Breast Cancer Diagnostics Market

Report Description
Table of Contents

Report Description

The global breast cancer diagnostics market size is expected to be USD 3,99.9 million in 2021 and is projected to witness a CAGR of 7.35 % during the forecast period. Increase in global cases of breast cancer is a key driver for the growth of the global breast cancer diagnostics market. Additionally, favorable compensation structure for breast cancer diagnosis and initial detection and surge in awareness about breast cancer are some of the other drivers propelling the market growth. Nevertheless, adverse effects regarding screening processes and lack of knowledge regarding breast cancer diagnosis among developing economies are expected to restrain the global market growth.

Global Breast Cancer Diagnostics Market Size (USD Million), 2021-2029

Source: Erevna Healthcare

By Type

Based on type, the market is segmented into genomic tests, imaging, blood tests, biopsy, and others. In 2021, the blood tests segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This can be attributed to the increase in effectiveness of liquid biopsy tests coupled with numerous research studies being conducted by various research organizations worldwide. The Imaging segment is expected to grow at a profitable CAGR during the forecast period. This can be attributed to the short time period required for the replacement of medical displays along with the increasing preference for minimally invasive treatments among patients.

By Product

Based on product, the market is segmented into instrument-based products and platform-based products. In 2021, the instrument-based products segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This can be attributed to the application of various instruments such as imaging devices that are used for initial diagnosis of breast cancer worldwide. Platform-based products segment is projected to grow at a profitable CAGR during the forecast period. This can be attributed to the launch of new products and increasing preference of such novel products for the targeted therapy.

By Application

Based on application, the market is categorized into prognostic, screening, diagnostic and predictive, and research. In 2021, the diagnostic and predictive segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to the increase in application of genetic testing and developments in breast cancer diagnostics such as the improvement of biomarkers worldwide. The prognostic segment is anticipated to grow at a profitable CAGR during the forecast period due to these tests becoming gradually important as they help in being used to match patients with the therapies that will help them with their treatment.

By End User

Based on end user, the market is categorized into diagnostic centers and medical laboratories, hospitals & clinics, and others. In 2021, the hospitals & clinics segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to increase in hospital admissions along with the growth in burden of various diseases worldwide. The diagnostic centers segment is anticipated to grow at a profitable CAGR during the forecast period due to the increasing number of initiatives taken by governments in various countries for providing several services, such as repayment for diagnostic tests.

Regional Insights

In 2021, North America held the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of major players in the region, well-known diagnostic and screening structure, accessibility of technologically advanced products, and increase in patient awareness regarding breast cancer and favorable repayment policies in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the increasing cases of breast cancer, growing government and corporate investment in healthcare sector, increase in the share of healthcare expenditure in the per capita income, and growth in initiatives from government.

Competitor Insights

Some of the key players in the breast cancer diagnostics market are Koninklijke Philips N.V. (Netherlands); Danaher Corporation (U.S.); Hologic, Inc. (U.S.); Becton, Dickinson and Company (U.S.); QIAGEN (Germany); Thermo Fisher Scientific (U.S.); Genomic Health (Exact Sciences) (U.S.); Myriad Genetics, Inc. (U.S.); Argon Medical Devices, Inc. (U.S.); and F. Hoffmann-La Roche AG (Switzerland). The leading players operating in the breast cancer diagnostics industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share. This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2021 to 2029. The breast cancer diagnostics market report is categorized into the following segments and subsegments: