A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global breast cancer diagnostics market. Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness notable growth during the forecast period. Breast cancer, the most common cancer among women, has been a cause of concern among middle-aged women, and this has in turn propelled the need for effective detection methods. The growth of the market is primarily driven by the introduction of advanced imaging instruments with high accuracy, increasing incidence of breast cancer among women, and growing awareness among the population regarding early detection. Moreover, the introduction of novel testing methods is anticipated to complement the growth of the market through the forecast period.
Demand Soars for Cost-effective and Technologically Advanced Testing Methodologies
According to the World Cancer Research Fund (WRFC), breast cancer is the most common cancer in women across the world, accounting for 25.4% of the total number of cases diagnosed in 2018. The high demand caused by the increasing incidence of breast cancer is also complemented by the introduction of advanced imaging techniques to detect breast cancer. Mammography, a rampantly used method across healthcare institutions has proven ineffective in certain cases, thereby creating a need for novel testing methodologies. The existing techniques, such as imaging and endoscopy are known to cause adverse effects such as diarrhea and nausea due to the excessive administration of barium and fluorescent contrasting agents. On this premise, the emergence of hybrid imaging instruments has enabled accurate and precise diagnosis, thereby offering lucrative growth opportunities to the market. Furthermore, the burgeoning demand for precise, cost-effective, technologically advanced products will continue to drive the breast cancer diagnostics market on a positive growth trajectory. Recently, the US Food and Drug Administration (FDA) approved 23andME's BRCA test - which is the first Direct-To-Consumer test to identify BRCA gene mutations - and detects breast and ovarian cancer. Besides, favorable reimbursements and insurance coverages are also boosting the market growth. On these lines, the German Federal Joint Committee approved Genomic Health's Oncotype DX Breast Recurrence Score test for the nationwide reimbursement in June of 2019. As awareness among the female population continues to increase regarding the symptoms and need for early detection, the breast cancer diagnostic market will continue to grow at a steady rate.
North America Continues to Spearhead while Asia Pacific Manifests Excellent Growth
Backed by the presence of sophisticated healthcare infrastructure, North America will hold the lion's share in the global breast cancer diagnostics market. The region is also favored by high awareness among the population and the adoption of advanced technologies. On the other hand, Asia Pacific is anticipated to exhibit tremendous growth in its market share, on the back of factors such as the increasing prevalence of breast cancer, improvements in healthcare infrastructure, and increased government spending research and development (R&D) activities in the field of breast cancer.