Global Breast Cancer Diagnostics Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Breast Cancer Diagnostics Market size was estimated at USD 5 Billion in 2021 and is expected to reach USD 5.2 billion in 2022 and is expected to hit around USD 7.5 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6% from 2022 to 2030.

Our research report offers a 360-degree view of the Breast Cancer Diagnostics market's drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Breast Cancer Diagnostics market.

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The Breast Cancer Diagnostics Market: Overview

One of the most prevalent cancers in the world and a major factor in the death of women is breast cancer. So, in order to treat breast cancer disorders, early detection is necessary. Due to their modern lifestyles, industrialized nations have a higher prevalence of breast cancer, while undeveloped nations have a higher incidence rate. According to the World Health Organization, 2.3 million women worldwide had a breast cancer diagnosis in 2020, and there were 685,000 breast cancer-related deaths.

The Breast Cancer Diagnostics Market: Growth Factors

The growth of global breast cancer detection is largely due to the aging population's increased exposure to breast cancer risk, early detection, and growing public awareness of breast cancer.

The market expansion is aided by the advent of 3D mammography, also referred to as digital breast tomosynthesis, which is more accurate than 2D mammography. Compared to 2D mammography, this cutting-edge technology can detect 40.0% more tumors while requiring fewer patient recalls. In the anticipated period, the market is predicted to be driven in large part by the quick advancement of technology.

The expansion of the breast cancer Detection market is responsible for the rising number of breast cancer cases in women around the world. Additionally, the market is expanding as a result of rising government initiatives, advantageous reimbursement policies, and growing technological use. Additionally, increasing public awareness has a favorable effect on the market.

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The Breast Cancer Diagnostics Market: Key Market Dynamics

• The rise in government initiatives to increase the rate of screening and diagnosis, along with the rising cancer prevalence, may be a key factor in the expansion of the global market for breast cancer diagnostics. The rising incidence of breast cancer is expected to drive the market for breast cancer diagnostics. According to the American Cancer Society, there will be 281,550 new cases of breast cancer discovered in 2021, and the disease will claim 49,290 lives in just the United States. Breast cancer will surpass 2.3 million new cases in 2021, making it the most common type of cancer globally, predicts the WHO.
• The increased need for technologically advanced products that can provide more precision, speed, and cost-effectiveness is projected to be the main growth factor during the course of the projection period. Take the development of Direct-To-Consumer (DTC) testing for cancer diagnosis as an example. The first direct-to-consumer (DTC) BRCA test, introduced by 23andMe in 2018, received FDA approval in the United States. One of the first DTC examinations for BRCA gene abnormalities increases the risk of breast and ovarian cancer.
• Additionally, it is expected that the improved pay and insurance coverage will quicken the adoption of testing. Several tests have received approval from government bodies for nationwide reimbursement. Medicaid, Medicare, and third-party payer benefit plans in the United States will pay for the cost of genetic testing.
• Early disease detection is essential for effective disease management. It can improve survival rates, provide a range of therapeutic alternatives, and result in an improved quality of life. Regular mammography screening and early detection can lower the breast cancer rate by 30%, claims a 2018 Research Quick Facts article. Research being done to develop tests that can detect breast cancer as early as feasible is expected to lead to an increase in the market for breast cancer diagnostics.

Press Release For Breast Cancer Detection Market: https://www.custommarketinsights.com/press-releases/breast-cancer-detection-market/

The Breast Cancer Diagnostics Market: Competitive Landscape

The leading market players strengthen their product portfolios using both organic and inorganic expansion techniques. To stay competitive in the global market for breast cancer diagnostics, these companies have used tactics such as geographic growth, joint ventures, acquisitions, investments in research & development, and the manufacture of cutting-edge breast cancer diagnostic technologies.

• Hologic Inc. acquired Biotheranostics and SOMATEX Medical Technologies GmbH in 2021. By acquiring these companies, the company expanded its line of breast health products and enhanced its position in the breast cancer diagnostics market.
• 2020: To develop cutting-edge clinical biomarkers, Thermo Fisher Scientific, Inc. has teamed up with AstraZeneca and the University of Nebraska Medical Center.

The Breast Cancer Diagnostics Market: Prominent Players

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

The Breast Cancer Diagnostics Market: Segments

By Type

Imaging
Genomic Tests
Biopsy
Blood Tests
Others

By Product

• Platform-based Products

Next-generation Sequencing
PCR
Microarrays
Others

• Instrument-based Products

Biopsy
Imaging

By Application

Screening
Prognostic
Diagnostic and Predictive
Research

By End-use

Diagnostic Centers and Medical Laboratories
Hospitals & Clinics
Others

The Breast Cancer Diagnostics Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.