Breast Cancer Diagnostics Market Share, Growth Forecast by Regions and Applications to 2028

Posted on 2022-09-21 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Sept 21, 2022 — /EPR Network/ —

Breast Cancer Diagnostics Industry Overview

The global breast cancer diagnostics market size was valued at USD 3.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028.

The growth can be attributed to the increasing prevalence of cancer and rising government initiatives to increase the screening and diagnostic rate. The increasing incidence of breast cancer is expected to drive the market for breast cancer diagnostics. According to the American Cancer Society, in 2021, 281,550 new cases of breast cancer are estimated to be diagnosed, and around 49,290 related deaths are expected to occur in the U.S. alone. As per the WHO, in 2021, breast cancer is the most common type of cancer at a global level, with new cases surpassing 2.3 million.

Growing demand for technologically advanced products that can enable better accuracy, speed, and cost-effectiveness is likely to be the dominant growth factor over the forecast period. For instance, the introduction of Direct-To-Consumer (DTC) testing in the field of cancer diagnostics. The first DTC test, introduced in 2018 by 23andMe, received the U.S. FDA approval for BRCA testing. It is one of the first DTC tests for the BRCA gene mutations that increase the risk of breast and ovarian cancers.

Gather more insights about the market drivers, restrains and growth of the Global Breast Cancer Diagnostics market

Besides, the increasing reimbursement and insurance coverage are expected to increase the adoption of testing. Different tests are being approved by government agencies for nationwide reimbursement. Medicaid, Medicare, and third-party payer benefit plans in the U.S. cover the cost of genetic testing. Genetic tests, such as BRCA1 and BRCA2, are reimbursed by most health plans for individuals with a family history of cancer, which has led to an increase in the number of tests being carried out.

Early detection is a key to the effective management of the disease. It can result in improved quality of life, provide several treatment options, and increase survival rates. According to a 2018 article published in Research Fast Facts, regular screening and early detection with mammography can decrease the breast cancer rate by 30%. Furthermore, research conducted to develop tests that can detect breast cancer as early as possible is expected to boost the growth of the market for breast cancer diagnostics.

However, there are specific risk factors associated with the imaging procedures. Imaging tests involve administering high doses of fluorescent and barium contrast agents, as well as radiation exposure in imaging and endoscopic procedures, which can cause several adverse effects such as nausea or diarrhea. The risks of ionizing radiation associated with the use of CT, MRI, and X-rays, and the use of radioactive tracer injections in PET can limit the adoption of such screening procedures.

Browse through Grand View Research’s Clinical Diagnostics Industry Research Reports.

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Breast Cancer Diagnostics Market Segmentation

Grand View Research has segmented the global breast cancer diagnostics market on the basis of type, product, application, end-use, and region:

Breast Cancer Diagnostic Type Outlook (Revenue, USD Million, 2017 – 2028)

Imaging
Biopsy
Genomic Tests
Blood Tests
Others

Breast Cancer Diagnostic Product Outlook (Revenue, USD Million, 2017 – 2028)

Platform-based Products
Instrument-based Products

Breast Cancer Diagnostic Application Outlook (Revenue, USD Million, 2017 – 2028)

Screening
Diagnostic and Predictive
Prognostic
Research

Breast Cancer Diagnostic End-use Outlook (Revenue, USD Million, 2017 – 2028)

Hospitals & Clinics
Diagnostic Centers and Medical Laboratories
Others

Breast Cancer Diagnostic Regional Outlook (Revenue, USD Million, 2017 – 2028)

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

Key Companies profiled:

Some prominent players in the global Breast Cancer Diagnostics market include

Hologic Inc.
Genomic Health (Exact Sciences Corporation)
BD
Danaher
Koninklijke Philips N.V.
QIAGEN
Thermo Fisher Scientific Inc.
Myriad Genetics
Argon Medical Devices, Inc.
Hoffmann-La Roche Ltd.

Order a free sample PDF of the Breast Cancer Diagnostics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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