Rising prevalence of breast cancer are expected to augment the breast cancer screening market growth

calendar_today 05 August, 2022 person_outline Growth Plus Reports

Breast Cancer Screening Market by Type (Mammography, MRI [Magnetic Resonance Imaging], Ultrasound, Tomography, Genome Test, and Biopsy), by Product (Instrument-based Product [Biopsy and Imaging] and Platform-based Product [PCR (Polymerase Chain Reaction), Next-generation Sequencing, Microarrays, and Others]), and by End User (Hospitals, Diagnostic Centers, and Cancer Institutes) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by Growth Plus Reports, the global breast cancer screening market was pegged at ~US$ 2.50 billion in 2021. The market is expected to witness a CAGR of ~6.7% from 2022 to 2030.

Breast cancer is a disease that appears due to the abnormal growth of breast cells developing into a cluster of tissues (tumor). To detect and control this disease various imaging devices/systems are used. Growing breast cancer cases, technological innovations, favorable reimbursement policies, government initiatives, etc., are the chief contributors to the growth of the global breast cancer screening market. However, there are some challenges that can affect the growth of this market such as the high cost of diagnostics and the adverse effects of certain screening methods.

The rising prevalence of breast cancer is a key factor in the growth of the global breast cancer screening market. The prevalence of breast cancer is consistently growing, and it can be attributed to an increasingly sedentary lifestyle, rising obese population, excessive intake of alcohol, excessive & prolonged use of oral contraceptives, and genetic predisposition. According to a WHO report in 2020, 2.3 million women were diagnosed with breast cancer and nearly 6,85,000 deaths were recorded around the globe.

Technological advancements and innovations in imaging techniques have catalyzed the growth of this market. The emerging technologies and evolving medical imaging devices such as PET, SPECT, and tomography have raised the market growth globally. Additionally, growing government & private initiatives advocating early breast cancer screening and management has also contributed to the expansion of the market. For instance, in February 2020, a group of researchers developed an innovative and inexpensive technology that can perform the screening procedure for breast cancer patients without exposing individuals to harmful radiation. This system uses low-frequency waves (microwaves) and artificial intelligence (AI) software for the detection of small and early-stage tumors.

Favorable reimbursement policies for the diagnostic procedures of breast cancer patients are also a pivotal factor for the market. These policies provide benefits such as cashless screening or diagnostic procedures for the patients. And in some cases, the organization that offers this policy can also provide coverage on medications for economically low patients. For instance, in February 2021, the Korean NHI (National Health Insurance) announced a 50% reimbursement cover for breast cancer patients in Korea.

However, there are a few challenges in this market such as the high cost of diagnostic devices and adverse effects of imaging techniques that may hamper the growth of the market. The adverse effect on the patient due to the screening process can prove to be a major restraint for the market growth. The imaging system consists of harmful radiation, mostly gamma rays which can negatively affect the human body leading to different health problems such as the risk of developing other cancers or even reoccurrence. Thus, this can prove to be a major challenge for the growth of the breast cancer screening market, thereby restraining the overall market development.

The Asia Pacific region is expected to be the fastest-growing region in the breast cancer screening market globally. The growth of the region can be attributed to the growing adoption of enhanced diagnostic techniques, the improving screening infrastructure, and the rising prevalence of breast cancer. Furthermore, growing awareness regarding the benefits of early diagnostic techniques for breast cancer, increasing healthcare reimbursements, rising government/private initiatives, etc. have also accelerated the market expansion. For instance, the government of India has started initiatives for women suffering from breast cancer wherein, these patients can avail the mammography procedure with minimum cost in government hospitals, especially for the low-income population. This initiative not only provides great facilities but also helps in spreading awareness among society, thereby boosting the growth of the market.

Some of the prominent players operating in the global breast cancer screening market are BioTime Inc., Siemens Healthcare Diagnostics Inc., A&G Pharmaceutical Inc., POC Medical

Systems Inc., Biocrates Life Sciences AG, Hologic Inc., OncoCyte Corporation, Metabolomic Technologies Inc., Myriad Genetics Inc., and Koninklijke Philips N.V. among others.

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