Market Trends of Women's Health Diagnostics Industry
Breast Cancer Segment is Expected to Show Significant Growth During the Forecast Period
- Breast cancer is a serious health concern that affects a significant number of women worldwide. Detecting the disease early can lead to better results, such as a higher survival rate, more treatment options, and an improved quality of life. Due to the rising incidence of breast cancer, the demand for breast cancer tests is increasing, both in developing and developed countries, which is expected to drive segment growth over the forecast period.
- Breast cancer is the most commonly occurring cancer in women and the second most common cancer worldwide. The increasing patient pool of breast cancer is expected to accelerate the demand for breast cancer diagnostics. As per the data updated by Cancer Australia in January 2023, nearly 20,030 new breast cancer cases were diagnosed in the country in 2021, with 164 cases in males and 19,866 cases in females.
- The same source also reported that in 2021, nearly 1 in 15 (or 6.7%) females were at risk of being diagnosed with breast cancer by age 85. Hence, the high burden of breast cancer is increasing the demand for breast cancer diagnostics and generating the need for diagnostic devices and tests, leading to the growth of the segment over the forecast period.
- Key companies operating in the women's health diagnostics market are adopting various strategies to gain a competitive edge in the market. They are focusing on organic growth strategies, such as product launches, advanced product development, and product approvals. Furthermore, they are adopting inorganic strategies, such as mergers and acquisitions and collaborations. For instance, in January 2021, Hologic Inc. acquired Biotheranostics, a privately held, commercial-stage firm that develops molecular diagnostic tests for metastatic and breast cancers.
- Product launches are another key factor driving the growth of the market. For example, in January 2021, Roche launched its CE-IVD-approved automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis for breast cancer. These algorithms help determine the best treatment strategy for each patient. Therefore, the abovementioned factors are likely to boost the growth of the segment over the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
North America Expected to Hold a Significant Market Share During the Forecast Period
- North America is projected to dominate the women's health diagnostics market due to several factors, such as the high prevalence of chronic diseases among women, including cancer, lifestyle-related disorders, high adoption of technologically advanced products, product launches, and government initiatives. The rising incidence of breast and ovarian cancer and other chronic diseases is contributing to the increasing demand for women's health diagnostics in the region. Furthermore, the presence of key market players in the region is boosting market growth.
- For instance, in 2022, nearly 287,850 new cases of invasive breast cancer and 51,400 new cases of non-invasive (in situ) breast cancer were diagnosed among women in the United States, according to the Breast Cancer Organization. Breast cancer accounts for about 30% of all new cancer cases in women in the United States annually. Thus, the high prevalence of breast cancer is expected to drive the demand for women's health diagnoses and boost the market's growth over the forecast period.
- In addition, the strong foothold of key market players offering technologically advanced products for women's health diagnostics is expected to further fuel regional growth. For instance, Lia launched the world's first flushable and biodegradable pregnancy test in March 2021. Lia's pregnancy tests are made from plant fibers and are 100% plastic-free, which means they biodegrade in just ten weeks.
- Moreover, regulatory approvals from authorities such as the United States Food and Drug Administration (USFDA) are also contributing to the market growth in the region. For example, in January 2021, the Center for Devices and Radiological Health (CDRH) of the USFDA granted premarket approval (PMA) to Seno Medical Instruments Inc. for its Imagio Breast Imaging System. The diagnostic breast cancer imaging technology will help physicians better differentiate between benign and malignant breast lesions using non-invasive optoacoustic/ultrasound (OA/US) technology to provide information on suspicious breast lesions. Such approvals are fueling the growth of the market.
- Therefore, considering the above factors, the North American women's health diagnostics market is anticipated to exhibit significant growth over the forecast period.
Get Analysis on Important Geographic Markets
Download Sample
