Breast imaging technologies are used to diagnose and detect breast cancer at an early stage. Mammography and MRI are commonly used breast imaging modalities that produce images of the internal structure of the breast tissues to detect abnormalities.
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 key trends:
There is rising adoption of digital breast tomosynthesis (DBT) or 3D mammography technique as it offers more comprehensive visualization of breast tissues as compared to conventional 2D mammography. DBT utilizes multiple low-dose X-ray images taken from different angles around the breast to construct a 3D image, which improves detection of invasive cancers and reduces called-back rates. The improved accuracy of DBT is expected to drive its usage over the forecast period.
SWOT Analysis
Strength: The breast imaging market is driven by factors such as rising incidence of breast cancer cases across the globe. Technological advancements in breast imaging modalities such as 3D mammography have improved detection capabilities.
Weakness: High cost associated with breast imaging systems and procedures make it inaccessible for many. Lack of skilled healthcare professionals in developing regions.
Opportunity: Untapped growth opportunities in emerging economies due to large population base and increasing healthcare expenditure. Rapid adoption of artificial intelligence and automated breast ultrasound systems offers opportunities for market growth.
Threats: Stringent regulatory approvals and reimbursement policies pose significant threats to new entrants. Social stigma and low awareness related to breast cancer in rural areas hampers early detection.
Key Takeaways
The Global Breast Imaging Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of breast cancer and growing awareness programs worldwide. North America currently dominates the breast imaging market owing to active adoption of advanced technologies and presence of major players in the region. Asia Pacific is anticipated to display the fastest growth rate during the forecast period due to rising healthcare infrastructure, growing women population and increasing government investments in breast cancer screening programs.
Regional analysis
North America dominates the global breast imaging market holding over 40% of the total market share in 2023 owing to rising awareness initiatives by government and non-profit organizations in the US and Canada. Asia Pacific exhibits the fastest growth during the forecast period owing to large population base in China and India which is expected to double the market size. Countries like India are witnessing increased emphasis on early detection of breast cancer which is propelling the regional market growth.
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. The major players are focusing on new product launches and partnerships to expand their market share in the high growth areas.
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