Breast Cancer Diagnostics Market Size, Share, Growth Analysis, By Type(Imaging, Biopsy, Genomic Tests, Blood Tests), By Application(Screening, Diagnostic and Predictive, Prognostic, Others), By Product(Hospital, Homecare, Elderly Care, Other Healthcare Settings), By Region - Industry Forecast 2024-2031

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.