Breast Cancer Diagnostics Industry Expected To Possess Nearly 45% Market Share throughout North America

1 year ago 235

Fact.MR forecasts that global sales of breast cancer diagnostics will exceed US$ 7.9 billion by 2022-2032, with a CAGR of 7%. The industry's demand for cost-effective, technologically sophisticated, efficient, and accurate diagnostic solutions is expected to be a prominent trend during the next decade.

Historically, demand for breast cancer diagnostics increased at a CAGR of 6% from 2017 to 2021. When coronavirus became a global epidemic in the first quarter of 2020, it wreaked havoc on healthcare infrastructure all across the world. Every country had to rethink its healthcare plans, which resulted in huge reforms all around the world. With the global frequency of cancer cases increasing, the general public's desire for effective ways to treat and detect breast cancer has grown, and governments are concentrating on offering these solutions in a cost-efficient manner.

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Breast cancer diagnostics companies are working on creating new tools and gadgets to aid in the early identification of breast cancer, which is critical for effectively battling the illness. Investments in research are also expected to expand significantly over the next 10 years as the focus shifts to treating and battling breast cancer.

Key Takeaways from the Market Study

·         By test type, CEA test expected to hold more than 45% market share for breast cancer diagnostics

·         By end user, hospital based labs expected to hold more than 50% market share for breast cancer diagnostics market.

·         Breast cancer diagnostics industry expected to possess nearly 45% market share throughout North America.

·         Breast cancer diagnostics industry expected to possess nearly 40% market share throughout Asia Pacific.

·         Global market for breast cancer diagnostics to reach US$ 4 Bn by the end of 2022

“Rising number of active breast cancer cases is a major concern across the globe, and non-existence of early diagnostic solutions is a major factor influencing the landscape,” says a Fact.MR analyst.

Competitive Landscape

·         Scientists and experts at the RCSI University of Medicine and Health Sciences in Dublin, in a trial funded by Breast Cancer Now, are experimenting on curing secondary breast cancer, which is regarded as incurable as of now. They are studying an existing drug called talazoparib. If the trial is a success, it would change breast cancer treatment radically.

·         In October 2021, Allergan Aesthetics started its “The Power of You” campaign, which consists of various events and partnerships in order to create an impact in the fight against breast cancer. The campaign is expected to be carried on into the first quarter of 2022. The campaign is anticipated to help organizations in creating awareness as well as raining funds to fight breast cancer.

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Key Segments Covered in the Breast Cancer Diagnostics Report

  • By Test Type
    • CA Tests for Breast Cancer
    • BRCA Test for Breast Cancer
    • ER & PR Test for Breast Cancer
    • CEA Test for Breast Cancer
    • KRAS Mutation Test for Breast Cancer
    • HER 2 Test for Breast Cancer
    • PSA Test for Breast Cancer
    • EGFR Mutation Test for Breast Cancer
    • Immunohistochemistry for Breast Cancer
    • Others
  • By End User
    • Hospital Associated Labs
    • Independent Diagnostic Laboratories
    • Cancer Research Institutes
    • Others

In North America, are well-established diagnostics centres creating lucrative opportunities?

Breast cancer diagnostics demand in the United States is expected to grow at a rapid pace due to an increase in cases across the country. Some of the primary drivers affecting market expansion in the nation include well-established diagnostic infrastructure, technological improvements, rising healthcare spending, and increased awareness about breast cancer.

Thus, North America is expected to account for more than 45% of the worldwide breast cancer diagnostics market share between 2022 and 2032.

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Different Testing Method Creating Lucrative Opportunities for Breast Cancer Diagnostics?

As research on the detection of breast cancer increases, new and innovative diagnostic methods are being adopted and applied. Most of these methods are not used extensively, but as research is backing their credibility, these methods are expected to become mainstream over the years.

·         Diagnostic Imaging for Breast Cancer

·         Biopsy Procedure for Breast Cancer Diagnostics

·         Genomic Tests for Breast Cancer Diagnostics

·         Blood Tests for Breast Cancer Diagnostics

·         Next-generation Sequencing for Breast Cancer Diagnostics

·         Microarrays in breast cancer diagnostics


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