by Breast imaging refer to various techniques used for early detection and diagnosis of breast cancer. These techniques include mammography, ultrasound, MRI, PET scans and others. Mammography is currently the gold standard breast imaging technique used for screening and diagnosis of breast cancer as it can detect tumors that cannot be felt during a physical exam.
The global Breast Imaging Market is estimated to be valued at US$ 4202 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
According to the World Health Organization, breast cancer is the most common type of cancer in women worldwide, overtaking lung cancer. Breast cancer accounts for 25.4% of all cancer cases among women. In addition, rising awareness about the benefits of early breast cancer screening is also expected to drive the market growth during the forecast period. Various government and healthcare organizations are conducting awareness programs to educate people on importance of screening mammography for early detection of breast cancer. For instance, National Breast Cancer Awareness Month is observed every October in the United States to raise awareness about the importance of screening mammography and early detection. Moreover, growing geriatric population which is a susceptible group for breast cancer is another factor fueling the market growth.
SWOT Analysis
Strength: The breast imaging market has various advanced technologies available for breast cancer screening and diagnosis such as digital breast tomosynthesis, automated breast ultrasound and others. These technologies provide high-resolution 3D images of breasts and help in early detection of breast cancer. These advanced technologies have significantly improved breast cancer detection rates.
Weakness: High cost of advanced breast imaging systems such as tomosynthesis and automated breast ultrasound systems limits their adoption in budget constrained settings. Lack of trained professionals to operate such advanced systems is also a challenge faced.
Opportunity: Rising breast cancer incidence rates across the globe presents considerable growth opportunities. Increasing awareness programs by governments and NGOs are encouraging more women to opt for regular breast cancer screening. Untapped regions in Asia and Latin America offer new growth avenues.
Threats: Alternative non-ionizing breast imaging modalities gaining popularity posethreats. Strict regulatory approvals and reimbursement policies delays market revenue. Economic slowdowns impacts healthcare budgets limiting system upgrades.
Key Takeaways
The Global Breast Imaging Market Demand ssis expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of breast cancer worldwide. Rising awareness regarding early detection and screenings along with ongoing technological advancements are fueling market growth.
Regional analysis
North America dominates the global market and is expected to continue its dominance during the forecast period owing to rising healthcare expenditures, easy availability of advanced breast imaging systems and robust reimbursement structure in the region. Asia Pacific is expected to witness fastest growth rate over the next few years attributed to large population base, increasing healthcare investments, improving medical infrastructure and rising medical tourism in the region.
Key players
Key players operating in the breast imaging market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco. Major players are focusing on new product launches, collaborations and geographic expansions to strengthen their market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
