Breast Cancer Diagnostics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Breast Cancer Diagnostics Market By Product Type (Instrument, Reagent, And Consumables), By Type (Imaging, Lab Test), By End-User Type (Hospitals, Diagnostic Laboratories, Cancer Research Centers, Others), and by geography is expected to grow at a steady CAGR during the given forecast period owing to increase in the prevalence of breast cancer globally, growing geriatric population, the rising number of government initiatives to increase screening and diagnosis, and the increasing number of technological advancements.

The global Breast Cancer Diagnostics market was valued at USD 4.20 billion in 2023, growing at a CAGR of 6.67% during the forecast period from 2024 to 2030 to reach USD 6.16 billion by 2030. The breast cancer diagnostics market is witnessing positive growth owing to factors such as the increasing prevalence of breast cancer, increasing age and sedentary lifestyle, technological advancements, rising number of government initiatives to increase the rate of screening and diagnosis, thereby driving the growth of the breast cancer diagnostics market during the forecast period from 2024-2030.

Breast Cancer Diagnostics Market Dynamics:

One of the main drivers of the breast cancer diagnostics market is the increasing prevalence of breast cancer globally. As per the World Health Organization (WHO) 2022 data, in 2020 breast cancer was diagnosed in 2.3 million women globally. Further, as per the same source by the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the last 5 years, making it the world's most prevalent cancer.

Therefore, an increase in the prevalence of breast cancer around the world would lead to an increase in the demand for breast cancer diagnostics, thereby propelling the growth of the breast cancer diagnostics market during the forecast period (2024-2030).

Moreover, another key factor that is responsible for the growth of the breast cancer diagnostics market is the rising number of initiatives taken by specific national governments to increase awareness about early screening and diagnosis. For instance, in March 2022, WHO launched a Global Breast Cancer Initiative (GBCI) to reduce global breast cancer mortality by 2.5% per year, which would prevent 25% of breast cancer deaths by 2030 and 40% by 2040 among women under 70 years of age. Providing information about signs, symptoms, early detection, treatment, etc. of breast cancer would aware public of breast cancer diagnosis and treatment which would increase the demand for the breast cancer diagnostics market.

However, the high cost of diagnosis of breast cancer, limitations in diagnosis like false-positive results, and overdiagnosis with mammogram leads to unnecessary treatments which can slow down the breast cancer diagnostics market growth.

The COVID-19 pandemic has slightly impacted the market for breast cancer diagnostics market negatively as hospital admissions for patients suffering from cancers and other disorders were not a priority in comparison to the patients suffering from coronavirus. Along with strict lockdown regulations, a lack of staff, and a shortage of masks and PPE kits made a huge impact on breast cancer patient admissions in hospitals. However, with the masses being vaccinated and the resumption of activities in the healthcare sector, the breast cancer diagnostics market has picked momentum and is expected to further grow during the forecast period.

Breast Cancer Diagnostics Market Segment Analysis:

Breast cancer diagnostics market by product type (instrument, reagent, and consumables), type (imaging, lab test), end-user type (hospitals, diagnostic laboratories, cancer research centers, others), and by geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the type segment of the breast cancer diagnostics market, diagnosis through imaging techniques such as mammography, ultrasound, breast MRI, and CT scan is expected to hold a significant share during the forecast period, owing to the various benefits associated with them such as low-dose x-ray image of breast tissue through a mammogram, early and timely detection of breast cancer, thereby also reducing the risks of undergoing chemotherapy. For example, according to the National Cancer Institute July 2022, U.S. preventive task force recommends that 76.4% of women aged 50-74 years had mammography within the past 2 years. By 2030, 77.1 % proportion of women aged 50-74 years would have received breast cancer screening.

In addition, in January 2022, Duke University researchers created an Artificial Intelligence (AI) platform to analyze potentially cancerous lesions in mammography scans and determine whether patients should receive invasive biopsies. This AI helped to detect suspicious lesions that could be used to train students on how to read mammography images and can help physicians to take health care decisions. Furthermore, this AI technology could be used for making wise decisions, increasing the demand for image diagnosis, thus driving the growth of the breast cancer diagnostics devices market during the forecast period from 2024-2030.

North America is expected to dominate the overall Breast Cancer Diagnostics Market:

Among all the regions, North America is expected to dominate the global breast cancer diagnostics market during the forecast period from 2024-2030. Factors such as aging, race, and ethnicity drive breast cancer which increase the demand for breast cancer diagnostics in the North America market.

According to the American Cancer Society (2023), in January 2022 in the US, variations in breast cancer could be seen due to differences in racial and ethnic groups. The age of diagnosis was slightly younger for black women (age 60), followed by white women (age 63). Black women also have a higher death rate in this as 1 in 5 black women have triple-negative breast cancer which was more than in any other racial/ethnic group.

