Global Breast Cancer Diagnostics Market to record 7.8% CAGR through 2026

May 18, 2020

According to the research report titled ‘Global Breast Cancer Diagnostics Market Size study, by Diagnostic Type (Ionizing breast imaging technologies, Non-ionizing imaging technologies), by End-User (Hospitals, Cancer Research centers/institutes, Diagnostic Clinical Laboratories, Ambulatory Surgical centers) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global breast cancer diagnostics market share was valued at USD 5 billion in 2019 and is expected to register a y-o-y growth rate of 7.8% during 2020-2026.

For the record, breast cancer is infectious tumor formed in the breast cells which can spread throughout the body. It is diagnosed using various tests to locate the source as well as the spread of tumor. At the early stage, breast cancer can be diagnosed through numerous screening tests including CT scan, MRI and yearly mammograms.

Increased pervasiveness of breast cancer coupled with favorable regulatory scenario pertaining to approval of breast cancer diagnosis technologies are major factors driving the market growth. The industry is expected to grow further owing to favorable reimbursement policies. As per WCRFI (World Cancer Research Fund International), breast cancer is the most frequent cancer among women with an average of 2 million new cases each year. Similarly, ACRS (American Cancer Research Society) predicts that the prevalence of breast cancer to reach 9.9 million cases with up to 5.5 million annual deaths by the year 2030, owing to the aging population. However, high installation cost of breast cancer diagnostic devices may hinder the market growth. Also, side effects due to radiation exposure associated with such devices may act as a restraining factor to the overall market growth.

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In terms of diagnostic type, global breast cancer diagnostics industry is split into non-ionizing imaging technologies and ionizing imaging technologies. Citing the end-use landscape, the market is categorized into ambulatory surgical centers, diagnostic clinical laboratories, cancer research institutes and hospitals.

Considering the geographical landscape, breast cancer diagnostics market in North America is slated to expand significantly during the forecast period, primarily due to early adoption of advanced imaging systems, high quality diagnostic infrastructure and widespread patient awareness.

Meanwhile, Asia-Pacific breast cancer diagnostics industry is poised to acquire noticeable returns in the ensuing years. High occurrence of breast cancer and improving healthcare infrastructure are prime factors augmenting the regional demand.

NanoString Technologies Inc., Genomic Health, Dilon Technologies Inc., Aurora Imaging Technology Inc., Toshiba Corp., Gamma Medica Inc., Fujifilm Holdings Corp., Philips Healthcare, GE Healthcare and Hologic Inc. are the key companies operating in global breast cancer diagnostics market.

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