Breast Cancer Diagnostics Industry is Projected to Achieve a Global Market Size of US$ 7.9 Bn by Registering a CAGR of 7% in the Forecast Period 2022-2032

Breast Cancer Diagnostics Market Analysis by Test Type (CA Tests, BRCA Test, ER & PR Test, CEA Test, KRAS Mutation Test, HER 2 Test, PSA Test, EGFR Mutation Test, Immunohistochemistry for Breast Cancer), by End-User & Region - Global Forecast 2022-2032

ROCKVILLE, Md., Feb. 24, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Breast Cancer Diagnostics market is projected to grow at a compound annual rate (CAGR) of 7% between 2022 and 2032. The market is expected to reach US$ 7.9 Bn by the end of 2032.

The market is poised to benefit immensely on the back of technological advancement in the diagnostic platforms. Introduction of hybrid imaging instruments and the adoption of artificial intelligence in the field is expected to yield positive response for the breast cancer diagnostics market. Furthermore, increasing cases of breast cancer among older female population is augmenting the market growth.

Historically, from 2017 to 2021, demand for breast cancer diagnostics flourished at a CAGR of 6%. Healthcare infrastructure all over the globe took a hit when coronavirus became a global pandemic in the first quarter of 2020. Every nation had to reassess their healthcare strategies, and this resulted in major reforms all across the globe. With rising prevalence of cancer cases all over the globe, demand from the general population for effective measures to treat and diagnose breast cancer increased, and governments are focusing on extensively providing these solutions in a cost-effective manner.

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Breast cancer diagnostics providers are focusing on developing new instruments and devices that facilitate the early detection of breast cancer, which is vital in combating the disease effectively. Investments in research are also anticipated to see a major increase over the next ten years as focus is on treating and combating breast cancer.

Early Detection Bolstering Demand for Breast Cancer Diagnostics?

The number of breast cancer cases across the globe is rising rapidly and has become the most common type of cancer in 2021. Early detection of breast cancer tumours is one of the major challenges in diagnosis and treatment, as in most cases, they are detected after they have grown to an advanced stage.

Demand for early detection of breast cancer is seeing a major rise as people are seeking more efficient diagnostic solutions to deal with the disease effectively. Apart from other tests to detect breast cancer, imaging and screening have also seen substantial rise in popularity. Screening for breast cancer is deemed effective, but some methods are still being debated whether they are safe and accurate for prolonged use.

Breast cancer diagnostic PCR tests, biopsy for breast cancer diagnostics, and application of microarray in breast cancer diagnostics are some of the trends that are expected to be witnessed over the decade.

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Key Segments Covered in the Breast Cancer Diagnostics Industry Survey

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

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 players in the Breast Cancer Diagnostics Market

  • Bio-Rad Laboratories Inc.
  • Illumina Inc.
  • Biocept Inc.
  • Epigenomics AG
  • AstraZeneca plc
  • Myriad Genetics Inc.
  • Quest Diagnostics Incorporated

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

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