by The global breast cancer diagnostics market is on an upward trajectory, with forecasts suggesting it will reach an impressive revenue milestone of approximately US$10 billion by the end of 2030, according to a recent report by Fairfield Market Research. The growth of this market is underpinned by several key factors, including the rising prevalence of breast cancer, technological advancements in diagnostics, and significant efforts to promote early detection and screening initiatives.
Driving Factors
Rising Breast Cancer Cases: The global breast cancer diagnostics market is primarily driven by the increasing incidence of breast cancer. Factors such as an aging population, lifestyle changes, and hormonal influences have contributed to the rise in breast cancer cases. Early diagnosis, emphasized by government-led screening programs, has played a pivotal role in the early detection of breast cancer. Moreover, advancements in breast cancer diagnostic technologies have substantially improved the accuracy and efficiency of detection.
Cutting-edge Diagnostics and Therapeutics: Technological advancements in breast cancer diagnostics have led to the development of more accurate and efficient diagnostic tools, including digital mammography, molecular imaging techniques, and breast magnetic resonance imaging (MRI). These advanced diagnostics have also paved the way for targeted therapies, enhancing treatment efficacy while minimizing side effects.
Key Segments
Instrument-based Products Surge Ahead: Instrument-based products are projected to dominate the market, primarily due to the essential role of biopsy procedures in confirming breast cancer diagnoses. However, platform-based products are expected to be the fastest-growing segment, driven by the demand for such products in targeted therapy applications.
Imaging Takes the Lead: Among various diagnostic types, the imaging segment is poised to capture the largest market share. Factors such as accessibility to diagnostic imaging services and increased effectiveness are driving the growth of this segment. On the other hand, blood tests, especially liquid biopsy tests, are anticipated to be the fastest-growing segment due to their excellent efficacy.
Hospitals and Clinics Lead in End-use: Hospitals and clinics are emerging as a lucrative end-use segment, driven by a surge in patient hospitalizations and the rising disease burden. Diagnostic centers and medical laboratories are also expected to witness growth, driven by government initiatives to expand diagnostic test reimbursement.
Challenges
Lack of Diagnostic Infrastructure: While breast cancer screening is vital for early detection, it requires proper infrastructure, resources, and coordination. The lack of such systems, particularly in rural or developing regions, poses a significant challenge to the growth of the breast cancer diagnostics market.
Regional Overview
North America Leads: North America is expected to maintain its dominance in the global breast cancer diagnostics market, thanks to the presence of prominent players, rapid technological advancements, increased patient awareness, and a well-established diagnostic and screening infrastructure.
Asia Pacific Rising: The breast cancer diagnostics market in Asia Pacific is projected to experience the fastest growth over the forecast period. Factors such as the increasing incidence of breast cancer, improved diagnostic procedures, expanding healthcare infrastructure, and growing reimbursement guidelines contribute to this growth.
Key Industry Participants
Major players catalyzing the growth of the global breast cancer diagnostics market include NanoString Technologies Inc., Genomic Health, Paragon Biosciences LLC, Devicor Medical Products Inc., AstraZeneca, Quest Diagnostics Incorporated, Koninklijke Philips N.V., Siemens AG, Biocept Inc., and Epigenomics Inc.
Recent Notable Developments
- In November 2022, Koninklijke Philips N.V. unveiled a cutting-edge compact portable ultrasound solution, making high-quality diagnostic imaging more accessible to a broad range of patients.
- In November 2022, Siemens Healthineers and Atrium Health announced a multi-year value partnership, with Atrium Health investing approximately $140 million in advanced imaging technology and radiation oncology equipment from Siemens Healthineers.
The global breast cancer diagnostics market is poised for significant growth, driven by innovation, technological advancements, and a growing commitment to early detection and treatment. With a focus on improving diagnostic accuracy and patient outcomes, this market is set to play a crucial role in the fight against breast cancer.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/breast-cancer-diagnostics-market
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COMTEX_441833687/2840/2023-10-13T06:23:42
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.