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Industry Insights, Market Size, CAGR, High-Level Analysis: Breast Cancer Diagnostics Market The global breast cancer diagnostics market size was valued at USD 4.64 billion in 2018 and is anticipated to expand at a CAGR of 7.7% over the forecast period. Technological advancements are anticipated to significantly drive the growth as they enable portability, cost-effectiveness, and enhanced accuracy. A significant increase in incidence of breast cancer is expected to further accelerate the demand for breast cancer diagnostics. According to the World Cancer Research Fund (WCRF) International, 2 million new cases of breast cancer were registered in 2018. Globally, breast cancer is the most commonly occurring cancer among women and is witnessing significant rise in prevalence mainly in developing regions where the majority of cases are diagnosed in late stages. Although perceived to be a disease prevalent in the developed countries, around 50% of cases and 58% of deaths by breast cancer are registered in the less developed regions. This factor is projected to drive the demand for breast cancer diagnostics from the developing countries in the forthcoming years. Growing demand for technologically advanced products on grounds of cost-effectiveness, accuracy, and speed is likely to serve this industry as a high impact rendering driver. For instance, in 2018, 23andMe received the U.S. Food and Drug Administration (FDA) approval for BRCA test. It is the first Direct-To-Consumer (DTC) test for the BRCA gene mutations that increase the risk of ovarian as well as breast cancer. Furthermore, the growing insurance coverage and reimbursement for breast cancer diagnostics is expected to drive the market growth. For instance, in June 2019, the German Federal Joint Committee approved Genomic Health’s Oncotype DX Breast Recurrence Score test for the nationwide reimbursement. In addition, growing awareness among healthcare professionals as well as the patients regarding early detection and differentiation of breast cancer is projected to enhance the adoption of various diagnostic techniques. As a result, market players and healthcare agencies, through numerous awareness campaigns, are promoting routine checkups. While various screening procedures, such as imaging, and endoscopy, detect the breast cancer at an early stage, there are certain risk factors posed by imaging. These include excessive administration of barium and fluorescent contrast agents and radiation exposure in endoscopic and imaging procedures, which cause numerous adverse effects such as diarrhea and nausea. The cost of breast cancer diagnostics is also quite high. Hence, the factors such as the untoward side effects of imaging and the high cost may hinder the growth. Type Insights of Breast Cancer Diagnostics Market Based on type, the breast cancer diagnostics market is categorized into imaging, biopsy, genomic tests, blood tests, and others. In 2018, imaging was the largest revenue generating segment and is anticipated to continue its dominance over the forecast period. Screening mammography, diagnostic mammography, ultrasonography, and breast MRI are the most preferred methods breast cancer screening. These techniques are used as supportive tests along with other genetic and laboratory tests to determine the severity and location of the disease, thus assisting in the selection of a suitable treatment regimen. These factors are expected to boost the segment growth during the forecast period. Blood test is expected to witness the fastest CAGR over the forecast period owing to the numerous research studies being conducted globally by the research institutes and key players. In 2019, The Heidelberg University Hospital in Germany developed a blood test that will noninvasively detect the cancer by using blood biomarkers. The test is expected to be useful for the detection of recurring and metastatic cancers at an earlier stage and can also be used for the long term to monitor how well the patient is responding to chemotherapy or other treatments. The researchers have announced that this blood test will be available in the European market by 2020. Regional Insights of Breast Cancer Diagnostics Market In 2018, North America was the largest revenue generating region and is anticipated to further strengthen its market position during the forecast period. The factors attributed to this continued dominance are the presence of key players, high patient awareness, rapid technological advancements, and well-established diagnostic infrastructure. Asia Pacific is projected to be the fastest growing region over the forecast period owing to the presence of high unmet clinical needs and huge target population. Furthermore, factors such as rapidly improving healthcare infrastructure and awareness regarding early diagnosis are expected to drive the regional market growth. Market Share Insights of Breast Cancer Diagnostics Market Some of the key market players are Genomic Health; Myriad Genetics, Inc.; NanoString Technologies, Inc.; Hologic Inc.; Koninklijke Philips N.V.; Danaher; Becton, Dickinson and Company; C.R. Bard, Inc.; and Devicor Medical Products Inc. The key players are implementing different business strategies such as product development, novel product launches, and R&D activities. They also engage in business collaborations to commercialize their product in different countries to gain greater market share. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Breast Cancer Diagnostics Market Research Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry latest trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global breast cancer diagnostics market report based on type and region: Type Outlook (Revenue, USD Million, 2019 - 2030) Imaging Biopsy Genomic Tests Blood Tests Others
Table of Contents Chapter 1. Methodology and Scope 1.1.Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased database 1.3.2. GVR’s internal database 1.3.3. Secondary sources & Third party perspectives 1.3.4. Primary research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market Formulation & Data Visualization | read more...