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Fairfield Market Research foresees an upward growth trajectory for the global breast cancer diagnostics market that eyes revenue of around US$10 Bn by the end of 2030. Breast cancer is the one of the most prevalent types of cancer worldwide and the rate of diagnosis is continuously improving.
Market Analysis in Brief
The global breast cancer diagnostics market is witnessing rapid expansion, primarily due to an alarming rise in breast cancer incidence. Recognising the higher diagnosis rate, government authorities, non-profit organisations, and healthcare providers are actively promoting breast cancer screening initiatives. This has led to increased awareness about breast cancer and the importance of early detection, resulting in a higher diagnosis rate. Meanwhile, the integration of Artificial Intelligence, and machine learning into breast cancer diagnostics has significantly improved diagnostic outcomes. The technologies analyse complex data sets, aid in image interpretation, and assist in risk assessment. Furthermore, the increased research and development efforts on breast cancer diagnostics are driving innovation in the market. The ongoing studies aim to improve existing diagnostic techniques, develop new biomarkers, and discover novel diagnostic tools. This makes for the ideal brooding ground for the unabated growth of the global breast cancer diagnostics industry.
Key Report Findings
Growth Drivers
Rising Breast Cancer Cases to Catalyse Market Growth
The global breast cancer diagnostics market is primarily driven by the growing prevalence of breast cancer. Various macro factors such as the ageing population, lifestyle changes, and hormonal factors are contributing to the rising incidence of breast cancer. On the other hand, the increased emphasis on early detection and screening programs by the government has led to early diagnosis. Additionally, the advances in breast cancer diagnostic technologies have improved the accuracy and efficiency of detection.
Launch of Cutting-edge Diagnostics and Therapeutics
The advancements in cutting-edge diagnosis & therapeutics are unleashing revolutionary revenue opportunities for the global breast cancer diagnostics market. Technological advancements in breast cancer diagnostics have led to the development of more accurate and efficient diagnostic tools, such as digital mammography, molecular imaging techniques, and breast magnetic resonance imaging (MRI). The advanced diagnostics have also facilitated the emergence of targeted therapies. Such a personalised approach is in turn projected to improve the efficacy of therapies, minimize side effects, and enhance patient satisfaction.
Overview of Key Segments
Instrument-based Products Surge Ahead with Unmatched Momentum
Based on the product insights, the global breast cancer diagnostics market is broadly categorised into platform-based and instrument-based products. Among these, instrument-based products are projected to emerge as the dominant segment. This is mainly owing to the biopsy procedures, which are prerequisites to confirm the diagnosis of breast cancer in women. However, the platform-based products segment is estimated to be the fastest-growing segment. This is majorly attributed to the demand for such products for targeted therapy applications.
Imaging to Account for the Lion’s Share
The global breast cancer diagnostics market is further divided into various types, including imaging, biopsy, genomic tests, and blood tests. The imaging segment is expected to hold the major market share. Key factors such as a significant number of operations, easy accessibility of diagnostic imaging services, and increased effectiveness, are driving the segment’s growth. On the other hand, the blood tests segment is anticipated to be the fastest-growing segment. The excellent efficacy of liquid biopsy tests is essentially expected to drive the segment’s growth.
Hospitals and Clinics Emerge as a Lucrative End-use Segment
The end-use category for the breast cancer diagnostics market compromises hospitals & clinics, diagnostic centres, and medical imaging laboratories. The surge in patient hospitalisations and rising disease burden is fueling the segment’s growth. After the screening test, patients often undergo biopsies for diagnosis confirmation in hospitals. Furthermore, the number of diagnostic centres and medical laboratories is predicted to rise in the upcoming years. This is due to the government’s goal to provide numerous services such as diagnostic test reimbursement.
Growth Challenges
Lack of Diagnostic Infrastructure
Global healthcare organisations such as the United Nations, and WHO, have recognised non-communicable diseases such as breast cancer, as major public health crisis. Healthcare providers are facing significant challenges in improving cancer care, maintaining system efficiency, and controlling costs.
Moreover, compared to early diagnosis, cancer screening is a more complex public health strategy that requires proper infrastructure, resources, and coordination. The lack of such systems across healthcare facilities, particularly in rural or developing regions, presents a significant growth challenge for the breast cancer diagnostics market.
Overview of Regional Segment
North America Retains Lead in Long Term
North America is anticipated to sustain its dominance in the global breast cancer diagnostics market. The strong presence of prominent players, rapid technological advancements, increased patient awareness, and well-established diagnostic and screening infrastructure, are among the key growth catalysts for the market.
On the other hand, Asia Pacific’s breast cancer diagnostics market is projected to grow at the fastest rate over the forecast period. The increasing incidence of breast cancer and the use of better diagnostic procedures are playing a crucial role in market expansion. In addition to this, the increasing reimbursement guidelines and expanding healthcare infrastructure are harnessing growth across the regional market.
Key Industry Participants
Major players catalyzing the growth trajectory for 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
Regional Classification of the Global Breast Cancer Diagnostics Market is Listed Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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