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Breast Cancer Screening Market is expected to grow at a significant CAGR of 8.7%

March 18, 2023 by Yogesh Shinde Leave a Comment

Market Overview

The breast cancer screening market encompasses all products and services designed to detect breast cancer in women. It includes screening tests such as mammography, ultrasound, magnetic resonance imaging (MRI), and other imaging modalities; additionally, it offers diagnostic tests like biopsies and other laboratory procedures.

Market.us estimates the global breast cancer screening market size to be valued at USD 5.8 billion in 2022 and projected to expand at a compound annual growth rate (CAGR) of 8.7% from 2022-2032, due primarily to rising incidence rates worldwide and rising adoption of early detection and screening programs, increasing awareness among women about screening procedures, and advances in imaging technologies. These factors are all contributing factors to market expansion.

Geographically, North America dominates the global breast cancer screening market due to its high prevalence of cancer and established healthcare infrastructure. However, Asia Pacific is projected to experience the highest compound annual growth rate during the forecast period due to increasing awareness about screening procedures as well as improved healthcare facilities in that region.

The breast cancer screening market is highly competitive and fragmented, with several key players operating within it. Hologic, Inc., Siemens Healthineers, GE Healthcare, Fujifilm Holdings Corporation, and Koninklijke Philips N.V are some of the key companies operating within this space; these companies are investing heavily in product development and innovation to stay ahead of competitors within this space.

Global Breast Cancer Screening Market Growth 2022-2032

Key Takeaways

  • The breast cancer screening market is projected to experience a compound annual growth rate of 8.7% between 2022 and 2032.
  • The increasing prevalence of breast cancer worldwide is one major factor propelling the growth of this market.
  • North America dominates the global breast cancer screening market due to its high prevalence and established healthcare infrastructure.
  • The Asia Pacific region is expected to experience the highest compound annual growth rate during the forecast period, driven by growing awareness about breast cancer screening and improved healthcare infrastructure in the region.
  • Hologic, Inc., Siemens Healthineers, GE Healthcare, Fujifilm Holdings Corporation, and Koninklijke Philips N.V. are key players in this market.
  • These companies are investing in product development and innovation to stay ahead of the competition in the market.

To get a detailed analysis of other segments, Request For Sample Report: https://medicalmarketreport.com/report/global-breast-cancer-screening-market/#requestForSample

Drivers

  • The rising incidence of breast cancer: According to the World Health Organization (WHO), breast cancer is the most common cancer among women worldwide, with an estimated 2.3 million new cases diagnosed in 2020. As such, breast cancer screening will continue to be a major driver for this market.
  • Advances in Imaging Technologies: Recent advancements in imaging technologies have enhanced the accuracy and dependability of breast cancer screening, leading to an increase in program adoption. For instance, digital breast tomosynthesis (DBT) has been proven to increase cancer detection rates while decreasing false positives compared to traditional mammography.
  • Increased Awareness About Breast Cancer Screening: Recently, public awareness campaigns, patient education initiatives, and advocacy groups have done much to raise awareness about the advantages of early detection and screening for breast cancer. These campaigns highlight the significance of early detection and screening as an integral part of cancer prevention strategies.
  • Government Initiatives and Funding: Government initiatives and funding for breast cancer screening programs have also contributed to the growth of this market. For instance, the U.S. Affordable Care Act (ACA) requires health insurance plans to cover mammogram screenings for women over 40 years old.
  • Aging Population: As people get older, their risk for breast cancer increases. As a result, there has been an uptick in demand for screening services to keep up with this growing need.

Key Market Segments

Type

  • Mammography Screening
  • Breast Magnetic Resonance Imaging (MRI) Screening
  • Breast Ultrasound Screening

Application

  • Hospital
  • Clinic

Key Market Players

  • Hologic
  • GE Healthcare
  • Siemen Healthineers
  • Philips Healthcare
  • Canon Medical
  • Fujifilm
  • Metaltronica
  • Sino Medical-Device
  • IMS Srl

Restraints

  • High Cost of Screening: Breast cancer screening can be costly for those without health insurance, particularly mammography and other imaging tests as well as follow-up diagnostic tests. This financial burden may prove a substantial deterrent for many women.
  • False positive and false negative results: False positives and false negatives are unfortunately common in breast cancer screening tests, leading to unnecessary follow-up tests, biopsies, and anxiety for patients. False negatives may also result in missed diagnoses that delay treatment or reduce its effectiveness.
  • Lack of Access to Screening: In some regions, access to breast cancer screening services is limited due to a shortage of healthcare providers, equipment, or funding. Women living in rural areas or low-income communities are especially underserved by these programs.
  • Fear and Anxiety Related to Screening: Fear of both the screening process as well as potential diagnoses and treatments can deter some women from seeking services for screening purposes.
  • Ethical Considerations: An overdiagnosis and overtreatment of breast cancer can have detrimental effects, including unnecessary treatment and harm to patients. This has raised ethical issues regarding the benefits and harms of screening for breast cancer, as well as the need for informed decision-making between patients and healthcare providers.

