Breast Imaging Technologies Market growth is largely driven by factors such as technological advancements, the rising prevalence of breast cancer, the increasing number of screening programs as well as rising number of conferences and symposiums focusing on spreading awareness about the benefits of early screening and diagnosis.
The emerging markets, growing government and private investments to meet the increasing demand for breast cancer screening, and the improving reimbursement scenario are expected to present a wide range of growth opportunities for market players.
What the Breast Imaging Technologies Market Looks Like?
Predicted to grow at a CAGR of 8.1% during the forecast period, the Global Breast Imaging Market is estimated to reach USD 5.4 billion by 2025. In 2018, North America to dominate the breast imaging market during the forecast period.
Based on technology, the market is segmented into ionizing (mammography, PET-CT, MBI, and PEM) and non-ionizing (breast ultrasound, breast MRI, AWBU, and breast thermography), and other breast imaging technologies (CBCT, electrical impedance tomography, and optical imaging).
The ionizing breast imaging technology segment accounted for the largest share of the breast imaging market during the forecast period. The large share of this market segment is primarily due to the technological advancements in ionizing breast imaging technologies and rising awareness about the early screening and diagnosis of breast cancer.
Non-ionizing breast imaging technologies comprise breast ultrasound, breast MRI, automated whole-breast ultrasound (AWBU), breast thermography, electric impedance tomography, and optical imaging. The breast ultrasound segment accounted for the largest share of the non-ionizing breast imaging technologies market in 2019 whereas the AWBU segment is estimated to witness the second-highest growth rate during the forecast period.
The large share of the breast ultrasound segment can beattributed to the lower risk of exposure to radiation and the benefits offered by breast ultrasound such as the ability to detect lesions and the nature of lesions in women with dense breast tissues, the ability to differentiate between a cyst and a solid mass, and the detection of blood flow through vessels.
Based on type, the mammography market is classified into full-field digital mammography, 3D breast tomosynthesis, and analog mammography. The 3D breast tomosynthesis segment is expected to witness the highest CAGR during the forecast period. The growing demand for advanced screening technologies and increasing regulatory approvals for 3D breast tomosynthesis systems are the key factors driving the growth of this segment.
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What Drives the Market?
The growth of the global market for Breast Imaging is primarily influenced by the following factors:
- Growing Incidence of Breast Cancer
- Increasing Public-Private Investments, Funds, and Grants
- Increasing Awareness on Early Detection of Breast Cancer
- Growth in the Aging Population
Geographical growth scenario of Breast Imaging Market
Geographically, the Breast Imaging market has been studied for North America, Europe, Asia Pacific, and the Rest of the World. The North American region accounted for the largest share of the market in 2018. The rising incidence of breast cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), and the rapidly increasing geriatric population in the region are some of the major factors driving the growth of the breast imaging market in North America.
The Asia Pacific is one of the major revenue-generating regions in the breast imaging market. The rising prevalence of breast cancer, increasing healthcare expenditure, increasing number of awareness programs for the early detection of breast cancer, and the high government spending on breast cancer research studies in several APAC countries are the major factors driving the growth of the breast imaging market in Asia Pacific. As per GLOBOCAN 2018, a total of 911,014 new breast cancer cases were diagnosed in Asia in 2018, and the number is expected to increase by 229,650 by 2030.
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Leading market players and strategies adopted
The prominent players in the market include Hologic, Inc. (US), GE Healthcare (US), Siemens Healthineers (Germany), and Philips Healthcare (Netherlands) dominated the breast imaging market. Other players in this market include Fujifilm Holdings Corporation (Japan), Aurora Imaging Technology, Inc. (US), Canon Inc. (Japan), CMR Naviscan Corporation (US), Delphinus Medical Technologies, Inc. (US), Dilon Technologies, Inc. (US), KUB Technologies Inc. (Kubtec) (US), Micrima Limited (UK), Planmed Oy (Finland), SonoCiné, Inc. (US), and SuperSonic Imagine (France), among others.
Hologic, Inc. (US) is one of the leading players in the global market. Its broad portfolio of breast imaging products is a major factor accounting for its large share in this market. The company focuses on both organic and inorganic growth strategies to enhance its footprint in the global market.
It introduced a number of novel breast imaging products in the past three years, such as the new Viera portable breast ultrasound system (February 2018), Brevera Breast Biopsy System with CorLumina Imaging Technology (January 2018), and 3Dimensions Mammography System in Europe (September 2017).
Additionally, Hologic also strengthened its customer base and expanded its product portfolio through inorganic growth strategies, such as acquisitions and partnerships. With its strong product portfolio and wide geographic presence, Hologic is expected to witness significant growth in the breast imaging market during the forecast period.
GE Healthcare (US) offers an extensive range of products, including molecular imaging, ultrasound, and magnetic resonance imaging technologies. It has a strong presence and wide industry coverage in North America, South America, Europe, Australia, and Asia. The company has a sound custom services support setup, which helps it to strengthen its customer relationships and presence in the market.
During the last three years, the company has significantly invested in R&D activities. GE Healthcare focuses on both organic and inorganic growth strategies to enhance its footprint in the global market.
The high quality of products offered by the company is also leading to an increase in installations across the globe. With its broad product portfolio and strong R&D capabilities, GE Healthcare is expected to grow at a high rate in the global market during the forecast period.
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