The global breast cancer diagnostics market is expected to reach USD 8.4 billion by 2026, expanding at a 7.7.% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Factors such as growing incidence of breast cancer and increasing healthcare spending and research activities are projected to drive the growth.
Breast cancer is the leading cause of cancer-related death among women and is the most common type of cancer overall. As per the World Cancer Research Fund (WCRF) International, around 2 million new breast cancer cases were recorded globally in 2018. According to Breastcancer.org, in U.S., around one in every women will be diagnosed with invasive breast cancer during her lifetime. It is projected that around 268,600 new cases of invasive breast cancer will be detected in U.S., in 2019.
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Healthcare organizations and governments are striving to raise awareness regarding early diagnosis of the disease, through various independent and collaborative initiatives. Furthermore, research entities, along with private and public organizations, are heavily investing in research projects to develop advanced breast cancer diagnostics, which can diagnose the disease even before the symptoms appear.
Based on type, the imaging segment accounted for the largest share of the breast cancer diagnostics market in 2018 due to the increasing prevalence of the disease. Availability of various imaging methods such as breast MRI, ultrasonography, diagnostic mammography, and screening mammography is anticipated to bode well for the growth. These tests enable quick and accurate diagnosis. In addition, owing to the new technologically advanced techniques such as contrast-enhanced digital mammography, the segment is expected to maintain its dominance over the forecast period. The new techniques can detect the disease a little earlier by revealing growth of the blood vessels related to the tumor.
Further key findings from the report suggest:
• The blood test is expected to be the fastest growing segment over the forecast period owing to the launch of new blood tests. For instance, The Heidelberg University Hospital in Germany introduced a test that can detect breast tumor quickly and noninvasively using biomarkers in the blood
• North America was the largest revenue generating region in 2018 followed by Europe. High R&D activities, well-established diagnostic infrastructure, patient awareness, and presence of key players are some of the factor attributed to their continued dominance
• Asia Pacific is expected to witness the fastest CAGR during the forecast period owing to the presence of large population base, target population, and high unmet clinical needs
• Few major players operating in the breast cancer diagnostics market are Myriad Genetics, Inc.; Genomic Health; Hologic Inc.; NanoString Technologies, Inc.; Danaher; Koninklijke Philips N.V.; Becton, Dickinson and Company; Devicor Medical Products Inc.; and C.R. Bard, Inc.
• The key players are adopting different strategies such as product development, collaborations, and geographic expansion to increase their market share.
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Grand View Research has segmented the global breast cancer diagnostics market based on type and region:
Breast Cancer Diagnostics Type Outlook (Revenue, USD Million, 2015 - 2026)
• Imaging
• Biopsy
• Genomic Tests
• Blood Tests
• Others
Breast Cancer Diagnostics Regional Outlook (Revenue, USD Million, 2015 - 2026)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Spain
o Italy
• Asia Pacific
o Japan
o China
o India
o South Korea
o Australia
• Latin America
o Brazil
o Mexico
o Colombia
o Chile
o Argentina
• MEA
o South Africa
o Saudi Arabia
o UAE
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.