Breast Cancer Diagnostic Market Analysis
Breast Cancer Diagnostic Market - Global industry insights, Outlook and Opportunity Analysis, 2018-2026
Breast cancer is characterized by a malignant tumor formed in the breast cells, which can spread to other parts of the body. Breast cancer is majorly observed in females. Breast cancer is diagnosed by doctors with the help of several tests to locate the site of initiation and the spread of the tumor to several parts of the body. Symptoms of breast cancer include a lump in a breast, change in the shape of breast, skin dimpling, and fluid leakage from the nipple, patches on the skin, etc. Breast cancer can be developed in normal individuals due to several risk factors that involve low physical exertion, alcohol consumption, obesity, menopause, family history and delivering a child at an older age.
Breast cancer can be diagnosed at early stages by certain screening tests like yearly mammograms, CT scans, and MRI. Once the symptoms are visually detectable, an individual is advised to undergo a diagnostic test to confirm the suspects of breast cancer. These diagnostic tests are majorly carried out by biopsy in which a small amount of internal tissue is removed from the patient’s body and observed under the microscope to diagnose breast cancer. This diagnostic method can be carried out with the help of several diagnostic options like that of biopsy, clinical lab tests, ultrasound techniques that are available in the Breast cancer diagnostic market.
Alarming rise in the incidence of breast cancer augmenting market growth
According to the National Cancer Institute (NCI), 2015, in the U.S. around 232,340 females were encountered with breast cancer and out of which 39,620 cases were lethal. The data from NCI also suggests that 22.9% of female cancers in women account for breast cancer while, 18.2% of all the deaths caused due to cancer, contributes to breast cancer. The American Cancer Society (ACS) states that 1 out of 4 patients diagnosed with cancer are victims of breast cancer and is the most commonly observed cancer in females.
Increase in the incidence of breast cancer worldwide is the prime reason for global breast cancer diagnostic market growth over the forecast period
Regional segmentation of the breast cancer diagnostic market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The major reason for driving the breast cancer diagnostic market is the increasing incidence rate of breast cancer all over the globe. The WHO suggests that 89.7 per 100,000 people in Western Europe are affected by breast cancer per year. Apart from this, certain factors like increasing awareness among people regarding regular check-ups for early detection of breast cancer, technological advancement in medical imaging technologies, funding provided by the government in research and development of breast cancer treatment and diagnostic techniques are responsible to fuel the global market of breast cancer diagnostics.
Moreover, the rise in the geriatric population offers high growth to the players of the global market. Strikingly, breast cancer survival rates worldwide are relatively high, making it an important factor that is responsible to drive the breast cancer diagnostic industry. WHO states that survival rates are around 80% in North America, Sweden, and Japan. However, the installation cost of breast cancer diagnostic devices and imaging facilities and side effects of radiation may result in hindering the growth of the breast cancer diagnostic market.
In the case of regional segmentation, North America contributes the highest in the global breast cancer diagnostic market followed by Europe. The developing countries of the Asia Pacific are potential players in boosting the global market due to factors like the growing population of patients, government investments in healthcare expenditure and revenues and awareness among people regarding the benefits of early detection of breast cancer.
Breast Cancer Diagnostic Market- Competitive landscape
Major players dominating the global breast cancer diagnostic market involves Hologic Inc., GE Healthcare, Phillips Healthcare, Fujifilm Holdings Corporation, Gamma Medica Inc., Toshiba Corporation, Aurora Imaging Technology Inc., and Dilion Technologies Inc. GE Healthcare holds a very strong position in the global breast cancer diagnostic industry due to its high investment costs in R&D that results in the introduction of advancement in the field.
In September 2019, Todos medical Ltd., entered into a non-binding Memorandum of Understanding (MOU) with Orot+ to expand their existing launch and distribution partnership for the commercial sale of Todos TM-B1 and TM-B2 breast cancer detection blood tests in Japan.
In July 2019, Exact Sciences Corp and Genomic Health Inc. entered into a definitive agreement in which these companies will create a leading global cancer diagnostics company. The combined company will offer two of the strongest and fastest-growing brands in cancer diagnostics, Cologuard and Oncotype DX.
In July 2019, Paragon Biosciences launched the seventh portfolio company, Qlarity Imaging LLC, which was founded to harness the value of artificial intelligence (AI) to improve medical outcomes.
In 2016, Myriad Genetics acquired Sividon Diagnostics, a leading breast cancer prognostics company. This Acquisition enhances its competitive position in the oncology diagnostics market.
In 2015, BioNTech AG launched MammaTyper, a CE-IVD marked molecular diagnostic test to stratify breast cancer patients by molecular subtyping of routine tumor tissue.
Breast Cancer Diagnostic Market- Taxonomy
The global breast cancer diagnostic market is segmented on the basis of diagnostic type, end-user and geography.
By Diagnostic Type
By End User