According to the report, the global breast imaging market was valued at ~US$ 3.5 Bn in 2019 and is projected to expand at a CAGR of ~8% from 2020 to 2028.
Breast Imaging Market: Introduction
According to the report, the global breast imaging market was valued at ~US$ 3.5 Bn in 2019 and is projected to expand at a CAGR of ~8% from 2020 to 2028. Breast imaging products are used by healthcare professionals, especially by radiologists and oncology hospital technicians, for the diagnosis of breast cancer and monitoring of breast cancer therapy. Different types of technologies used for diagnosis of breast cancer include ionizing breast imaging and nonionizing breast imaging. The growth of the global breast imaging market can be attributed to the rise in number of people with breast cancer and increase in government initiatives. North America dominated the global breast imaging market in 2019, and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early new product adoption, high penetration rate for breast imaging products, and presence of major players are expected to drive the market in North America. Asia Pacific is likely to be a highly lucrative market for breast imaging, expanding at a high CAGR during the forecast period.
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Growing Preference for Mammography Screening and Rise in Government Initiatives to Drive Market
Rise in incidence of breast cancer is one of the critical areas of concern in the global healthcare industry. Lack of awareness about breast cancer and benefits of early detection of the condition are the major factors that governments in developing countries are taking into consideration to control the morbidity rate and reduce the mortality rate of breast cancer. Various governments are taking initiatives such as funding breast cancer screening in the respective countries; educating and spreading awareness; and arranging free breast screening campaigns to encourage women for breast cancer screening. Such governmental and non-governmental initiatives are expected to result in increased awareness about breast cancer, thereby boosting the rate of breast cancer screening worldwide.
The growing preference for mammography screening over other technologies is projected to propel the global market. Increase in public mammography screening programs, along with rise in investment for breast screening from governments is likely to drive the market.
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Ionizing Breast Imaging Technology to Dominate Market
Based on technology, the global breast imaging market has been divided into ionizing breast imaging, nonionizing breast imaging, and others. The ionizing breast imaging segment has been categorized into mammography, positron emission tomography-computed tomography (PET-CT), and molecular breast imaging (MBI). The ionizing breast imaging segment dominated the global breast imaging market in 2018 and the trend is projected to continue during the forecast period. The American Cancer Society recommends early detection of breast cancer for better control and management. This has led to rise in use of mammography. Mammography is covered by almost all insurance companies. Coverage of remaining breast screening techniques varies depending on the reimbursement offered by insurance companies. Increase in the use of mammography technique in the diagnosis of breast cancer is anticipated to fuel the growth of this segment. The nonionizing breast imaging segment has been sub-segmented into breast ultrasound, breast MRI, breast thermography, and automated whole-breast ultrasound (AWBU). The breast MRI segment is expected to generate higher revenue during the forecast period.
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Hospitals to be Major End User
In terms of end user, the global breast imaging market has been categorized into hospitals & clinics, diagnostic centers, ambulatory surgical centers, and research centers. The hospitals & clinics segment dominated the global breast imaging market in terms of revenue in 2019. The trend is expected to continue during the forecast period. Factors such as increase in number of advanced hospitals with all facilities for breast cancer diagnosis are likely to accelerate the growth of the segment during the forecast period. In addition, increase in diagnosis rate of breast cancer in the U.S. is a key factor driving the hospitals segment. According to the American Hospital Association, total number of registered hospitals in the U.S. stood at 5,686 in 2015.
Diagnostic centers is projected to be a lucrative segment of the global breast imaging market during the forecast period. The segment is anticipated to expand at a significant CAGR from 2020 to 2028. Surge in number of diagnostic centers in developed regions is expected to drive the segment.
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North America to Dominate Global Market
In terms of region, the global breast imaging market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global breast imaging market in 2019, followed by Europe. North America accounted for a major share of the global breast imaging market in 2019, owing to high penetration rate of breast imaging product and presence of major players. In addition, increase in geriatric population coupled with rise in incidence of breast cancer among the population is anticipated to accelerate the growth of the segment. According to the American Cancer Society estimation, in 2020, about 42,170 women are likely to die from breast cancer in the U.S.
The breast imaging market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2028. This can be attributed to increase in demand for breast imaging in countries such as India, China, and Japan; improvement of healthcare infrastructure in terms of better facilities; and rise in demand for advanced products in the region. According to the WHO, in 2018, total 162,468 new breast cancer cases were registered and 87,090 death occurred due to breast cancer in India.
Competition Landscape
The global breast imaging market is fragmented in terms of number of players. Key players in the global market include GE Healthcare, Koninklijke Philips N.V., Hologic, Inc., Siemens Healthineers, Fujifilm Holding Corporation, Canon Medical Systems Corporation, Aurora Imaging Technologies, Inc., Dilon Technologies, Inc., and Leica Biosystems Nussloch GmbH (Danaher).
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