WELLESLEY, Mass., May 30, 2018 (GLOBE NEWSWIRE) -- The need for safer, more efficacious drugs and better diagnostic tools is driving growth in the global market for breast cancer diagnostics and drug technologies. An updated study by BCC Research forecasts this market to reach $21.8 billion by 2022 and examines it by breast cancer therapies, mammography, biopsy and companion diagnostics.
The worldwide incidence of breast cancer is gradually increasing, making it an attractive area of research and development. Drugs for breast cancer comprise a dynamic and growing global market. In addition, specific and effective diagnostic tools are needed for early diagnosis and treatment. From $18.2 billion in 2017, this market is projected to expand at a five-year compound annual growth rate (CAGR) of 3.6%, according to BCC Research’s updated report, Breast Cancer Diagnostics and Drug Technologies: Global Markets.
The breast cancer drugs segment is expected to reach $17.5 billion by 2022, with Roche predicted to account for more than half. Common detection techniques include diagnostic mammography and ultrasound followed by biopsy. Studies show that treatment is far more effective when the cancer is detected early.
Research Highlights
- Growth in the global mammography market will be driven mainly by an increase in the female geriatric population.
- The global breast biopsy market is projected to reach $1.4 million by 2022. North America dominated in 2017 with a 47.4% share.
- The global breast cancer companion diagnostic test market is expected to surpass $1 billion by 2022. This growth is due to widespread acceptance of predictive diagnostics in North America and steady adoption in developing regions.
“Early treatment and detection have improved the five-year survival rate for women diagnosed with breast cancer to nearly 80%,” the report notes. “The prevalence of breast cancer is expected to reach 6.3 million by 2020, increasing at a CAGR of 3.9%. With the anticipated rise in the number of cases, breast cancer research and development requires attention from pharmaceutical firms.”
Increases in Healthcare Expenditure and Funding
Breast cancer is the second most common type of cancer. Governments from both developed and developing countries are actively engaged in designing and implementing programs to enhance awareness regarding breast cancer and the available diagnosis and treatment options. Increased funding from various government and nongovernment organizations drives the global breast cancer diagnostic and therapeutic market. Government entities around the world are encouraging the development of innovative technologies to reduce healthcare expenditures.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.