Breast Imaging Market by Technology (Ionizing Technology, and Non-Ionizing Technology), Materials (Hospitals & Clinics and Diagnostics Center)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global breast imaging market was pegged at ~US$ 3.5 billion in 2020. The market is expected to witness a CAGR of ~7.9% from 2021 to 2031.
Factors contributing to the growth of breast imaging market include continuous technological advancements and new breast imaging system launches. Moreover, the rising incidence of breast cancer globally, rising investments by public-private organizations, and growing awareness for early diagnosis are some of the other factors playing a pivotal role in driving the breast imaging market in 2020. However, stringent regulations for approval and high cost of the breast imaging systems are some of the factors hindering the breast imaging market growth to a certain extent.
Breast cancer is very common in women and is the second leading cause of deaths in women. According to Breastcancer.org, ~1 in every 8 U.S. women (about 13%) will develop invasive breast cancer over the course of their lifetime. In 2021, an estimated 281,550 new cases of invasive breast cancer are expected to be diagnosed in women in the U.S., along with 49,290 new cases of non-invasive (in situ) breast cancer. Therefore, the increasing number of cases have led to a rising need for diagnosis. Moreover, the rising awareness among the population for early diagnosis of breast cancer is also playing a critical role in fueling the growth of breast imaging market.
Recent advances in diagnostic technologies such as ultrasound, MRI, mammography, optical imaging, PET scans, and CBCT had a huge impact on the diagnosis and treatment of disease. Companies in the market have developed and launched various breast imaging systems in the recent years. For instance, in July 2020, Hologic, Inc. launched the SuperSonic MACH 40 ultrasound system in the U.S. market. This is a cart-based system that provides greater frame rates of up to 20,000 images per second. Similarly, in January 2021, Roche launched automated digital pathology algorithms, uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis for breast cancer to help determine the best treatment strategy for each patient.
Prominent players in the breast imaging market are adopting growth strategies such as entering partnership, collaborations or signing agreements. By adopting these strategies, they are focusing on the combiningly catering the needs of breast imaging systems of the end users. For instance, in October 2020, Fujifilm Medical Systems USA, Inc. and Volpara Solutions expanded their partnership to provide mammography facilities and clinicians with breast imaging solutions. Such developments are anticipated to increase the installation of breast imaging systems and thereby propel the market growth.
Stringent government regulations for approval of the systems, dearth of skilled professionals, and high cost of these systems are restraining the market growth to a certain extent. Moreover, inter-reader variability in detection of breast cancers and recall rates are substantial challenges for the market growth.
Regionally, Asia-Pacific is anticipated to grow at a highest CAGR during the forecast period. Increasing prevalence of breast cancer and rising awareness for early screening and diagnosis among the population are some of the key factors fueling the growth of the market in this region. Studies have shown that in every four minutes, an Indian woman is diagnosed with breast cancer. A report of Breast Cancer statistics recorded 162,468 new registered cases and 87,090 reported deaths in 2018. Moreover, the rising government initiatives such as seminars and programs to create awareness on early diagnosis are also anticipated fuel the growth of breast imaging market.
Some of the prominent players operating in the global breast imaging market include General Electric Company, Hologic, Inc., Siemens Healthcare, Koninklijke Philips N.V., Fujifilm Corporation, Planmed OY, Canon Medical Systems, Dilon Medical Technologies, Inc., Aurora Healthcare US Corp, and Delphinus Medical Technologies, Inc., among others.