Increase in 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 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 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 geriatric population offers high growth to the players of global market.
Strikingly, the 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, as 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.
GE Healthcare to hold one of the dominating position in the competitive breast cancer diagnostic market
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 their high investment costs in R&D that results in introduction of advancement in the field.
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Alarming rise in 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 accounts to 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.