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Breast Cancer Diagnostics Global Market Report 2021: COVID 19 Growth And Change to 2030

Breast Cancer Diagnostics Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6071101
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the breast cancer diagnostics market are Abbott Laboratories, Myriad Genetics Inc, Hologic Inc, Koninklijke Philips N.V., Fujifilm Holdings Corporation, GE Healthcare, Thermo Fischer Scientific Inc, Siemens AG, NanoString Technologies Inc, and C. R. Bard Inc.

The global breast cancer diagnostics market is expected to grow from $4.621 billion in 2020 to $5.466 billion in 2021 at a compound annual growth rate (CAGR) of 18.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.458 billion in 2025 at a CAGR of 8%.

The breast cancer diagnostics market consists of sales of breast cancer diagnostic devices and related services by entities (organizations, sole traders and partnerships) that produce breast cancer diagnostics devices.These devices are used to diagnose breast cancer.

Only goods and services traded between entities or sold to end consumers are included.

The technological advancement is a key trend in the breast cancer diagnostics market.Several new techniques have been developed which could be used in the diagnosis and treatment of breast cancer.

The 3D mammography, also known as breast tomosynthesis, takes photographs around the breast from various angles and translates them into a 3-D model. In March 2019, Southwest Medical Center, a US-based company, launched 3D mammography services that provide patients with access to enhanced breast imaging services closer to home.

The breast cancer diagnostics market covered in this report is segmented by type into imaging; biopsy; genomic tests; blood tests; others. It is also segmented by technology into fluorescent in situ hybridization (FISH); comparative genomic hybridization (CGH); immunohistochemical (IHC); other technologies, by cancer type into BRCA breast cancer; ER & PR breast cancer; HER 2 breast cancer; EGFR mutation test breast cancer; others, by diagnostic type into ionizing breast imaging technologies; non-ionizing imaging technologies, and by end users into hospitals and clinics; cancer research centers; diagnostic laboratories; ambulatory surgical centers.

The high cost of diagnosis of breast cancer is a key factor that hinders the growth of the market for diagnostics of breast cancer.The cost of diagnosis for breast cancer typically rose with the initiation of the diagnostic stage of the disease.

According to a 2019 study conducted by Mesothelioma Center, around 63% of respondents that comprise of people with cancer and their family members reported financial difficulties.For instance, the total cost of diagnosis for breast cancer was $353 per patient but diagnostic costs varied from $151 in some regions to $751 in others.

Therefore, the high-cost diagnosis of breast cancer makes the process a distant option and hinders the growth of the breast cancer diagnostics market.

In November 2019, EXACT Sciences Corporation, a US-based molecular diagnostics company, acquired Genomic Health for $2.8 billion. Through this acquisition, Exact Sciences will be able to facilitate therapy decisions for colorectal, breast and prostate cancers by Genomic Health’s Oncotype DX gene expression. Genomic Health is a US-based genomic diagnostics manufacturer.

The increasing incidence of breast cancer will require more equipment to diagnose, which will further increase the demand for breast cancer diagnostics market. Breast cancer is the most common form of cancer, affecting 2.1 million women every year, and furthermore causing the largest number of deaths from cancer in women. The goal of the early diagnosis is to improve the percentage of breast cancers diagnosed at an initial point so that more successful care will be used and the risk of death from breast cancer can be reduced. According to the World Health Organization (WHO), 627,000 people died of breast cancer in 2018, which is about 15% of all cancer deaths in women. Therefore, the increasing incidence of breast cancer is expected to drive the growth of the breast cancer diagnostics market.

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