeneca plc
- Myriad Genetics Inc.
- Quest Diagnostics Incorporated.
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Demand for breast cancer diagnostics in the U.S. is anticipated to increase at a high CAGR owing to rising cases across the nation. Well-established diagnostic infrastructure, technological advancements, increasing healthcare expenditure, and rising awareness about breast cancer are some of the prime factors that are shaping market growth in the country.
Thus, North America is anticipated to account for more than 45% of global breast cancer diagnostics market share in the forecast period 2022-2032.
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