Award winning market research company Fact.MR has conducted a research study on the global demand of breast cancer diagnostics market for the forecast period of 2021 to 2031. As per its analysis, the market is expected to register a moderate growth, primarily underpinned by the growing cases of breast cancer. Growth prospects for the upcoming decade are also positive, as the market is forecast to register 4.7% CAGR through 2021 and beyond.
According to Fact.MR, the market is poised to benefit immensely on the back of technological advancement in the diagnostic platforms. Introduction of hybrid imaging instruments and the adoption of artificial intelligence in the field is expected to yield positive response for the breast cancer diagnostics market. Furthermore, increasing cases of breast cancer among older female population is augmenting the market growth.
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According to U.S. breast cancer statistics for 2021, an estimated 281,500 new cases of invasive breast cancer are expected to be diagnosed in the women within United States, along with 49,290 new cases of non-invasive breast cancer. Additionally, around 3.8 million women were recorded with the history of breast cancer in January 2021. Hence, with rising burden of these new cases, the market is expected to register a steady growth through 2021 and beyond.
8 Estimations for the Global Breast Cancer Diagnostics Market
- By test type, BRCA will remain dominant in the global breast cancer diagnostics market.
- CA test for diagnostics of breast cancer is expected to register the highest CAGR through 2022 in the market, followed by ER & PR. Revenue from ER & PR, and CA tests will continue to be low throughout the forecast period.
- HER 2 test is expected to remain the second largest segment among test type, in the market. However, EGFR mutation test is estimated to account for low revenues in the global market for breast cancer diagnostics.
- North America will continue to be the largest market for breast cancer diagnostics. Revenues from breast cancer diagnostics market in North America is estimated to surpass US$ 800 Mn by 2022-end.
- Europe will remain the second most lucrative region for the breast cancer diagnostics market. However, markets in Japan, and Middle East & Africa (MEA) are anticipated to witness a sluggish expansion throughout the forecast period.
- Hospital-associated labs will remain sought-after among end-users for breast cancer diagnostics around the world. Revenues from breast cancer diagnostics will remain largest in hospital-associated labs, followed by the independent diagnostic laboratories.
- Cancer research institutes are anticipated to exhibit the highest CAGR during the forecast period. Between 2017 and 2022, cancer research institutes are estimated to create absolute $ opportunity of US$ 107.3 Mn.
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Key players operating in the breast cancer diagnostics market profiled by Fact.MR includes Abbott Laboratories, Roche Holding AG, Thermo Fischer Scientific Inc., GE Healthcare, Siemens AG, Bio-Rad Laboratories Inc., Illumina Inc., Biocept Inc., Epigenomics AG, Astra Zeneca PLC, Myriad Genetics Inc. and Quest Diagnostics Incorporated.
On February 22nd 2021, Medifirst Solutions Inc., announced a clinical study for a breast cancer medical device for real-time margin detection to provide direct support during lumpectomy cancer surgery.
Also, in March 2021, Celcuity Inc., a clinical storage biotechnology company announced the breast cancer clinical trial collaboration with MD Anderson, Novartis, and Puma Biotechnology to identify new targeted therapeutic options for cancer patients through new drug study regimen.
Furthermore, Koios Medical Inc., a fast-growing developer of artificial intelligence software for physicians announced the CE Mark approval and European Market Launch on 16th March 2021, for breast cancer detection AI software.
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