During Breast Cancer Awareness Month, the public is encouraged each year to get examined for the cancer. With the pandemic hitting this year, the fear of being infected by the virus has stopped people worldwide from visiting hospitals and clinics for checkups if they do not deem it necessary. However, as per The Business Research Company’s reports, there is in fact an increasing incidence of breast cancer, which will require more equipment to diagnose, increasing the demand for the breast cancer diagnostics market. Breast cancer is the most common form of cancer, affecting 2.1 million women every year, and furthermore causing the largest number of deaths from cancer in women. The goal of early diagnosis is to improve the percentage of breast cancers diagnosed at an initial point so that more successful care will be used, and the risk of death from breast cancer can be reduced.
Neglecting mammograms could delay any potential detection of cancerous cells in the breast tissue, which is dangerous since breast cancer can be dealt with most capably in early stages of the disease.[i] Screenings and even treatment for breast cancer have taken a fall in numbers this year due to concerns about the highly transmittable coronavirus. Many people chose not to leave their homes unless absolutely required, and thus many appointments were delayed or even skipped altogether.[ii]
The global breast cancer diagnostics market is thus expected to decline from $4.88 billion in 2019 to $4.62 billion in 2020 at a compound annual growth rate (CAGR) of -5.38%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, especially postponement of non-emergency procedures. The market is then expected to recover and reach $6.32 billion in 2023 at a CAGR of 10.99%, according to the Global Market Model estimates. The breast cancer diagnostics industry includes imaging, biopsy, genomic tests, blood tests, other types of diagnosis, technology such as fluorescent in situ hybridization (FISH), comparative genomic hybridization (CGH), immunohistochemical (IHC), and others, and the cancers: BRCA breast cancer, ER & PR breast cancer, HER 2 breast cancer, EGFR mutation test breast cancer, and others.
With the increasing prevalence of the disease, manufacturers of breast cancer drugs are increasingly collaborating or partnering with other companies to share technology, resources, product knowledge and expand business. One such drug treatment is monoclonal antibodies. The breast cancer monoclonal antibodies (MAbs) market consists of sales of MAbs by entities that produce breast cancer monoclonal antibodies used as therapy for breast cancer either as monotherapy or combination therapy. Targeted and combination therapy have been proven to be more effective and less toxic than the traditional treatment options. Targeted cancer therapies are drugs or substances that block the growth of cancer by interfering with molecules that are more specifically involved in cancer cell progression than in normal cell activity. The goal of these therapies is to eliminate cancerous cells in the body while leaving normal cells unharmed. By focusing on changes in the cell that are specific to cancer, this therapy may prove to be more effective than traditional chemotherapy and radiotherapy. Combination therapy uses a treatment method in which a patient is given two or more drugs (or other therapeutic agents) for a single disease.
Thus, with increasing awareness, knowledge, and diagnoses and treatment options for the illness, the fight against breast cancer strengthens every day.
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