Breast Cancer Diagnostics Market Boosting the Growth Worldwide - Market Dynamics and Trends, Efficiencies Forecast | Global Forecast till 2028
The global Breast Cancer Diagnostics market size is expected to reach USD 268.10 Billion in 2028 and register a CAGR of 6.3%, according to the latest report by Reports and Data. Major factors such as increasing demand for Breast Cancer Diagnostics tests due to easy availability and effectiveness, rising incidence of breast cancer, and initiatives by government and private organizations to create awareness about cancer are driving global market revenue growth.
Cancer is a one of the leading cause of death across
the globe. In 2020 alone, around 10 million deaths were reported by World
Health Organization. Excess consumption of alcohol, tobacco, unhealthy
lifestyle, lack of physical fitness, and other associated diseases like
diabetes could lead to various cancer types. Cancer mortality can reduce if
detected early. Thus, early detection, screening, and accurate cancer diagnosis
are of utmost importance. Breast Cancer Diagnostics is one such method that
helps to identify different proteins and biomarkers that could help in
suspecting presence of cancer. Some of the widely used Breast Cancer
Diagnostics tests are imaging, laboratory tests, genetic tests, biopsy, and
endoscopy. Factors such as rising prevalence of breast cancer, ovarian cancer,
and lung cancer worldwide, rising geriatric population and increasing
healthcare expenditure, improvements in healthcare sector, and increasing
demand for effective screening tests are supporting global market revenue
growth. In addition, rise in funds for research and development activities and
increasing focus of market players to develop more affordable and advanced
diagnostics tests and kits is expected to boost market growth going
ahead.
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However, factors such as high initial investment, high
adoption of refurbished diagnostic systems, and risks associated with high
radiation exposure are expected to hamper growth of Breast Cancer Diagnostics
market to a certain extent during the forecast period.
Competitive
Landscape:
The report also covers
SWOT examination and Porter’s Five Forces analysis to offer details about
leading players. The key players in the market are focusing on developing new
strategies such as mergers and acquisition, joint ventures, new product
launches, agreements, and partnerships to retain their market position and
expand their product base.
Leading
companies operating in the market and profiled in the report include:
· Thermo
Fisher Scientific
· Hologic
Inc
· Abbott
Laboratories
· Siemens
Healthineers
· GE
Healthcare
· Illumina
Inc
· F.
Hoffmann-La Roche Ltd.
· Koninklijke
Philips NV
· Qiagen
· Becton,
Dickinson, and Company
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Some key highlights in the report:
- Based
on test type, the imaging segment is expected to register rapid revenue
growth between 2021 and 2028. Increasing prevalence of types of cancer,
rising healthcare and diagnostic expenditure, high demand for advanced
imaging tests such as Magnetic Resonance Imaging (MRI) mammography,
Computed Tomography (CT) scan for quick and pain-free primary diagnosis
and rising investments to develop more enhanced imaging test are boosting
segment revenue growth.
- Among
the application segments, the breast cancer segment is expected to account
for significantly larger revenue share over the forecast period. Breast
cancer is one of the most commonly caused cancers across the globe.
Factors such as increasing awareness programs, initiatives by government
and private firms to promote breast cancer awareness, and increasing
investments to launch new detection products are fueling segment growth.
- The
Breast Cancer Diagnostics market in North America is expected to account
for largest revenue share between 2021 and 2028 owing to factors such as
high awareness about early detection and cancer diagnosis, rising
prevalence of types of cancer, high investments in R&D activities,
availability of advanced cancer diagnostic tests, and presence of skilled
healthcare professionals.
- Asia
Pacific is expected to register rapid revenue growth over the forecast
period. Factors such as high prevalence of cancer, improving healthcare
infrastructure, rising disposable income, increasing awareness about early
cancer diagnosis, and favorable government initiatives are boosting market
growth in Asia Pacific.
- In
August 2021, Myriad Genetics Inc. launched RiskScore that offers breast
cancer assessment to improve patient outcomes and reduce healthcare
disparities. The obtained results are a combination of genetic markers,
patient history, biological and clinical variables, and ancestry-specific
data.
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For the purpose of this report, Reports and Data has
segmented into the global Breast Cancer Diagnostics based on test type,
application, end-use, and region:
Test Type Outlook (Revenue, USD Billion;
2018-2028)
- Imaging
- Laboratory
Test
- Genetic
Test
- Biopsy
- Endoscopy
- Others
Application Outlook (Revenue, USD Billion;
2018-2028)
- Breast
Cancer
- Colorectal
Cancer
- Cervical
Cancer
- Lung
Cancer
- Prostate
Cancer
- Skin
Cancer
- Blood
Cancer
- Ovarian
Cancer
- Others
End-Use Outlook (Revenue, USD Billion;
2018-2028)
- Hospitals
& Clinics
- Diagnostic
Centers
- Research
Institutes
- Others
Regional Outlook (Revenue, USD Billion,
2018 - 2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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