Breast Imaging Market Poised for USD 9.51 Billion Growth by 2031
The global breast imaging market is poised to increase exponentially, from an estimated USD 4.6 billion in 2024 to approximately USD 8.11 billion by 2031. This is a Compound Annual Growth Rate (CAGR) of 8.10% during the forecast period. This expansion is driven by technological advancements, increased awareness of the need for early detection of breast cancer, and a higher prevalence of breast cancer across the globe.
Market Overview
Breast imaging entails different diagnostic procedures for the detection of breast abnormalities, namely breast cancer, in its early stages. The growth in the market is augmented by the increasing incidence of breast cancer, which necessitates advanced imaging modalities for its early diagnosis and treatment planning. According to recent statistics, the worldwide market of breast imaging is anticipated to grow to USD 9.51 billion in revenue by 2031 at a CAGR of 8.97% from 2024-2031. Diagnostic Centers also play a significant role in facilitating early detection through newer imaging technologies.
Key Market Drivers
- Rising Breast Cancer Incidence: Rising breast cancer incidence globally has boosted the need for more advanced diagnostic devices. Early detection significantly improves treatment outcomes, and thus healthcare systems are investing in newer modalities of breast imaging.
- Technological Advances: Innovations such as Digital Breast Tomosynthesis (DBT), 3D mammography, and the use of Artificial Intelligence (AI) have enhanced the accuracy and efficiency of breast imaging, which has led to their widespread adoption in clinical practice.
- Awareness and Screening Programs: Government and non-government organizations are actively promoting awareness of breast cancer and regular screening programs. These have led to increased attendance for screening, in turn creating demand for breast imaging procedures.
Market Segmentation
The breast imaging market is categorized by technology and end-users:
By Technology
- Ionizing Technology and Non-Ionizing Technology
By End User
- Hospitals
- Diagnostic Centers
- Others
North America
- US
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Russia
Competitive Landscape
The breast imaging market is characterized by the presence of several key players focusing on technological innovations and strategic collaborations to improve their market position. Companies are investing in research and development to introduce novel imaging solutions with improved accuracy and patient comfort.
- Hologic Inc.
- General Electric Company
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- FUJIFILM Corporation
- CMR Naviscan
- TOSHIBA CORPORATION
- SonoCiné
- Dilon Technologies, Inc.
Challenges and Opportunities
While the market is going in the right direction, it does face some issues such as high costs associated with advanced imaging technologies and limited numbers of trained professionals who are competent enough to manage sophisticated equipment. However, issues also bring in opportunities to develop cost-saving imaging solutions and professional training for healthcare workers.
Future Outlook
The use of AI in breast imaging can revolutionize the market with enhanced diagnostic accuracy and interpretation time. AI algorithms can assist radiologists in detecting subtle abnormalities, thereby facilitating early diagnosis and improved patient outcomes. The global market for AI in breast imaging is expected to grow from USD 480 million in 2022 to approximately USD 734.24 million by 2032, at a CAGR of 3.30% during the forecast period.
Conclusion
The breast imaging market is poised to see substantial growth as a result of technological advancements, increased incidences of breast cancer, and aggressive screening campaigns. The stakeholders in the health industry, including healthcare providers, technologists, and policymakers, must come together to address existing challenges and understand unfolding opportunities in making high-quality breast imaging services accessible and affordable to the global citizenry.
FAQs
What is the predicted growth rate of the breast imaging market from 2024 to 2031?
The market is expected to expand at a CAGR of 8.10% during the period.
What are the growth drivers of the breast imaging market?
Some of the major drivers include the rising incidence of breast cancer, technological advancements in imaging modalities,
Which region holds the largest portion of the breast imaging market?
North America holds a dominant share, with a market size of USD 2.27 billion in 2024.
What are ionizing breast imaging technologies?
They are imaging modalities using ionizing radiation, such as mammography
How is AI affecting the market for breast imaging?
AI enhances diagnostic accuracy and efficiency, with AI in the breast imaging market to reach USD 734.24 million by 2032.
Published By:-
David Mark
Senior Market Research expert at The Insight Partners
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