Global Breast Cancer Diagnostics Market Expected to Grow $3.8 Billion by 2032

The global breast cancer diagnostics market is expected to grow from $4.47 billion to $8.27 billion from 2024-2032, according to a report released yesterday by Vantage Market Research. The estimated compound annual growth rate during this time will be 7.09%. This jump will be caused by an increase in breast cancer cases worldwide, a growing awareness around early detection and technological advancements.

The fastest growing sector during this period is expected to be the Asia Pacific region due to an uptick of breast cancer cases. In 2020, almost half of breast cancer cases worldwide (45.4%) were diagnosed in Asia, according to a 2020 report published in Cancers.

In 2023, North America led the market with 46.4% of the total market share.

There has been a rising demand for regular screenings and support from governments across the globe from organizations such as the World Health Organization’s Global Breast Cancer Initiative, which aims to reduce breast cancer mortality by 2.5% annually, potentially saving 2.5 million lives by the year 2040. 

An aging global population is another likely contributor to market growth as well as technological advancements in the imaging segment which includes mammography and ultrasound procedures. In 2023, the imaging segment accounted for 53.2% of revenue share in the global market.

Less invasive diagnostic techniques have gained popularity as well. Liquid biopsies have become more popular, due to their less invasive nature. During a liquid biopsy, cancer is detected using a blood sample. This minimizes the amount of tissue needed for testing but does not replace a tissue-based diagnosis. The first commercial test became available in 2014 and was approved for breast cancer detection by the FDA in 2021, the College of American Pathologists report.

A recent interest in using artificial intelligence to read mammogram results also contributes to rising case numbers. Although this practice is common in Europe, only about 9% of radiologists in the United States are using AI for breast imaging, according to the American College of Radiology. For example, AI clocked nearly 20% more breast cancers in mammograms than radiologists did in a Swedish study published last year in Oncology.

“The Breast Cancer Diagnostics Market presents significant opportunities for growth,” the report reads. “Expanding healthcare infrastructure in developing regions presents opportunities for market penetration and growth. Collaborations between healthcare providers, technology companies, and research institutions can also foster innovation and market expansion.”

The top breast cancer risk factor is being female and no greater than 1% of breast cancer diagnoses are male, according to the World Health Organization. In 2022, 2.3 million women were diagnosed with breast cancer and 670,000 succumbed to the disease. Breast cancer is currently the most common cancer for women worldwide.