Opportunities

  • Development of New Screening Technologies: As breast cancer screening becomes more accurate and reliable, there is an increasing need for cost-effective methods. Advancements in artificial intelligence (AI) and machine learning (ML) could increase both accuracy and efficiency in this regard.
  • Expansion of Screening Programs: There remains an unmet need for breast cancer screening services in many regions, particularly low and middle-income countries. By expanding screening programs to underserved populations, opportunities could arise within the breast cancer screening market.
  • Personalized Screening Strategies: Customized screening strategies based on a woman’s individual risk factors could enhance breast cancer detection and reduce unnecessary testing. With the development of personalized screening guidelines and technologies, there may be new growth prospects in this market.
  • Integration of Screening and Treatment: Integrating breast cancer screening and treatment could offer patients more comprehensive, coordinated care. For instance, using biopsy markers could improve diagnosis accuracy and eliminate the need for additional testing.
  • Telemedicine and Remote Screening: The COVID-19 pandemic has spurred the adoption of telemedicine and remote screening technologies, potentially providing increased access to breast cancer screening services, particularly in underserved communities.

Challenges

  • Overdiagnosis and Overtreatment: Overdiagnosing and overtreating breast cancer can cause unnecessary harm to patients, as well as higher healthcare costs. To reduce the likelihood of overdiagnosis and overtreatment, improved risk stratification and personalized screening strategies are needed to lower potential damages.
  • Limited Accuracy of Screening Tests: Breast cancer screening tests can produce false positives and false negatives, leading to unnecessary follow-up testing, biopsies, and anxiety for patients. Thus, there is a need for improved screening tests with higher accuracy rates and lower false positive/false negative rates.
  • Limited Access to Screening Services: Lack of access to breast cancer screening services, particularly in low and middle-income countries, poses a significant obstacle. To address this problem, increased investment should be made into screening programs and infrastructure as well as increased education about its importance.
  • Ethical Issues: The potential benefits and harms of breast cancer screening, including overdiagnosis and overtreatment, raise ethical questions regarding informed consent and shared decision-making between patients and healthcare providers.
  • Cost and reimbursement issues: The high cost of breast cancer screening tests and follow-up diagnostic tests can be a deterrent for many women, particularly those without health insurance. To increase access to screening services, improved reimbursement policies and cost-effective strategies must be implemented.

Recent Developments

  • Advances in AI and Machine Learning: Recent advancements in AI and ML are increasing the accuracy and efficiency of breast cancer screening. These technologies can detect subtle changes in tissue that may not be visible to the naked eye, potentially improving mammography as well as other imaging tests’ precision.
  • Tomosynthesis (also known as 3D mammography) has seen an increased adoption among breast cancer screening due to its improved accuracy and lower recall rates. It offers a more detailed view of breast tissue than traditional 2D mammography and has become more commonplace due to its lower cost and greater versatility.
  • Development of New Biomarkers: Researchers are exploring the use of new biomarkers, such as circulating tumor cells and cell-free DNA, for breast cancer screening. These markers could offer a more precise and non-invasive way to detect breast cancer than traditional imaging tests do.
  • Growing Adoption of Telemedicine: The COVID-19 pandemic has hastened the adoption of telemedicine and remote screening technologies for breast cancer screening, providing greater access to services in underserved communities.
  • Increased Emphasis on Personalized Screening: There is an increasing emphasis on personalized screening strategies for breast cancer that are tailored to a woman’s individual risk factors. This approach could improve the accuracy and efficiency of screening while decreasing the potential risk of overdiagnosis or overtreatment.

Contact our Market Specialist Team

Global Business Development Teams – Market.us

Market.us (Powered By Prudour Pvt. Ltd.)

Send Email: [email protected]

Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States

Tel: +1 718 618 4351

Yogesh Shinde
Yogesh Shinde

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