Furthermore, aging is the biggest risk factor for breast cancer. As people grow older, the chances of developing cancer increase. According to the same source in February 2022, 1 out of 8 women younger than 45 developed invasive breast cancer, and 2 out of 3 invasive breast cancers were found in women 55 or older.

The Breast Cancer Organization (2023) also mentioned that as of January 2022, more than 3.8 million women had a history of breast cancer in the US. One in eight American women (13%) was expected to develop invasive breast cancer at some point in their lives on average. In men, 2,710 new cases of invasive breast cancer are expected to be diagnosed by 2022 end in the US.

Therefore, the rising prevalence of breast cancer, aging, race, and ethnicity would result in the rising demand for breast cancer diagnostics which in turn would provide a conducive growth environment for the North America breast cancer diagnostics market.

Breast Cancer Diagnostics Market Key Players:

Some of the key market players operating in the breast cancer diagnostics market include Niramai Health Analytix, UE LifeSciences Inc, Xuzhou AKX Electronic Science And Technology Co Ltd, Kheiron Medical Technologies Limited, Technomax Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V, Fujifilm Corporation, Canon Medical Systems Argentina S.A, Hitachi Ltd, Carestream Health, Planmed Oy, SonoCine, Seno Medical, Stryker, Izotropic Corporation, Koning Health, Siemens Healthcare GmbH, CMR Naviscan, among others.

Recent Developmental Activities in the Breast Cancer Diagnostics:

In March 2022, Niramai received US FDA clearance for their first medical device, SMILE-100 System (breast thermography device).

In Jan 2022, UE LifeSciences entered into a definitive distribution agreement with Siemens Healthineers, adding its flagship device iBreastExam to Siemens' 360-degree breast care product portfolio for the U.S. market.

In Nov 2022, Kheiron Medical Technologies Launched RSViP to Help U.S. Breast Screening Programs Tackle Backlogs Worsened by COVID-19.

In Jan 2022, Kheiron's AI Breast Screening Solution Mia Receives Regulatory Clearance in Australia and New Zealand.

Key Takeaways from the Breast Cancer Diagnostics Market Report Study

• Market size analysis for current breast cancer diagnostics market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching breast cancer diagnostics.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the global breast cancer diagnostics.
• Various opportunities are available for other competitors in the breast cancer diagnostics market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030.
• Which are the top-performing regions and countries in the current breast cancer diagnostics market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for breast cancer diagnostics market growth in the coming future?

Target Audience who can be benefited from this Breast Cancer Diagnostics Market Report Study

• Breast cancer diagnostics products providers
• Research organizations and consulting companies
• Breast cancer diagnostics-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Breast cancer diagnostics
• Various End-users who want to know more about the Breast cancer diagnostics Market and the latest technological developments in Breast cancer diagnostics.

Frequently Asked Questions for Breast Cancer Diagnostics:

1. What are breast cancer diagnostics?

Breast cancer diagnostics are used detect breast cancer in men and women experiencing its signs and symptoms. Early diagnosis could improve cancer treatment by providing care at the earliest stage possible.

2. What is the market for Global breast cancer diagnostics?

The global Breast Cancer Diagnostics market was valued at USD 4.20 billion in 2023, growing at a CAGR of 6.67% during the forecast period from 2024 to 2030 to reach USD 6.16 billion by 2030.

3. What are the drivers for the Global breast cancer diagnostics Market?

The breast cancer diagnostics market is witnessing positive market growth owing to the factors such as, increasing prevalence of breast cancer, Increasing age and sedentary lifestyle, inherited breast cancer genes, race, ethnicity, technological advancements, and government initiatives to increase the rate of screening and diagnosis.

4. Who are the key players operating in the breast cancer diagnostics Market?

Some of the key market players operating in the breast cancer diagnostics market include Niramai Health Analytix, UE LifeSciences Inc, Xuzhou AKX Electronic Science And Technology Co Ltd, Kheiron Medical Technologies Limited, Technomax Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V, Fujifilm Corporation, Canon Medical Systems Argentina S.A, Hitachi Ltd, Carestream Health, Planmed Oy, SonoCine, Seno Medical, Stryker, Izotropic Corporation, Koning Health, Siemens Healthcare GmbH, CMR Naviscan, among others.

5. Which region has the highest share in the breast cancer diagnostics Market?

North America is expected to dominate the global breast cancer diagnostics market. Factors contributing to its growth are the increasing prevalence of breast cancer due to aging, race, ethnicity, and others, increasing the demand for breast cancer diagnostics, thus driving the breast cancer diagnostics market growth in North America region.