Global Breast Cancer Diagnostics Industry to Evolve at a Robust CAGR of 7% through 2031: Fact.MR Analysis Prediction
Published : 19 Oct 2021 Industry: Healthcare
Fact.MR, a market research and competitive intelligence provider, recently updated its analysis on the breast cancer diagnostics market which was valued at around US$ 4 Bn in 2020. The latest in-depth analysis suggests that the global market is expected to expand at a robust CAGR of around 7% over the next ten years.
In 2021, WHO stated that, globally, breast cancer is the most common type of cancer, with as much as more than 2.3 Mn new cases being recorded. This increasing instance of breast cancer is largely shaping demand for breast cancer diagnostics. Rising awareness about breast cancer via various government initiatives and various cancer organizations is boosting market growth.
Demand for cost-effective, technologically advanced, efficient, and accurate diagnostic solutions is anticipated to be a major trend in the industry over the decade. Imaging and screening technologies are majorly shaping the diagnostics industry, as their popularity and adoption is increasing. Cost-effective diagnostic solutions in emerging and developing economies such as India and Brazil are anticipated to drive market expansion.
Breast cancer diagnostic 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 Market Study
- Global demand for breast cancer diagnostics to rise at healthy CAGR of nearly 7% over the decade.
- Rising demand for affordable and cost-effective solutions in emerging nations such as India and Brazil expected to drive demand.
- Global breast cancer diagnostics market raked in revenue worth US$ 4 Bn in 2020.
- India and China expected to lead demand for breast cancer diagnostics in Asia Pacific.
- Hospital-associated labs accounted for nearly 50% market share in 2020.
- In terms of revenue, North America held around 45% share of global market in 2020.
“Rising number of active breast cancer cases is a major concern across the globe, and non-existence of early diagnostic solutions is a major factor influencing the landscape,” says a Fact.MR analyst.
Some of the key providers of breast cancer diagnostics, such as Bio-Rad Laboratories Inc., Illumina Inc., Biocept Inc., Epigenomics AG, AstraZeneca plc, Myriad Genetics Inc., and Quest Diagnostics Incorporated. have been profiled in this market study.
- 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.
More Valuable Insights Available
This global breast cancer diagnostics market survey entails detailed assessment while providing data for the historic period (2016-2020) and also predictive insights for the forecast period (2021-2031).
The report defines the market in terms of segments to make it comprehensive and effective. The segmentation is on the basis of test type (CA Test, HER 2, BRCA, CEA, ER & PR, KRAS mutation, PSA, EGFR mutation test, immunohistochemistry, and others) and end user (hospital-associated labs, independent diagnostic laboratories, cancer research institutes, and others), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
Fact.MR’s Domain Knowledge in Healthcare
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare