USD 19.51 billion
Report ID:
SQMIG35A2588 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
94
|Figures:
66
Global Breast Cancer Diagnostics Market size was valued at USD 19.51 billion in 2022 and is poised to grow from USD 21.75 billion in 2023 to USD 51.97 billion by 2031, growing at a CAGR of 11.5% in the forecast period (2024-2031).
Breast cancer, a prevalent form of cancer affecting women globally, often lacks evident symptoms during its early stages. As a result, the breast cancer diagnostics market is witnessing a surge in research and development efforts centered around AI technologies to address the unmet needs of patients. An exemplar of this trend is Paragon Biosciences LLC, which recently introduced Qlarity Imaging LLC, its seventh portfolio company, aiming to secure FDA clearance for an AI-driven system dedicated to breast cancer diagnostics in radiology.
By embracing the potential of AI, companies in this market are striving to enhance medical outcomes significantly. AI is being increasingly deployed across various image modalities, providing hospitals and payers with cost-effective solutions. Investments in developing AI systems with user-friendly interfaces and leveraging machine learning (ML) capabilities have become a strategic focus for breast cancer diagnostics companies, revolutionizing the landscape of breast cancer diagnosis and improving patient care.
The global increase in private diagnostic centers can be attributed to a growing demand for diagnostic imaging procedures and the mounting pressure on public hospitals, which often have limited imaging modalities available. As a response to this trend, FUJIFILM Corporation launched NURA, a specialized medical screening center focused on cancer screening, situated in Bangalore, India. This center is a collaboration between FUJIFILM DKH LLP (FUJIFILM DKH) and Dr. Kutty's Healthcare (DKH). FUJIFILM DKH LLP is a joint venture between FUJIFILM and Dr. Kutty's Healthcare, a healthcare provider operating hospitals and screening centers in India and the Middle East.
In developing countries, numerous hospitals face challenges in acquiring diagnostic imaging equipment due to their high cost, limited reimbursement rates, and budgetary constraints. Nonetheless, given the considerable demand for diagnostic imaging procedures in these regions, some hospitals opt for refurbished equipment as a more affordable alternative. Refurbished systems are priced at around 40% to 60% of the original equipment cost, making them a viable option for hospitals with budget limitations.
Recognizing the growing popularity of refurbished devices in the market, several industry leaders have initiated programs to promote their utilization. Notable examples include Siemens' Medical Proven Excellence Program, GE Healthcare's Gold Seal Program, and Philips' Diamond Select Program, which aim to encourage the adoption of refurbished diagnostic imaging systems globally. These programs offer a reliable pathway for hospitals to access quality imaging equipment at reduced costs, enabling them to meet the rising demand for diagnostic services in their respective regions.
US Breast Cancer Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 19.51 billion
Largest Segment
Diagnostic and Predictive
Fastest Growth
Prognostic
Growth Rate
11.5% CAGR
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The global breast cancer diagnostics market is segmented on the basis of type, application, product, end – users, region. By type the market is segmented into imaging, biopsy, genomic tests, blood tests, others. By product, the market is segmented into platform-based products, next-generation sequencing, microarrays, pcr, others, instrument-based products, imaging, biopsy. By end-user, the market is segmented into hospitals & clinics, diagnostic centers and medical laboratories, others. By application, the market is segmented into screening, diagnostic and predictive, prognostic, research. By Region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Breast Cancer Diagnostics Market Analysis By Product
The breast cancer diagnostics market saw instrument-based products emerge as the leading revenue contributor. Imaging plays a pivotal role in the initial and widespread screening of breast cancer patients. Biopsies are performed on all women suspected of having breast cancer to confirm the diagnosis and determine the appropriate treatment plan.
Notably, the platform-based products segment exhibited the fastest growth in the breast cancer diagnostics market during the same period. This growth can be attributed to the rising demand for such products, particularly in the context of targeted therapy. The platform-based products segment is expected to maintain its rapid development trajectory throughout the forecast period. Technologies such as next-generation sequencing, polymerase chain reaction, and other advanced diagnostic tools are extensively employed to detect and diagnose breast cancer accurately.
The surge in platform-based products can be attributed to their ability to provide tailored and precise solutions for breast cancer patients. These technologies enable healthcare professionals to identify specific biomarkers and genetic mutations, guiding personalized treatment strategies. As targeted therapy gains momentum, the demand for platform-based products is projected to grow steadily, shaping the future landscape of breast cancer diagnostics. With ongoing advancements in technology and research, the breast cancer diagnostics market is poised to witness continuous expansion, leading to improved outcomes for patients worldwide.
Breast Cancer Diagnostics Market Analysis By Application
The breast cancer diagnostics market was largely influenced by the diagnostics and predictive segment, which held the dominant position. This segment's prominence can be attributed to the growing popularity of genetic testing in breast cancer diagnosis and prediction. Genetic testing has proven to be a valuable tool in identifying specific genetic mutations and markers that may indicate an increased risk of developing breast cancer. The integration of genetic testing into diagnostic protocols has allowed for more accurate and personalized assessments, leading to improved patient outcomes.
Looking ahead, the prognostic segment is expected to experience rapid growth throughout the projection period. Prognostic tests play a critical role in matching breast cancer patients with the most appropriate treatment options, taking into account the unique characteristics of their tumors. By providing valuable insights into the potential course of the disease and the patient's response to treatment, prognostic tests enable healthcare professionals to tailor therapies effectively. As a result, patients have higher chances of survival and can receive targeted therapies that maximize the benefits and minimize adverse effects.
The increasing significance of prognostic tests is transforming the breast cancer treatment landscape, leading to more personalized and precise interventions. With ongoing advancements in medical research and technology, both diagnostics and prognostic segments are poised for continued growth, offering hope for better outcomes and improved quality of life for breast cancer patients worldwide. The combination of genetic testing and prognostic assessments holds the potential to revolutionize breast cancer management, paving the way for more effective and targeted therapeutic approaches in the future.
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North America emerged as the leading region in the breast cancer diagnostics market, enjoying significant dominance. Several factors contributed to the region's strong position, including the presence of well-established and influential market players, a robust diagnostic and screening infrastructure, continuous technological advancements, high levels of patient awareness, and favorable reimbursement policies. These combined elements created a conducive environment for the growth of breast cancer diagnostics in North America.
Meanwhile, the Asia-Pacific region is projected to experience the fastest development rate throughout the forecast period. This growth can be attributed to multiple factors, with the rising incidence of breast cancer being a primary driver. As breast cancer cases continue to increase in the region, there is a growing need for efficient and accurate diagnostic procedures to aid early detection and appropriate treatment planning. This demand is fostering the adoption of advanced diagnostic technologies and tools, further propelling the breast cancer diagnostics market in Asia-Pacific.
Additionally, the expansion of the breast cancer diagnostics market in the Asia-Pacific region is bolstered by the implementation of increasing reimbursement guidelines. Governments and healthcare authorities are recognizing the importance of early diagnosis and effective treatment for breast cancer, leading to the establishment of supportive reimbursement policies. These policies incentivize healthcare providers to offer comprehensive diagnostic services, making them more accessible to a broader population.
Furthermore, the region's expanding healthcare infrastructure plays a vital role in the market's growth. The ongoing development and improvement of medical facilities, diagnostic centers, and healthcare networks enable better accessibility to advanced diagnostic technologies and specialized breast cancer care. As a result, patients have greater access to timely and accurate diagnoses, leading to improved treatment outcomes and overall survival rates.
In conclusion, while North America continues to dominate the breast cancer diagnostics market, the Asia-Pacific region shows immense potential for rapid growth. The increasing prevalence of breast cancer, coupled with advancements in diagnostic procedures, reimbursement support, and healthcare infrastructure expansion, are driving forces that position Asia-Pacific as a promising market for breast cancer diagnostics in the coming years.
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Breast Cancer Diagnostics Market Drivers
Advancements in Diagnostic Technologies
Growing Awareness and Screening Programs
Breast Cancer Diagnostics Market Restraints
Social Stigma and Cultural Barriers
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The global breast cancer diagnostic market is characterized by intense competition, with several prominent players vying for market share. These companies are continuously striving to innovate and develop advanced diagnostic solutions to meet the growing demand for accurate and early breast cancer detection. The competitive landscape is influenced by factors such as technological advancements, research and development efforts, strategic collaborations, and geographical expansion.
Key players in the market include major multinational companies, as well as smaller specialized firms. Some of the leading companies in the breast cancer diagnostic market include Hologic, Inc., Siemens Healthineers AG, GE Healthcare, Becton, Dickinson and Company (BD), Philips Healthcare, Fujifilm Holdings Corporation, and Thermo Fisher Scientific, among others. These companies have a strong presence in various regions and offer a wide range of breast cancer diagnostic products and services.
Technological innovation is a crucial competitive factor in the market. Companies are investing heavily in research and development to introduce novel diagnostic technologies and tools. Advancements in imaging modalities, such as digital mammography, breast MRI, and molecular imaging, are transforming breast cancer diagnosis by improving sensitivity and specificity.
Strategic collaborations and partnerships are also common in the competitive landscape. Major companies are entering into agreements with research institutions, healthcare providers, and other industry players to enhance their product portfolios and expand their market presence. These collaborations enable the development of comprehensive diagnostic solutions and streamline the adoption of new technologies.
Moreover, companies are focusing on expanding their geographic footprint to tap into emerging markets with high growth potential. The Asia-Pacific region, in particular, presents significant opportunities for breast cancer diagnostics due to the increasing incidence of breast cancer and rising healthcare expenditure. Market players are also exploring the potential of artificial intelligence (AI) and machine learning in breast cancer diagnostics. Integration of AI technologies into diagnostic platforms offers improved accuracy, efficiency, and automation, facilitating precise and timely diagnosis.
Breast Cancer Diagnostics Market Top Player’s Company Profiles
Breast Cancer Diagnostics Market Recent Developments
In February 2024, paving the way for World Cancer Day, the International Agency for Research on Cancer (IARC), the cancer organization of the World Health Organization (WHO), revealed the most recent worldwide disease trouble gauges. These evaluations, drawn from the most ideal that anyone could hope to find information on in nations starting around 2022, highlight the rising weight of disease and its unbalanced effect on underestimated populations. Furthermore, WHO study discoveries out of 115 nations uncovered that a larger part of countries need satisfactory financing for fundamental disease and palliative consideration administrations under general well-being inclusion (UHC). The report features the squeezing need to address disease inconsistencies on a worldwide scale.
In December 2023, AlleSense presented a historic development in cancer diagnosis with the launch of NanoMslide. This world-first nanofabricated microscope slide upgrades the discovery of unusual cells in suspect examples through a variety of contrasts. By using state-of-the-art nanofabrication innovation to apply a unique covering onto conventional glass magnifying instrument slides, NanoMslide successfully changes them into smaller than normal science labs. This headway decreases demonstrative time and dispenses with the requirement for colors all the while, giving a less difficult and quicker technique for distinguishing strange cells.
In December 2023, AstraZeneca Pharma India announced a collaboration with Roche Diagnostics India through a Memorandum of Understanding (MoU) to further develop diagnostics for breast cancer patients. The partnership aims to improve HER2 diagnostics by involving the most recent advances in innovation. This drive highlights the organizations' obligation to offer better demonstrative devices and therapies for bosom disease patients.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our breast cancer diagnostic market Analysis, the global breast cancer diagnostic market is witnessing significant growth due to several key factors. The rising prevalence of breast cancer, coupled with increasing awareness and screening initiatives, has led to a higher demand for accurate and early diagnostic solutions. Technological advancements, particularly in imaging modalities and molecular diagnostics, are playing a crucial role in improving diagnostic accuracy and efficiency. Personalized medicine and targeted therapies are becoming prominent trends, driving the adoption of diagnostic tests that identify specific biomarkers. Artificial intelligence (AI) and machine learning technologies are also being integrated into diagnostic platforms, enhancing diagnostic capabilities and supporting clinicians in making informed decisions.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 19.51 billion |
Market size value in 2031 | USD 51.97 billion |
Growth Rate | 11.5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Breast Cancer Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Breast Cancer Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Breast Cancer Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG35A2588
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