Breast Cancer Diagnostics Market Forecasts to 2030 - Global Analysis By Product, Type, Application, End User and By Geography

According to Stratistics MRC, the Global Breast Cancer Diagnostics Market is accounted for $4.75 billion in 2023 and is expected to reach $8.92 billion by 2030 growing at a CAGR of 9.4% during the forecast period. Breast cancer diagnostics are crucial for early detection and effective treatment planning. Early identification enables timely intervention, improving survival rates and reducing the need for aggressive treatments. Diagnostics aid in characterizing tumor types, guiding personalized therapies, and monitoring treatment response. They empower healthcare professionals to tailor interventions to individual patient needs, optimizing outcomes.

According to the American Cancer Society, it is estimated that approximately 281,550 new cases of breast cancer will be diagnosed in 2021, with an expected 49,290 related deaths in the U.S. alone.

Market Dynamics:

Driver:

Rising incidence of breast cancer

The escalating prevalence of breast cancer is a key catalyst for the breast cancer diagnostics. With a rising number of cases globally, there is an increasing demand for advanced diagnostic technologies and screening methods. Early detection is crucial for effective treatment, driving innovation in diagnostic tools such as mammography, molecular diagnostics, and biopsy. This surge in demand for accurate and timely breast cancer diagnosis is a significant factor fueling the expansion of the market.

Restraint:

Risk of overdiagnosis & false positives

Overdiagnosis and false positive result erroneously indicates the presence of cancer when it is not actually present. This can lead to unnecessary emotional distress, anxiety, and fear for the patient. Moreover, it often triggers further invasive procedures such as biopsies, exposing individuals to potential physical harm and discomfort. The psychological toll of living with the fear of cancer and the financial burden of additional medical tests can impact a patient's overall well-being.

Opportunity:

Integration of artificial intelligence & machine learning

The integration of artificial intelligence (AI) and machine learning (ML) in breast cancer diagnostics enhance the accuracy and efficiency of diagnostic processes by analyzing complex data patterns, aiding in early detection, and personalized treatment strategies. AI and ML empower healthcare professionals to make more informed decisions, leading to improved patient outcomes. This advancement not only revolutionizes diagnostic capabilities but also fosters innovation in the market, promising enhanced precision and effectiveness in addressing one of the most prevalent and critical health challenges worldwide.

Threat:

High cost of diagnostic procedures

Breast Cancer Diagnostics procedures involve advanced technologies such as mammography, MRI, and genetic testing, which incur high development, maintenance, and operational expenses. The intricate nature of these diagnostic tools, coupled with stringent quality standards, results in expensive procedures. This financial barrier limits timely detection and treatment, negatively impacting patient outcomes. As a result, the market faces challenges in achieving widespread adoption, improving patient outcomes, and addressing the broader public health impact of breast cancer.

COVID-19 Impact

The COVID-19 pandemic has significantly impacted the market. Delays in routine screenings, reduced patient visits, and strained healthcare resources have led to a decline in the diagnosis of breast cancer cases. Disruptions in supply chains and healthcare services have also affected the market's growth. However, increased awareness and technological advancements, such as telemedicine and AI-driven diagnostics, have driven recovery and reshaped the landscape for breast cancer diagnostics in the post-pandemic era.

The biopsy segment is expected to be the largest during the forecast period

The biopsy segment is estimated to have a lucrative growth. Biopsy is a crucial procedure for confirming malignancy. It involves extracting a small tissue sample from the affected area for examination under a microscope. Biopsy results guide treatment decisions, helping healthcare professionals tailor effective therapies and interventions for patients diagnosed with breast cancer. Early and accurate biopsy results are pivotal in ensuring timely and appropriate management of breast cancer.

The thermography segment is expected to have the highest CAGR during the forecast period

The thermography segment is anticipated to witness the highest CAGR growth during the forecast period. Thermography in breast cancer diagnostics involves using infrared imaging to detect heat patterns and potential abnormalities in breast tissue. It is a non-invasive and radiation-free technique that highlights variations in temperature associated with blood flow and cellular activity. Its non-contact nature and lack of compression contribute to a more comfortable experience, making it a valuable adjunct to traditional diagnostic tools.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising awareness, increased healthcare expenditure, and advancements in diagnostic technologies. It has the presence of top most players namely GE Healthcare, Abbott Laboratories, Siemens Healthineers and Roche Diagnostics. These companies often offer a diverse range of diagnostic technologies. The market is expected to continue its upward trajectory, driven by a growing patient population and government initiatives promoting cancer awareness and screening in the Asia-Pacific region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The U.S. held the largest market share of the market in North America. The region is home to several market players including Bio-Rad Laboratories, Agendia, Genomic Health and Myriad Genetics. These key companies are adopting strategies such as mergers and acquisitions and partnerships, to acquire a larger market share. Breast cancer is the most commonly diagnosed cancer in most American countries. The rising prevalence of breast cancer, coupled with the development of healthcare infrastructure in North America, is expected to drive overall market growth.

Key players in the market:

Some of the key players profiled in the Breast Cancer Diagnostics Market include Hologic Inc, GE Healthcare, Siemens Healthineers, Philips Healthcare, Abbott Laboratories, Roche Diagnostics, Thermo Fisher Scientific, PerkinElmer Inc., Agilent Technologies, Becton, Dickinson and Company (BD), Myriad Genetics Inc., Sysmex Corporation, NanoString Technologies, Genomic Health, Illumina Inc., Bio-Rad Laboratories, Sienna Cancer Diagnostics, Cepheid, Invivo Corporation and Aurora Diagnostics.

Key Developments:

In December 2023, GE HealthCare released a new, all-in-one platform of artificial intelligence (AI) apps to support clinicians with breast cancer detection and improved workflow productivity called MyBreastAI Suite.

In May 2023, Pfizer and Thermo Fisher Scientific Inc. have entered into a collaboration agreement to help increase local access to next-generation sequencing (NGS)-based testing for lung and breast cancer patients in more than 30 countries across Latin America, Africa, the Middle East and Asia where advanced genomic testing has previously been limited or unavailable.

Products Covered:

• Instrument-based Products
• Platform-based Products

Types Covered:

• Biopsy
• Imaging
• Blood Tests
• Genomic Tests
• Nuclear Medicine Diagnostics
• Histopathology
• Other Types

Applications Covered:

• Screening
• Diagnostic Imaging
• Thermography
• Other Applications

End Users Covered:

• Hospitals & Clinics
• Diagnostic Centers & Medical Laboratories
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances