The global breast cancer diagnostics market is expected to develop due to the high prevalence and increasing occurrence rate of breast cancer, as well as technical improvements in diagnostic procedures.
Albany NY, United States, May 23, 2022 (GLOBE NEWSWIRE) -- Breast cancer diagnostics market projections estimate the value of global market to stand at US$ 4.8 Bn in 2018 and the market is likely to rise at a CAGR of 7% during the forecast period, from 2019 to 2027. Breast cancer diagnostics market outlook anticipates the market to attain value of US$ 9 Bn by 2027. AI is being used by firms in the global breast cancer diagnostics market to better medical results. With the objective of minimizing expenditure for hospitals and payers, AI technology is rapidly being applied in much more imaging modalities. Demand analysis of breast cancer diagnostics predicts that breast cancer diagnostics companies are concentrating their investment on creating AI systems having intuitive displays as well as machine learning (ML).
Most of the breast cancers are curable, and individuals who diagnose cancer early on have a higher chance of survival. As a result, breast cancer diagnostics researchers are focusing more on revolutionary blood screening approaches that are innovating ways for the early diagnosis of breast cancer.
In 2018, North America led the global market, and by 2027, the regional market is expected to increase its market share. Domination of the North America market is likely to be linked to the rise in the incidence of breast cancer in Canada and the US. In addition, well-established healthcare facilities in the region is also expected to add to the growth of the regional market. The region's considerable share of the global breast cancer diagnostics market in 2018 is ascribed to high per capita healthcare spending, rapid adoption of technologically sophisticated products, and advantageous medical reimbursement regulations.
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Key Findings of Market Report
Nanotechnology has the potential to aid in the early identification of breast cancer, which is expected to drive sales of breast cancer diagnostics market. In the breast cancer diagnostics industry, this technique is well-known for its excellent specificity, sensitivity, as well as multiplexed testing capability. However, healthcare professionals face difficulty in translating nanotechnology-based diagnostic technologies into everyday clinical applications. In order to help boost clinical numbers, companies are strengthening their research efforts in novel diagnostic methods such as deep learning and nanotechnology. However, in the market for breast cancer diagnostics, the dependability of nanotechnology-based cancer detection in routine clinical procedures is still in its early stages.
Automated breast cancer diagnoses based on machine learning algorithms are transforming the industry and are one of the emerging trends of the breast cancer diagnostics market. In order to aid rigorous analysis and interpretation of peripheral parts of the patient body, various data mining and machine learning approaches are being deployed. As a result, feature extraction is critical in the identification of breast cancer utilizing machine learning approaches. These cutting-edge approaches are assisting breast cancer diagnostics professionals in distinguishing between malignant and benign tumors.
The imaging category is expected to dominate the global breast cancer diagnostics market in terms of technique. For the early detection of breast cancer, imaging tests are favored. The segment's market domination in 2018 can be attributable to this.
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Global Breast Cancer Diagnostics Market: Growth Drivers
The high prevalence and increasing incidence rate of breast cancer are projected to boost the global breast cancer diagnostics market. Breast cancer was recorded in 2,088,849 occurrences globally in 2018, as per the World Cancer Research Fund. Breast cancer incidences are expected to reach 5.5 million worldwide by the year 2030, according to the group.
At the moment, cancer diagnostic research and development is mostly focused on liquid biopsy. Extensive clinical studies are being conducted by industry particiapnts and research organizations to produce a platform for very sensitive biopsies. Extensive research on biopsy targeted at boosting early cancer diagnosis is expected to propel the global breast cancer diagnostics market during the forecast timeframe.
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Global Breast Cancer Diagnostics Market: Key Players
Some of the key market players are
Leica Biosystems Nussloch GmbH
Koninklijke Philips N.V.
Myriad Genetics, Inc.
C. R. Bard, Inc.
Fujifilm Holding Corporation
F. Hoffmann-La Roche Ltd.
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Global Breast Cancer Diagnostics Market: Segmentation
Flat Panel Detectors
Computed Radiography (CR) Detectors
Line Scan Detectors
Charge-coupled Device (CCD) Detectors
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